In today’s competitive business world, many companies are required to collect a tremendous amount of data from their daily business operations. In order to keep track with all the information in a proper manner, these companies need to apply a wide range of software programs like Excel, Access and other database applications for their various departments. Honestly speaking, utilizing multiple software programs is not a good method. It is difficult to retrieve the required information fast. At the same time, the users also find it troublesome to perform analysis of data when the data is stored using different software programs. In order to overcome these problems, the Business Intelligence Tools have been created.
Business Intelligence Tools are new to many people. These tools are a type of application software which is specially designed to gather, store, access and analyze corporate data in an effective manner. In the point of view of many IT experts, this particular software plays a key role in the strategic planning process of the corporations because it allows multiple ways of looking at the complex data. It can be widely used in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, inventory and distribution analysis, and many more.
This software sounds helpful. Is it really true? Let’s read on.
Basically, there are different types of Business Intelligence Tools in the market. By knowing the features of different types of tools, you will be able to make use of this software program at an optimum level.
• Query tools
These tools are very powerful as they have the capability to extract, sort, summarize and present data that is extremely important in a very quick manner. They allow the users to ask questions about the data. No matter how complex the data is, the decision makers of the business organizations are able to make fast decision with these tools.
• Multidimensional analysis tools
They are also known as Online Analytical Processing. These tools allow the users to view the same data from different aspects.
• Data mining tools
These tools are commonly used for marketing, surveillance and fraud detection. They are automated to search data and seek out ways that the data correlates to other data. They help to create key patterns which enable the top management to operate and change the business if required.
It plays an important role in crunching the financial data and summarizing key accounting numbers. The users will be able to create reports fast. At the same time, if there is any modification of the data, the spreadsheets are able to recalculate in an efficient manner.
• Digital Dashboards
These tools are very popular among the key decision makers because all the performance measures, key trends and reports can presented clearly through visual display.
For people who are currently looking for this particular software, I would recommend you to look for the reputable providers like IBM, Microsoft, Oracle, SAP and SAS Global. If cost is your main concern, you are advised to compare the prices of different tool providers before making your decision. Since different users have different needs, you are reminded to find out the features of different tools and evaluate them carefully. Make sure the tools you choose are able to meet your organization’s needs.