Strategic Business Intelligence
Business Intelligence tools enable fast and quick service and in fact, these are the main sources of developing a business on Internet. Some of the important tools of BI are data mining tool, OLAP and data warehousing.
Due to the fact that these are technical terms and each Business Intelligence tool has a particular application and implementation method. Unless one is thorough in using a particular business intelligence tool methodically and systematically, one may not be in a position to derive good results from business.
For example, Microsoft Excel sheet is a powerful business intelligence tool which will store large amount of data in figures which may include sales, purchases, profits, expenses, revenues or any graphic representation of a particular business performance.
The moment you go through your Excel sheet, you will realize that performance of your business is very good if profits are indicated. Similarly, reporting tool is another top business intelligence tool which will provide a complete view about your business.
There are already custom-made reports, within the tool which enable easy generation of report system which will give a clear picture and view about your business. This will help you to make improvements and further developments in business. OLAP tool is another advanced tool which makes it easy for the business people to take a close look at the data and make an assessment about their business. Since OLAP tool being a multi dimensional tool, it gives a complete analysis about your business with an over view of requirements for improvements.
Data mining tool is another effective business intelligence tool which finds out the correlation and makes a comparison with different factors. These are all very effective and produce excellent business performance results wherever it is required. Otherwise also, wherever improvements have to be made, that is also indicated.