Business Intelligence – Wide Array of Applications and Technologies

Business intelligence refers to a widespread category of technologies and applications for the purpose of accruing, stocking up, evaluating, and accessing vital data for improved business processes. The applications of Business Intelligence encompass diverse activities such as decision support systems, reporting and query, online analytical processing, data mining, statistical analysis, forecasting, benchmarking, and text mining.

The types of applications are an integral part of operations for an organization in order to make them mission oriented. They are basically user oriented and are initiated centrally. This innovative technology provides insight and understanding into current, historical, and futuristic aspects of one or many business operations.

These system are sometimes also referred to as ‘decision support system’ because of its ability to facilitate deft decision-making. Highlighting the basic difference between Business Intelligence and competitive intelligence, although they both sustain decision making, it can be said that Business Intelligence is about using technologies, applications & processes while competitive intelligence pertains to assembling, analyzing and dissemination of information.

Here are mentioned some of the common tools of Business Intelligence that are relevant for their implementation –

Excel – This is a common and the most widely used tool.

It is very cost friendly and can be used even by a novice in a simple and hassle free manner. Another reason of its popularity is its user friendliness. It is best utilized for financial business processes and for keeping track of goals and targets.

OLAP Tool – This tool is primarily used at advanced level. This tool enables users to make comparative analysis between various dimensions of data and database.

Data-mining tool – This tool finds its application where some correlation needs to be found and established between multiple factors.

Benefits of Business Intelligence Tools

  • Leveraging of an organization’s operational data to have a competitive edge over competitors.
  • Increase in sales with the help of factual Business Intelligence tools.
  • Accruing lucrative profits by means of aiming towards profitable processes.
  • Building a better customer relation and retaining them life long
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  • Better accuracy of sales’ prediction and timely deliverance of products and services.
  • Achieving the desired budget level.
  • Reduction of low yielding business activities pertaining to sales and production.
  • Deploying better promotional and advertising campaigns.
  • Predicting prospective behavior of clients and customers.

These are some of the primary benefits of Business Intelligence that provide considerable leverage business and its various processes. They can be certainly applied to carve a deeper niche for your business in the market, amongst other contemporaries.