In today’s fast-paced, digital business world, companies are faced with sorting, analyzing, and processing more data—and more types of data—than ever before. Business intelligence software is designed to automate data management as much as possible, compiling information across your organization and creating in-depth reports, which are then presented to the appropriate end users.
In other words, business intelligence software enables you to bring the right information to the right people at the right time, in a format they can understand.
What does business intelligence software do?
To succeed in today’s competitive marketplace, a company needs to be able to think on its feet. This means using your enterprise data—information about your people, resources, performance, finances, customers, and other organization-centric data—in a meaningful way, allowing you to work more efficiently, correct problems quickly, and take advantage of more opportunities.
However, with all this information spread out across separate business applications and complex data architectures, it becomes a challenge to pull together the right data at the right time. That's where business intelligence (BI) software comes in, allowing you to gather key information from various applications, databases, and systems. You can then produce intelligent, timely reports of the essential operations and activities that impact your business.
Common features of business intelligence software
Because the ultimate goal of BI software is to distill complex information from a variety of sources into accessible packets, most applications share key features that facilitate ease of understanding:
Applications and tools: How BI software crosses industries
When it comes to business intelligence, different types of companies have different needs. For example, the areas of concern for a grocery store vary widely from the requirements of a software development company.
There are many different applications and tools within the framework of BI software, giving companies the ability to purchase and tailor software packages with the functionality they need for their unique situations.
Some of the applications within the BI software realm include:
What to look for when investing in BI software
With the proliferation of different types of business intelligence software, it's important to fully understand your company’s needs and how you expect to use BI software in your operations. Consider these factors before purchasing software:
In today's fast-paced, competitive business world, BI software is becoming increasingly essential. Whatever the requirements of your organization, there is business intelligence software that will make your working life easier and more profitable.
While this may have been true at one time, the days of BI requiring a dedicated team of experts to implement are over. Self-service solutions are making it possible for everyone, including small, local businesses, to easily implement BI in their decision making process. more
Your business is collecting massive amounts of data every time a customer makes a purchase or an employee performs a task. Business partners you work with (including Google and Facebook) are also collecting data all of the time. By 2020, 1.7 megabytes of new data will be created every second for every human being on the planet. With BI (Business Intelligence) tools, you can convert data into actionable insights for your business. more
Who are the top enterprise BI vendors in 2016? Don't get bogged down with contradictory reviews and complex ranking systems. Check out easy-to-use guide! Our 2016 Q4 Enterprise Business Intelligence Comparison Guide compares 40 plus solutions across detailed features. more
Did you know that according to Better Buys, "Companies using BI analytics are five times more likely to make faster decisions"? Business Intelligence software has evolved tremendously in the past decade, and now offers businesses more data tools and benefits than ever before. BI software is only expected to continue making gains in business popularity. more