Business intelligence software is nothing new to the business world. Businesses have used it but in less sophisticated forms for the last many decades. Business intelligence software helps you to run your business in an intelligent way. While that is the basic for this software, it offers a lot more to businesses today. This term is actually used to include different tools and support and inform the different aspects of strategic planning processes, which helps to free up valuable time of the executives of the business. So these business executives can then do their actual job of managing, operating and making decisions for the business instead of doing intensive reporting and planning methodologies which business intelligence software applications are able to do efficiently and easily. 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. Business intelligence software is sufficiently versatile to be applied for more or less purpose your may have in mind. Below are some of the common uses of BI software and what this diverse functionality entails.
The benefit of using business intelligence software is that through scorecards and dashboards, you find an easy way to look at key performance indicators and vital measurements in a very fast manner unlike the traditional way of drawing up data whenever an executive needs them for assessment of growth performance or other key measurements. 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 strategic tool, management and executives and view data from different perspectives at the same time and down to the smallest detail.
Another feature of business intelligence software is data mining which is very useful knowing that there is a massive and growing volume of data that companies have to deal with daily. If you are looking for information in this massive amount of data it would be next to impossible even if you are completely aware of 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.