Beginner's Guide to Business Intelligence Tools
Posted by LauraDerbyshire on May 21st, 2020
What is Business Intelligence and what is the usefulness of BI tools?
Business Intelligence (BI) is defined as any real-time, current or past information that helps various business professionals, including managers, analyze current / past activities to help predict the future course of the company's business. Business Intelligence is therefore a stream of data and therefore requires classification and analysis before it is suitable for use in a company's decision-making process. Such classification and analysis of relevant data is generally carried out using software solutions, to ensure superior speed and precision of the data collection and analysis procedure. Each and every software solution that helps the Business Intelligence generation process for a company is called Business Intelligence Tools. Therefore, BI data can help a company quickly adapt to the changing business environment, while BI tools ensure that the changing business environment is identified and reported quickly and correctly to facilitate a decision-making process. streamlined. In the case of historical data, BI tools generally classify and analyze the data, which was previously stored in the company database.
Commonly used business intelligence tools
BI tools are commonly classified into the following categories:
• Local information systems.
Most of these Business Intelligence tools and technologies, apart from spreadsheets, are available as part of appropriate software for a specific industry, stand-alone solutions, ERP system components, or as a BI software package. These solutions are often developed by a custom development company in response to requirements specified by a customer or detected after a thorough analysis of the company's business model. Some open source business intelligence tools are also available, however most companies prefer to use proprietary business intelligence technology to ensure adequate protection of critical data. The type of business intelligence architecture implemented by an organization varies by industry, market conditions, and specific market requirements. Here are some of the commonly available categories of BI tools:
Local information systems
The term Local Information System (LIS) originated from its use in the UK public sector; Other terms used synonymously with LIS in different parts of the world include: Data observatory and community information systems. In the global business intelligence technology market, LIS applications are generally limited to providing support for geographic reporting of business operations. The features supported by LIS tools often overlap with some of the features of geographic information systems and knowledge management tools. LIS's unique functions include providing a region-specific database accessible to citizens, policy makers, managers and data experts. LIS statistics are generally compiled for a small area, such as National Neighborhood Statistics projects in the UK. Local information systems currently in operation include DarlingtonLIS, UK; Newcastle Council; New Zealand Ministry of Health and Fife Council, UK.
Business performance management
Business Performance Management (BPM) refers to a set of management and analysis processes designed to facilitate the improvement of a company's processes in accordance with the organization's pre-established objectives. Such tools are capable of handling large amounts of data and help managers determine successful interventions designed to improve the performance of specific business processes. The tools currently available for BPM are based on the Balanced Scorecard framework and the queries supported by the BPM tools include metric related queries, customer / stakeholder queries, goal alignment queries, cost / risk queries, and much more.Also See: Business Intelligence, Intelligence Tools, Bi Tools, Intelligence Technology, Tools, Intelligence, Data