Business today have already heard about business intelligence software even before. The software that businesses used before were much simpler than the software that businesses use today. 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 is just an overarching term that includes different tools that support and inform various aspects of strategic planning processes, freeing up valuable, and expensive, executive time. 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. Another way that business intelligence software can benefit your business is its ability to collect data and information that your business needs like customer trends and employee performance; it can also store, access, use, analyze, and apply the value gained from the process to be able to analyze trends and come up with 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. Here are the common uses of business intelligence software and how they function.
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.
A second way in which business intelligence software is widely used is in the area of online analytical processing (OLAP) capabilities which allow users of the software to manipulate data in an infinite number of ways and with immediate effect. This is a critical strategic tool as it enables management and executives to view data from many different perspectives 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. 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.