There are various business intelligence tools established as technological tools for data management that help businesses streamline their operations and get ahead of their competition. Some of those tools are:
1. OLAP – 4 Business Intelligence Tools
Online analytical processing is a multidimensional analysis business intelligence tool that enables you to analyze the same data from multiple angles. It boasts of various features such as being able to slice and dice and drill down into data, which ensure that it produces a high performance. Such a good performance arises from its in-memory technology or indexed file structures, also known as cubes. Investing in OLAP tool allows you to analyze data expeditiously by arranging the data in graphical or tabular form.
2. Data Mining – 4 Business Intelligence Tools
Data mining focuses its functions on four major processes: regression, association rule learning, classification and clustering. They assist you in finding a correlation between two different factors. When using the data mining tool, you use data in creating key patterns, which enables you to change any business operations if necessary. The tools are quite complex and require the expertise of specialized users to operate them effectively. Data mining tools work well when you have large volumes of information, such as a marketing list, which contains details of various potential clients who might need your services or products.
4 BUSINESS INTELLIGENCE TOOLS THAT SMALL BUSINESSES MAY USE TO IMPROVE THEIR ORGANIZATIONAL PERFORMANCE
3. Query Tool – 4 Business Intelligence Tools
A query tool enables you to make inquiries about business data by searching for details or patterns. You can achieve this by connecting to your data warehouse from your computer before developing queries and reports. Ensure that your Query tool works well with ODBC- or OLEDB-compliant databases. It should also issue SQL commands and allow you to sort data according to columns. Query tools allow you to build numerous filters, seek any value of data and view the contents of any row or cell in a different screen.
4. Business/Corporate Performance Management (CPM)
Business, or corporate, performance management software allows you to monitor and manage your organization’s performance. You can perform this function using key performance indicators, such as operational expenses, return on investment and revenue. The software has an interface that shows figures for the performance indicators so that you can analyze your business’s performance in relation to corporate strategies and goals. Some of the features in CPM software include graphical scorecards and dashboards, which display business information.
Data analytics has become a key tool for driving business success today. Although itechplan focuses mainly on web design and development, UX/UI, and content creation, we support the utilization of data analytics as a key tool for making critical business decisions and driving sales. We encourage its use and recommend it to our beloved clients.