How Business Intelligence Software Can Help Your Business

BI Software : How Business Intelligence Software Can Help Your Business by Andrew Morgan

In today’s market, every business and organization is doing everything that can be done to stay afloat and get ahead. When attracting new customers or keeping your current clients, you need all the information you can get to make the right decisions for your business both long term and short term. One of the best ways you can get a leg up is to leverage the business information you already have using business intelligence software to manage your organization more effectively. You might be hesitant to use a new software program to help you make important business decisions, but here are the reasons why it’s important to at least take a closer look at these powerful tools.

Why Business Intelligence Software The term business intelligence was coined in 1958 referring the concept of using past and present business information to make decisions for a business’ future. Back in the 1950s, this data had to be collected and analyzed by hand making this a time consuming and labor-intensive process that took from weeks to months to yield useful information. Nonetheless, companies then had viable intelligence that could be used to make decisions for their long-term future, instead of relying on intuition and guesswork. Nowadays, computer technology gives companies the opportunity to compile and analyze a vast amount of data relating to their business so that they can make both short-term and long-term decisions based on concrete facts and information.

How BI Software Works Software programs for business intelligence collect and analyze “key performance indicators,” or KPIs, to determine what the best course of action is for a business. KPIs can include lead conversion rates, inventory turnover, and other relevant business information. What a good business intelligence software program will do is not only collect this information but also analyze it so that the implications of the results can be understood across the company.

How to Use Business Intelligence Software Most companies use their business intelligence software for performance management. Once the “key performance indicators” are established and understood, it is possible to set goals and assess progress for the company. By establishing clear and attainable goals in a company, business owners and CEOs empower their managers and their employees. Business intelligence software provides clear information and quick delivery for the entire company. Good software can also be used to deliver the appropriate reports to the appropriate persons in a company so that resources can be used most effectively.
Companies and organizations that use business intelligence software find that they are more informed when it comes to their business as a whole in addition to the more specific details of factors that are driving their businesses. It also gives most organizations perspective, allowing comparison of a recent fluctuation in data to the past and what is predicted for the future, so that the best decision can be made for the present.

About the Author
Andrew Morgan is a writer and business expert who specializes in Business Intelligence Software. For more information on business intelligence, visit www.actuate.com.

Source: Business Intelligence Software, Business Intelligence Companies, BI information at goarticles.com