Business intelligence has been accepted as an essential aid to all business in the 21st century where there is a need to process gather, process and present huge volumes of data into meaningful information in a short span of time. Thus the basic purpose of business intelligence tools is to present the decision maker with the critical information easily and timely. Currently there are several tools available for this purpose and can be chosen depending on the specific requirement of the business Analytics. These tools should be aimed at providing valuable insights into the current status of business and the areas that require improvement. Some of the most commonly adopted tools by businesses across the world are described in this article.
This is definitely one of the most widely used business intelligence tool especially in the financial sector. Huge volumes o complex data can be listed, analyzed and outputs displayed on the spreadsheets with relative ease. The final formats of the information can be defined through equations that can be incorporated into the sheets. The biggest advantage of this tool is that alteration to even a single cell of data is immediately reflected in the final output format of the desired information without any additional effort from the user. The final reports are quite easy to interpret which makes the spreadsheet a popular tool among the decision makers in businesses.
Business Performance Tools
This relatively new concept in business intelligence gathering has caught the imagination of businesses all over and is rapidly gaining acceptance as a reliable aid that can be employed to automate various business processes. This tool organizes information and analyses them to provide critical inputs to enhance the methods being adopted by any business. The application provides necessary control over the individual employees’ performance as well as acting as a predictor of overall company performance for all their options. It helps managers in having updated information on the financial status of each of the projects and the company.
Query Software Tools
These kinds of applications are specifically designed to resolve queries arising from any department by instantaneously extracting the relevant data from the other concerned departments and sorting it out to create presentable reports. The speed and accuracy with which this software operates makes it a favorite business intelligence tool for larger corporations where there is delink between various functional departments in terms of data warehousing. By connecting the segments this application is able to help out all the functions without the need for manual query intervention which was quite time consuming in most cases previously.
These are the latest gadgets to have found a place in the list of effective business intelligence tools. They are more helpful for the top decision making bodies of any company as they can present vital information in the form of easy readable charts and indicate trends for various processes taking place in the company. These dashboards are quite common in board rooms as they facilitate the interpretation of huge volumes of statistical figure in simple figures which aid the decision making process. Information such as financial reports, employee performance charts, sales charts, expansion budget etc are easily displayed on these electronic dashboards for presenting to a limited number of key management personnel in board meetings.
Last but not the least this is an innovative tool that can have powerful implications if employed strategically to manage the company’s records and charts. This form of business intelligence gains immense significance when it comes to handling change in any organization by effectively monitoring the individuals along with processes and methods being followed internally. Additionally this is also a great toil for keeping a track of the employees and thereby giving better understanding and predictions of their behavior. Surveillance to predict and prevent fraud is yet another of its key features which adds to its popularity. Data mining essentially comprises of four distinct functions – Classification of data, clustering of data, regression of information and association rule training.
By employing these new tools for business intelligence organizations have made significant improvements in individual as well as collective efficiency in all kinds of business. It is the innovative and pragmatic employment of such tools that defines their success rate for any business.