What Are Business Intelligence Tools and How Do You Use Them?
For a business to grow, it needs to be able to look at its efficiency, find problems, and make good decisions about how to move forward.
Business intelligence can help companies keep track of their data, figure out what’s going on in the market, improve their products or services, and find places that need more work. Here’s how business intelligence can help your company and what tools you can use.
What is Business Intelligence?
Business intelligence (BI) is the collection, storage, and analysis of a company’s data. This is done with a combination of strategies and technologies. BI takes the data from daily operations and uses it to help businesses improve their processes, save money, and adapt to changes in the market or supply chain.
Businesses will be able to make better decisions based on the data they collect if they use business analytics, data mining and visualization, and other BI tools.
Businesses can use BI to look at both current and historical data, which can help them find weak points in the workflow, places where money could be saved, patterns in customer behavior, and market trends. It’s also a great way to find out about any problems that might come up.
Types of Business Intelligence Tools
Business and Corporate Performance Management
Business performance management (BPM) is a way for management to check on how well their business is running and how each employee is doing. BPM lets managers look at data and make the changes they need to make to help the company reach its goals.
In the same way, corporate performance management software lets management look at information about the business and figure out how it is doing in relation to its goals.
Reporting and Querying Software
These types of software, which can be either open source or private, are used to get data with clearly defined terms, organize it, and then report on it.
When querying software is used, the data that is reported is cleaned up so that it doesn’t have any extra or useless information.
It also lets businesses combine certain data, change it, or find data that was asked for. Reporting software works to show collected data in the form of graphs, charts, or spreadsheets so that businesses can review and evaluate progress and performance.
Online Analytical Processing
Online analytical processing (OLAP) picks and pulls out data so that users can look at it from different angles and analyze it in different ways. Like data mining tools, OLAP can be used to find trends, predict sales, or help plan a budget.
The OLAP system gathers information from different places and sorts it into groups. The software can then find correlations or places where two sets of data meet. Data mining can be done with analytical processing systems, which come in different kinds like multidimensional, relational, and hybrid.
A drill-down feature lets users switch from looking at a big picture of a set of data to looking at it in more detail. This is all done within the same set of data. Online analytical processing software lets you “drill down.”
The digital dashboard is easy to use, and it has a set of metrics that users can switch between. By choosing the set of parameters, for example, business owners can look at customer data by state or city within the overall report.
Data Mining Tools
Using AI, statistics, or a database system, data mining software is used to find patterns or trends in a large set of data. It can be hard to sort through a lot of information, let alone figure out what it all means.
There are two main types of data mining: those that predict and those that describe. Predictive data mining helps people find patterns or trends that might happen in the future, as well as problems that might come up. Data mining that is descriptive sums up data or gives relevant data that shows correlations or trends.
When you use predictive analytics software, you can do things like data mining, and predictive modeling, and look at current and historical data to make predictions about your business, customers, or market. Users can also set goals for revenue, sales, marketing, and the budget with predictive analytics.
Mobile Business Intelligence
Mobile business intelligence lets people who work on the go get their data at any time from their mobile devices. Smartphones, tablets, and other smart devices are examples of these.
Users with mobile devices can read and look at company data in real-time. This makes it easier for businesses to make decisions based on data and get more support.