The primary goal of Business intelligence software is to retrieve, analyze and get insight from data. The software should be capable to provide business insights on past, present and the future (predictive) based on the analysis of the business data. The main functionality which should be in a business intelligence software is data mining, text mining, analytics (predictive and prescriptive), reporting and benchmarking. The software should be capable enough to handle both structured and unstructured data.
Business intelligence software can be used by companies to support the decision making in strategic and operational processes. To get real value or insight out of business intelligence software, it is recommended to combine data from multiple sources; both external and internal and then analyze. Analyzing singular set of data won’t provide an accurate result and could also mislead by providing an inaccurate insight. Business intelligence software could be used by companies to get market insights, demand analysis, product fit for a segment.
How Business Intelligence Software can help an organization?
Business Intelligence Software can be used by an organization to derive value out of their data. They can assist a business with: