Let’s talk about Business Intelligence tools. This term refers to the software tools used to analyse raw data in an organisation. These tools scan data that usually has been stored before in a data warehouse.
Business Intelligence tools can handle a large volume of unstructured data and help organisations identifying, developing and transforming data into new insights and strategic business opportunities.
Business intelligence tools have become the path for companies to monitor data and generate business insights. Business intelligence tools help organisation by finding new insights, new market trends and lead to a faster an easier decision making in companies. Business intelligence tools can leverage data and turn it into actionable information so that companies can obtain benefits from it.
The Business intelligence tools main goal is to allow an easier way to analyse these large and useful amount of data for business purposes. By Identifying new opportunities and developing a strategy based on insights, organisations will take a competitive market advantage so they will enjoy more stability on their business.
Business intelligence tools can also include a large variety of advanced analytics modalities, such as data mining, text mining, predictive analytics, and data analytics. Business intelligence tools were exploited at first by data analysts and professionals who made analyses and produced results by using reports.
Identifying Business intelligence tools…
Business intelligence tools can be divided into key general categories:
A spreadsheet is one of the most interactive Business Intelligence tools that helps organisations analysing and storing data in a tabular format. It’s results appear in a file with rows and columns in order to sort and arrange data more easily, while also calculating numerical data.
Its capacity to calculate data values by using mathematical formulas converts this spreadsheet in a unique Business Intelligence tool.
- Reporting and querying software
This business intelligence tools extracts, classifies, abstracts and submits the selected data and after, it is actually used to generate readable reports for everyone from diverse data sources.
- OLAP: Online analytical processing
OLAP business intelligence tools allows us to analyse the interaction of multidimensional data from various viewpoints. The analysis process of OLAP Business intelligence tools involves three different functions:
Slicing and dicing is a function that allows users to sort out a precise set of data – slicing also permits viewing the slices from different viewpoints – . The drill-down allows users to drive through the details. Consolidation relates to the accumulation of data that can be computed in various dimensions.
- Digital dashboards
These dashboards are business intelligence tools that present synthetic activities and business results by process. These indicators pretend to monitor the achievement of set goals and take the necessary decisions at appropriate intervals and within a limited time. It is a decisional support tool for the manager, which allows to project into the future and to forecast.
- Data mining
Data mining is a set of algorithms from various scientific disciplines such as statistics, artificial intelligence and machine learning, to build models from data, finding interesting structures or patterns according to pre-established criteria, extracting maximum knowledge, and then transforming it into an understandable structure for the analysis use.
- Data warehousing
Data warehouse concepts refer to a database that helps us collect, order, log and store information from operational database and thus provide a foundation for the decision support in business by many methods. Data Warehouse concepts are totally part of the Business Intelligence environment. They are used to store current or historical data and are also used to create analytical reports for researchers in the company.
- Data visualization
Data visualization is a general term and image used to understand the meaning of data by inserting it in a visual context like graphics. This is a business intelligence tool that allows us to highlight the correlations that are undetectable in text-based. Data can be exposed and can be recognized easier thanks to data visualisation tools.