Business Intelligence software is an essential tool for analyzing your company's strengths and weaknesses. From inventory management, to accounting, to customer intelligence and beyond, there are many ways you can use BI software to inform your decision-making, increase operational efficiency, and gain a competitive edge.
BI, or Business Intelligence, is software that has been specifically designed to analyze all the data a business has to gain a better understanding of the strengths and weaknesses of the organization. At least, that is how Webopedia defines it.
In a nutshell, businesses tend to collect massive amounts of data. This data can be about anything from inventory to the purchasing habits of customers and everything in between. This data by itself doesn’t really mean much. However, once all of this data has been analyzed by the BI software, it is turned into useful and valuable information that is critical to the survival of any company.
Different types of BI software are good for different things. Some of them are great at inventory management, while others can handle accounting data and the like. The type of BI software that you need will depend on the type of business that you are in and what you need it to do. Whatever type you might need, though, you can find the top ranked BI systems easily and go from there.
You can choose from executive dashboards and scorecards to OLAP analysis (online analytical processing), ad hoc or operational reporting, forecasting, data mining, and even customer intelligence software.
If you have a one-person startup business, you might be able to do this on your own for a while. As your business grows, though, it will naturally begin to accumulate more and more data. The thing is, no matter how many books on big data you read, you will eventually need tools, such as BI software, in order to make your data work for you as your business grows.