Business Intelligence Solutions -Advantages of Business Intelligence Tools

Business Intelligence Tools are computer-oriented methods that help in extracting, analyzing and identifying business information, such as sales returns by products or other allied incomes and costs.

The latest business intelligence tools help in efficient decision making in business processes. Therefore, they can also be considered a decision support system. Often the words “business intelligence” and “competitive intelligence” are used interchangeably. The reason is that they both help in crucial decision making. Business intelligence tools use innovative technologies, application systems and processes to evaluate internal formatted information and business methods. On the other hand, competitive intelligence assimilates, disseminates and analyzes information by maintaining a newsworthy focus on an enterprise’s competitors.

The decision that entrepreneurs and organizations need to make here is about a business intelligence approach they should choose. It is important to highlight the method that will not only help in gaining visibility but will also deliver a predictive insight. Businesses often ponder whether to invest in a new reporting procedure or enhance the existing one.

It is important to realize that any tools incorporated in business should result in a harmonious combination of sales, procurement, order fulfillment, finance, accounting and many others. Therefore, enterprises require a holistic business intelligence solution. The BI solutions offered today by service providers have a similar approach. They comprise a comprehensive application system of built-in BI tools that offer role-based and sensitive intelligence for all. It includes the front line, mid level and even top level management and is able to operate in diverse environments.

IDC conducted an extensive study, “Worldwide Business Analytics Software 2010-2014 Forecast and 2009 Vendor Shares,” that highlights that the requirement for Business Intelligence solutions will keep increasing throughout 2014. This report also states that demand and sustained growth of business analytics, Cloud Computing and the emergence of SaaS technologies are motivating BI solutions. Today, end users are more aware of the advantages of BI solutions and business analytics. This is evident from publicized instances highlighting social networking sites, large retailers, intelligence agencies, search engines and other enterprises that create and evaluate huge information.

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