21st century is regarded as the age of information technology, thus the ability to use data and information in real time has become a key to success for any organization. Due to the recent revolution in Internet-related technologies, the amount of information generated every second is enormous. Today, no matter what business or industry you are in, the critical parameter to making rational business decisions is nothing but the access to quick information. But here, you must understand that the real power does not lie in the data and information itself; it is in changing those petabytes of data into some valuable products and services, and here comes the importance of Business Intelligence tools.
What Is BI?
Today, after Big Data, one of the most used buzzword in the business world is nothing but Business Intelligence. But what exactly Business Intelligence is? The most appropriate definition for BI is: ‘BI is the technology, the applications and practices of which are deployed for the collection, integration, analysis, and presentation of business data with the purpose of supporting better business decision-making.’
Check out this insightful Intellipaat MSBI video:
Major BI Tools
- SAP BusinessObjects
- SAP Crystal Reports
- Qlik Sense
Do You Really Need BI Tools?
Sometimes, it may appear to you, ‘Is there a need for the BI system in my company?’ or ‘How can BI tools help me make decisions beneficial for my organization?’
If an effective Business Intelligence training is used in any organization, it can improve its decision-making processes and even processes such as tactical strategic management.
- Removing guess works
Gone are the days when businesses were assumed to be like gambling. In those days, there were no other options than making ‘the perfect guess.’ But now, as you know, when it comes to a company’s future, this is no longer an appropriate method to arrive at a strategy.
With the help of Business Intelligence software, one can have accurate data, real time updates, and means for forecasting and even to predict conditions such as ‘what will happen if.’ Thus, the need for guessing has gone.
- Giving quicker responses to business-related queries
Another great benefit a Business Intelligence user gets is immediate answers to business-related questions which helps in making quicker decisions based on these answers without going through large number of pages of written reports.