Basic Information about Business Intelligence Tools
Any real time, current or past information is called business intelligence and this information can be used by different business professionals like managers so that they can analyze and have an idea on the course or where the business of the company is going to. Since business data is a stream of data, it needs sorting and analysis before it can be used in the decision making process of a company. Software solutions are used to sort out and analyze relevant data in order to make sure obtaining of data in a fast and accurate manner. The term business intelligence tools therefore refer to these software solutions that aid in the process of generating business intelligence for a firm. While business intelligence data helps the company to adjust rapidly to the changing environment of business, what will ensure that the changing business environment will also consequently facilitate identification and reporting of streamlined process in decision making are the business intelligence tools. For historic data, what are used to sort and analyze them are the business intelligence tools which were previously stored in the database of the company.
The business intelligence tools that are commonly used are usually categorized into local information systems, business performance management, process mining, dashboards, online analytical processing, data warehousing, data mining, reporting and querying software and spreadsheets.
Most of the above mentioned business intelligence tools, excluding from spreadsheets, are available as a component of software that would suit for a certain industry, standalone solutions, and ERP system components. In order to answer the specific requirement of the client, a custom development company develops these solutions after a well analyzed business model of the company. The varying industry, market conditions and specific market needs would dictate the type of business intelligence that will be implemented.
There are terms synonymous with local information system which are used from different areas of the world like data observatory and community information systems, of which the system is to provide support for the reporting of geographic enterprise operations. There is a unique functions that a local information system tool or LIS hold that can provide a territory specific database where citizens, policy makers, managers and data experts can access.
With regards to the next tool called business performance management or BPM, it can be referred to the set of management and a process analysis of which the design is made to facilitate the improvement the processes within the company in lined with the goals of the firm that were preset already.
In order to help a company set up its business intelligence tools, a search on the internet would lead to a name among the data experts and this is Mayank Gupta.
Cite: his comment is here