If you have no idea what is business intelligence, then how are you supposed to understand the tools? So, it will be better that you understand the term first.
Business Intelligence is the combined strategies and technologies that can be used by enterprises for data analysis. The main aim of Business intelligence tools is to provide historical and current data information of the business operations and create a predictive view. The technology includes reporting, analytics, data mining, business performance management, text mining, predictive analysis, and much more. The BI Tools can handle large structured data easily. But sometimes, it can also process unstructured data to identify and develop new strategic opportunities for the business.
There are five pillars of Business Intelligence and five foundation blocks too. The five pillars include data source, data integration, data management, reports, and information dissemination. While the foundation blocks are as:
- Information Security
- Data Quality
- Metadata Management
- Data Governance
- People and Culture
Because of the brilliant concept of business intelligence, the application area is also vast. The BI tools can be applied to the following purposes:
- Performance Metrics and Benchmarking: It informs business regarding the progress towards achieving the business goals.
- Analytics: It quantifies the process for business to ensure the planners make optimal decisions.
- Business Reporting: This concept is given to inform the business about the impending strategy. It includes data visualization, OLAP, and executive information system.
- Knowledge Management: Among the various applications, the most concerned is knowledge management. It considers the creation, distribution, use, and management of the resources. The regulatory compliances also lie under this category.
Thus, business intelligence tools facilitate the inside and outside collaboration of data sharing and electronic data exchange concepts. As enterprises deal with high-grade business intelligence software, it becomes super important to employ the tools effectively. The optimized business tools are used by analysts and planners alike to identify the advantages, risks, and opportunities. They provide the engine for collaborating along the well-distributed supply-chain management.
In today’s world, everything is becoming digital, thus many business owners are influenced to seek ways to derive better control, understanding, and intelligence in their organization. To do this, the most plausible way is to adopt Business Intelligence Tools. It is an integral part of the firm operations. Even Gartner has described that Business Intelligence Tools is a vital aspect of the system. The best practice of BI enables users to access and analyze information to optimize and improve the decisions and performance of the business.
The most common field where Business intelligence tools come in handy are:
- Smart Decision Making
- Smash Sales and Marketing Goals
- Deepen Your Customer Knowledge
- Deliver an Outstanding Customer Experience
- Power Up Productivity
- Tighten up Data Accuracy and Compliance
- Accelerate Return-On-Investment
Other than the above-mentioned area, the benefits of BI tools extend much further. And that’s why Halo has designed such a tool that can make your organization far more superior than others.