Business Intelligence Tools is used by those in the business intelligence profession. These are software programs which can be used by individuals or businesses to gather and process data. Business intelligence (BI) is an increasingly important element of business management. The term “business intelligence” was first used by the United States Department of Defense. The Business Intelligence Survey coined the term in 1998. It is believed that the term originated in England, but it is commonly used these days in all areas of business.
Description Business intelligence tools
Description Business intelligence tools is a kind of software application designed to analyze, retrieve, transform and share information for business intelligence. The software typically reads raw data which has already been stored, either traditionally – sometimes not so much traditionally – in a data mart or a large-scale data warehouse, or even in the cloud. After a huge amount of analysis, the software presents the user with business intelligence reports, which often include graphs, metrics, pie charts and other visual presentations. Business intelligence tools can perform many different tasks. Some of the more common applications include trend analysis, geo-decisions, behavioral segmentation, and machine learning. These big data tools help the user in formulating and exploring strategic business decisions.
Basic TheoryIt is a well-known fact that people form business decisions based on their underlying thoughts, feelings and emotions. To tap into these essences and their insights, business intelligence tools must provide the ability to analyze such raw data, in a structured and logical manner. Business intelligence is all about exploring and using natural language tools and insights (such as intuition, perspective, etc.) to support business decisions. The ability to extract insights (based on logic and theories) from unstructured (unnatural and meaningless) data will enable business managers and others to understand and therefore adjust course and strategy accordingly.
Powerful Data Visualization Business intelligence tools
Powerful Data Visualization Business intelligence tools enable business users to extract insights and make informed decisions. Such tools may employ state-of-the-art analytical technologies like supervised learning and data visualization. Data visualizations are typically used for storytelling, presenting complex and abstract information in a way that is easy to understand and visualize.
Scalable, configurable Business Intelligence tools allow users to make the most of their resources and deliver results at the right time. Such tools facilitate ad hoc and self-service analytics. The primary benefit of ad hoc queries is that they make it easier for an analyst to explore the full database. Self-service queries, in contrast to ad hoc queries, are usually executed by programmers and are therefore more expensive. Self-service queries run on a schedule, in accordance with the analyst’s needs. The primary advantage of self-service analytics applications is that they are easily scalable, and they can be easily customized to meet the diverse requirements of analysts.
Scalability Business intelligence
Scalability Business intelligence tools usually come with scalability options, which allow them to adapt to changing business requirements. Business intelligence tools should always provide business users with the option to adjust how their queries are executed. Business intelligence tools enable scalability by reducing the overall execution time of business data analysis applications. Scalability is particularly important for mission-critical data such as financial or customer databases. The time taken to launch a query that would normally return a number of results could be more than ten seconds when using scalability options. For example, if the company needs to retrieve the historical sales records of each of its customers in ten seconds, then it would be necessary to increase the number of results per query.
Metrics Management Business intelligence tools
Metrics Management Business intelligence tools that support metrics management enable users to obtain detailed information about the health of the business. In addition, business intelligence tools that support metrics management enable users to acquire relevant information that allows them to detect trends and patterns, in turn, making it easier for them to implement corrective measures. The key features of metrics management include identifying key metrics (such as revenue or customer satisfaction) and collecting data in a timely manner. This allows users to make informed decisions about the performance of the company.
Decision-making Capability Business intelligence applications that support decision-making capability to enable users to make informed decisions on key strategic matters. These applications facilitate business decision-making by collecting and organizing important information about the key decisions made by the company and then allowing users to analyze the same. Key features of decision-making capability include enabling users to generate, consolidate and summarize business decision-making data in an easy to manage format. Business intelligence tools that support decision-making capability enable managers to make informed decisions on strategic matters.