Business Intelligence Software: The 21st century is considered the age of information technology, so the ability to use data and information in real-time has become a key to the success of any organization. The critical parameter for making rational business decisions is none other than access to fast information. Due to the recent revolution in Internet technologies, the amount of information generated every second is enormous. But here, we need to understand that the real power is not found in the data and information itself; the key is in changing those Petabytes of data into some valuable products and services. This is where the power of Business Intelligence software lies.
What is Business Intelligence?
After Big Data, one of the most used words in today’s business landscape is “Business Intelligence.” But what exactly is business intelligence? A very short but appropriate definition of Business Intelligence is as follows:
“Business Intelligence is fundamentally timely, accurate, and insightful knowledge of the business. It also includes the work processes and technologies used to obtain these insights.”
If you are a company owner, you will ask yourself this question: “Does my company need Business Intelligence software?”
Business Intelligence provides faster answers to business queries. With the help of Business Intelligence software, one can have accurate data, real-time updates, and means of predicting and even anticipating conditions such as: “What if?”. Another useful benefit for a user is instant responses to questions related to tasks, which helps in making faster decisions based on this information without going through many pages of written reports. Thanks to business intelligence software, any company member can have access to important data that can be used anywhere in the world.
Gain valuable insight into customer behavior
One of the greatest advantages of having a Business Intelligence platform in the company lies in the power to examine exactly what the market is asking for, what is being purchased, or what is in circulation. We have opportunities to turn that information into profit and to improve our relationships with certain customers. With Business Intelligence tools, you have the ability to gain detailed insights into your business performance.
Business intelligence software helps to provide a wider and better knowledge of the actual production costs in advance, thus giving the ability to make production changes to achieve higher profits. It also helps to make the right orders in time for the inventory (the right quantity at the right time). It can assist in processes such as Kanban, thus eliminating the burden of inventory.
Knowing companies’ past, present, and future is one of the greatest potentials of Business Intelligence software. Having certain business statistics, such as the number of products sold in a given period of time, helps companies plan strategies in the best possible way.
What business intelligence software do you need for your business?
- Sap Business Intelligence: Integrated platform. Helps provide a detailed snapshot of the organization;
- Oracle/Hyperion System: Integrating Hyperion with Oracle represents a solid business intelligence solution;
- Pentaho Bi: Embed and integrate analytics into your business applications;
- Microstrategy: Can be used efficiently on both desktop and mobile. Storing Onsite app data is one of the key functions
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