BI software helps organizations organize and analyze data to make better decisions. This could include internal data from company departments as well as from external sources, such as marketing data services, social media channels or even macroeconomic information.
The BI market is growing rapidly because of the proliferation of data to analyze. Over the past few decades, companies that have deployed Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and other applications are now sitting on a mountain of data that can be analyzed. In addition, the growth of the Web has increased the demand for tools that can analyze large data sets.
One of the biggest trends in the BI market is the shift in software architecture and design to more user-friendly applications. These applications are now being used by business users—not just IT staff—to analyze particular sets of departmental data, including marketing, procurement, retail and Web data.
Advantages of BI
- DSS (Decision Support systems like ERP/CRM etc…)
- BI = Three application areas (Data management tools + Data discovery application + Reporting tools (dashboards & visualizing software's))
- ETL (Extract Transform and Load, functionality to move and re-structure)
- OLAP (Online Analytical Processing)
- Ability to Drill-down
- Customizable dashboards
- Centralized tool for data
- Monitor performance of the company
- Customer profiling
- Real time and Zero-latent
- Business data - powerful visuals
- Retrieve and analyze useful information from raw data
- Integrate multiple platforms and operating systems
- Insights from user behavior
- Analyze inventory, merchandising and business performance