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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