The five major types of business intelligence tool your business can utilize
A lot of businesses and organizations today are utilizing different business intelligence tools that are offered in the market today which provides them the same features and functionality, however, what sets one business intelligence implementation apart from one another is its way in which the solution is applied in supporting different business-related decision-making.
In this article, you will know the different ways in which business intelligence tools can be used effectively for the benefit of your business.
· Executive scorecards and dashboards- A company’s top-level managers do not have enough time to generate ad-hoc reports on their own which is why a lot of business intelligence tools are designed to enable them to deploy different graphical dashboards which allows them to monitor key performance indicators as well as critical metrics that are based on real-time information, data, and analysis giving them a good glance at the overall state of the company they are working on.
· Online Analytical Processing (OLAP)- Business analysts and its ways to use business intelligence tools are the ones who are responsible to uncover most of the sophisticated trends in corporate data. They must be able to analyze the information down to the finest detail as most business intelligence tools offer in-depth online analytical processing (OLAP) capabilities which allows them to instantly manipulate data in a myriad of ways possible so that it can be reviewed from multiple perspectives on their end.
· Ad-hoc reporting- Just like what is mentioned above, business intelligence tools in many cases can refresh the content of an existing report that is enough to satisfy a worker’s specific information needs, but a lot of times employees need to quickly create a new report to answer an urgent question or a hasty decision to address a pending issue that is needed to be resolved.
· Operational reporting- On a daily basis, in every business, there are thousands of operational tasks that are executed while businesses run these kinds of activities and a lot of inefficiencies or errors can significantly impact the performance, but business intelligence tools can be utilized to provide support for operational reporting which enables real-time monitoring of day-to-day events, so problems can be quickly identified and addressed right away.
· Business forecasting- If a company has the ability to anticipate trends which are critical to maintaining organizational flexibility and agility, then they are very good at forecasting, and to add more, any historical data that must be leveraged in predicting future events in order to ensure effective strategic planning which is why a lot of business intelligence tools always include predictive analytics for accurate business forecasting in a fast and high rate.
· Data mining- A lot of companies today also maintain huge amounts of information on their end, and sometimes, sorting through that data in finding the most relevant way is proven to be a daunting task, particularly for businesses that are not too keen on learning technological devices and programs. Data mining features within a lot of business intelligence tools which help in locating and extracting the most important information from big data sets with an intent to provide users accessibility and leverage.