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.
Who are the top BI vendors in 2016? Don't get bogged down with contradictory reviews and complex ranking systems. Check out easy-to-use guide! more
With the advent of Big Data, businesses are now in possession of an ever-increasing mountain of data about their customers and business operations. Now, businesses need to leverage data into actionable business plans. That’s where Business Intelligence (BI) comes in. more
Big data and analytics change how businesses interact with customers by helping them deliver unique experiences, initiate personalized communications, build long-term relationships, and realize value. Read on the learn how big data and analytics can help you acquire, grow and retain customers. more