There are information that can help different businesses, whether the information is real time, current or past, and also its managers in order to analyze these data and aid in the prediction of the direction of the business of the company, and this information is called business intelligence. Considering that business intelligence is a stream of data, it needs to be sorted out as well as to be analyzed before it is suited for use in a company’s decision making process. Software solutions are used to sort out and analyze relevant data in order to make sure obtaining of data in a fast and accurate manner. These software solutions therefore that help in the process of generating business intelligence for a company is called business intelligence tools. Therefore, in order for a company to adjust quickly to a changing business environment, business data is to be used, while the ensuring of the business environment of a correct and reporting fast in the decision making process would fall on the business intelligence tools. For historic data, the sorting and analysis of data are done by the business intelligence tools which were stored before in the database of the firm.
There are different classification of the business intelligence tools when being used, and these are the local information systems, business performance management, process mining, dashboards, online analytical processing, data warehousing, data mining, reporting and querying software and spreadsheets.
Most of the above mentioned business intelligence tools, excluding from spreadsheets, are available as a component of software that would suit for a certain industry, standalone solutions, and ERP system components. After a company’s thorough analysis of its business model, a custom development company would develop these solutions to answer the specific requirement of the customer. The design of business intelligence which the company will implement will depend on the industry, market conditions, and also market requirements that are specific.
To give support in the reporting of geographic enterprise operations, the local information system is used and the other terms used worldwide with this system for example is the data observatory and community information systems. Furthermore, LIS or local information system tools have a unique function of providing citizens, policy makers, managers and data experts with a region specific database.
With regards to the next tool called business performance management or BPM, it can be referred to the set of management and a process analysis of which the design is made to facilitate the improvement the processes within the company in lined with the goals of the firm that were preset already.
In order to help a company set up its business intelligence tools, a search on the internet would lead to a name among the data experts and this is Mayank Gupta.