Business intelligence software is designed with the primary goal of extracting important data from an organization’s raw data to reveal insights to help a business make faster and more accurate decisions. The software typically integrates data from across the enterprise and provides end-users with self-service reporting and analysis. BI software uses a number of analytics features including statistics, data and text mining and predictive analytics to reveal patterns and turn information into insights.
Business intelligence (BI) represents the tools and systems that play a key role in the strategic planning process within a corporation. These BI systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. Generally these systems will illustrate business intelligence in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis to name a few.
Keeping Track of Business Data
Most companies collect a large amount of data from their business operations. To keep track of that information, a business and would need to use a wide range of software programs, such as Excel, access and different database applications for various departments throughout their organization. Using multiple software programs makes it difficult to retrieve information in a timely manner and to perform analysis of the data.
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