There is nothing really new about business intelligence software. The software that businesses used before were much simpler than the software that businesses use today. It is only through the use of business intelligence software that any business can be run intelligently. Of course, it is a whole lot more than that. What is included in business intelligence software are tools and support that addresses the various aspects of strategic planning to the end that executives’ valuable time are freed for more important business concerns. The advantage that business intelligence software can give a company is that it allows business executives to do their real jobs of managing the business, operating it, and making decisions instead of doing time consuming tasks that can be done more efficiently and easily by the applications of business intelligence software. What this really means is that the software can do the data and information collection of issues relevant to business operations which include customer trends and employee performance, and also to store, access, use, analyze, and apply the value learned from the process to trend analysis and new objectives. Managing and understanding your stakeholders and your profits can also be done using the business intelligence software. Whatever purpose you have for your business, you benefit by the versatility of applications of business intelligence software. Below are some of the common uses of BI software and what this diverse functionality entails.
One of the ways that a company can use business intelligence software is by the use of executive scorecards and dashboards which make it easy for management to check of key performance indicators and important measurements in a fast manner compared to traditional reporting that needs to be drawn up every time an executive wants an assessment of performance of growth or whatever measurements he needs. So one look at these scorecards and dashboards will give the management a clear idea of what is the situation of the business any time that he needs it.
Another use of business intelligence software is with its online analytical processing capabilities or OLAP allowing users to manipulate data in an infinite number of ways with immediate effect. With this tool, it impossible for managers and executives to view data from different perspective at the same time and down to the smallest detail.
Since companies today deal with massive and growing volumes of data daily, it benefits to use data mining function of business intelligence software. Working through the data to find exactly what you need is almost an impossible task, even if you really know what you are doing. With the use of data mining function, the information that you need can be delivered quickly which save time and money and ensuring that the information is used properly.