In a world where everything is done more efficiently with the help of technology, business intelligence software has now become a vital tool in strategic business planning and the improvement of businesses everywhere. So, what is business intelligence software, and how can we take advantage of it to get a hold of valuable business data?
Business Intelligence (BI) software is software specifically created to track, analyse, and manage various aspects of a business or corporation. This computer-based tool can help individuals run or manage a business more smoothly and efficiently by getting better access to valuable information such as business data, analytics, statistics, and the like. Business intelligence software allows an organization or company to see its strengths and weaknesses, and find better ways or strategies to improve on both. For company leaders, being able to see various types of data at a glance will make it easier to create informed business decisions that will greatly affect a company’s performance in the long run.
As you go deeper in business planning and management, it is important to know and understand what BI software is, and what it can do for your company or organization. There are many types of BI software and tools available out there. It is important to know what they are and their numerous benefits so that you can further strategize on how you can apply or implement them in your own business. It would be helpful to read up on reviews of business intelligence software to give you a better idea of how you can best take advantage of these products in planning and managing your business.
To find thebest business intelligence software for your business, it is important to determine the categories and types available. This will help you choose the most suitable BI tool or software to use depending on the needs of your business. Below are two major categories of BI software available, and the types of products under each.
This is the most traditional type of BI available to man. Most business people have been using this BI style for many years especially in analysing specific types of data. This could be used in analysing sales reports, comparing the effectiveness of different marketing campaigns, or even analysing business metrics such as key performance indicators or KPI.
There was a time when data used here was confined to pre-set and fixed reports. Now, with the help of the best business intelligence software, it is now easier to analyse, compare, and do so much more in terms of examining various business data. Below are the different BI tools under this category.
Also known as search-based applications, these are tools that examine unstructured data on the web. It is able to classify numerous unstructured data into useful information such as metrics and summaries of customer concerns, reviews, and the like. BI search tools give companies a wider view of all types of data relevant to their company or anything in relation to their market or industry. Search-based BI is quite easy to use, and is much similar to how we do searches on Google. Here, results often come quickly in various forms of data visualization like charts and graphs.
CPM describes the various processes involved in monitoring, examining, and managing the overall performance of a specific business or enterprise by measuring KPI. Originally used in finance, CPM software has features that include budgeting, forecasting, and planning. It also has dashboard and scorecard features that show vital corporate data. This is a useful tool in tracking KPI and individual project performances in relation to existing business strategies and key goals.
As mentioned above, BI dashboards and performance scorecards go hand-in-hand with CPM. Business intelligence dashboard software helps business organizations, especially those with leadership positions gain real-time information and insight on how the company is progressing overall.