Be the Market Leader with Business Intelligence Tools

Today’ business climate is very different from that of earlier times. The advent of the internet revolutionized the business world by promoting a productive atmosphere for companies of all sizes to grow and expand. Hence, today the business environment is hypercompetitive with small, medium and large enterprises competing to market their products first.

For companies to become market leaders there are three important factors that need to be taken care of and they are

·         Getting to know the current business trends and strategy
·         Recognizing, evaluating and eliminating the weak areas that fail to contribute to the sustenance and growth of the business
·         Growing and evolving the business continuously by discovering, developing and productizing products or services

As businesses grow and expand, they collect a large amount of data. Known as the corporate or business data, it includes information about business operations, current business trends, business strategies of their competitors, latest events and fads and so on. Constant interpretation and analysis of this data is necessary for companies and organizations to strategically plan their business processes and make powerful decisions. Only those companies that interpret corporate data can stay ahead of the competition. This is what is known as business intelligence. Business intelligence has been defined by IBM researcher in his 1958 article as “the ability to apprehend the interrelationships of presented facts in such a way as to guide action towards a desired goal.”  Howard Dresner in 1989 further defined it as “concepts and methods to improve business decision making by using fact-based support systems.”

Business intelligence thus plays an important role in driving business success by providing companies with historical, current and predictive views of business operations.  This helps companies in making effective business decisions. The tools, systems, technologies or application software that have been used in gathering, storing, retrieving, analyzing and reporting data is referred to as business intelligence tools. It performs functions such as data mining, reporting, analytics, business performance management, process mining, benchmarking, online analytical processing, text mining, complex event processing, and predictive analytics.

The different business intelligence tools can be categorized into

·         Spreadsheets
·         Querying software tools
·         Data mining
·         Business performance
·         Digital dashboards
·         OLAP
·         Local information systems

Companies and organizations can develop high-performance business intelligence solutions by selecting right tools and technologies. This can be achieved with the help of eminent market players who have been ranked among the best product development companies. They can help enterprises in developing and supporting robust, cost-effective business intelligence solutions by using a combination of proprietary, open source software development and stand-alone technologies.

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