Generating data for business benefit is termed as business intelligence. Taking data and converting the same into information for creating knowledge is business intelligence (BI). Data should reach people at right time, place and format in order for making better decisions for driving business benefits.

There have been tremendous mergers and acquisitions which have taken place in business intelligence over the past few years. The large scale software developers have adopted pure play to providers of business intelligence. Over the past years, the industry was ineffective of delivering what BI wanted, but with the mergers and acquisitions of bigger companies there has been much potential in technology space for delivering information. As a result, the scenario has changed completely and the technology is able to deliver more than what is expected to deliver most users ask for before starting a project.

Producing appropriate data for projects is not that easy as well on the other hand. Obtaining data and turning into productive information for business benefit is a very responsible job. There can be different types and ways in which information can be arranged for concluding best decision which will help to gain knowledge and information by business.

For instance, two dimensional reports or report having graphics can be printed or sent via an email or it can be presented via office applications like outlook, word or an excel. A presentation can be made through dashboard tools  or through power point presentations to audiences. It helps to give a short snap shot for what kind of analysis is done. Analysis can be done in forms of different colors. These kinds of reports having scorecard information with the red, amber and the green colors are called as RAG reports. It makes it easier for the audiences to see the performance of the project according to target decided in the form of red, amber and the green color.

• Red indicating bad performance
• Amber indicating an average performance and
• Green being the best from the others.

Business Intelligence s a broad term and used in various ways. Once the information is acquired, in clear and brief format, one needs to monitor on how the information is used and its impact on business. Tracking these changes for business management process into business strategy can mould people’s business and behaviors.

Once business needs are decided based on business intelligence solutions, first thing what an individual should do it to create a tool which will allow the person the implement solution. One of the common mistakes that most companies do is to, approach several companies, vendors and get various different kinds of presentations for company. By doing this, the overall objective of process gets distracted by different technologies. The main criterion for business intelligence is, focusing on the most productive information. In other words, what exactly is required to expand the business needs to be achieved. The vendor should be educated on how the technology is going to benefit business in various ways.

Efficient data management is essential for any business. The ability to quickly collect and analyze information can help executives make decisions that will place their company ahead of the market. However, even the smallest business can have an overwhelmingly large pool of data to sort through. This is what makes business intelligence software an incredibly powerful aide. Business intelligence tools make it possible for managers and executives to quickly make sense of the numbers and track the progress of their business. Whether you prefer traditional programs or the latest cloud marketing software program, it is important to choose the right business intelligence software program to help your company achieve its goals.

What Business Intelligence Software Can Do

All business intelligence tools organize data and arrange that data in a format that is easy for users to understand. Programs can generate spreadsheets and reports that allow companies to get a snapshot of their performance. Program developers have realized that businesses rely on unique sets of information to make their decisions. To meet these demands, software programs can perform a variety of specific functions carried out in by business analysts. Common functions performed by software programs include:

Operational Reporting – Operational reports cover the day-to-day operation in a business. Managers who directly supervise transactional activities often rely on operational reporting. For example, retail managers who oversee cash register operations can use this function to track daily sales and detect shortages. Many programs allow managers to view data that is updated by the minute.

Forecasting – Forecasting allows managers to make predictions based on specific sets of data. They can determine the profitability of certain decisions and even predict the outcome of alternative solutions. Forecasting software is an important tool in decision-making and is often used by high level executives. There are many programs that specialize in utilizing the latest forecasting methods.

Customer Intelligence – Customer intelligence is a useful tool for analyzing consumer trends. Companies use this data to get a clear picture of their consumers and to tailor their services to meet their needs. Marketing decisions are heavily influenced by customer intelligence.

Choosing the Right Business Intelligence Software Program

Determining the needs of your business is the first step in finding the right business intelligence software program. Owners of smaller businesses often prefer a program that is equally capable of handling multiple functions. Purchasing an all-in-one program is less costly than by multiple programs different intelligence functions. Cloud marketing software also allows companies to save on data storage costs by having a third party manage their information.

Larger businesses may want to purchase a function-specific program for each department. This allows their managers to focus on data that is relevant to their department. If your goal is to monitor business expenditures, it is advisable to select a program that is tailored to generating operational function reports. On the other hand, a marketing department might benefit from programs designed to deliver up-to-date consumer intelligence reports. Providing the best data management tools for each department will maximize efficiency for the entire company.

Business intelligence tools have helped many companies stay afloat during tough economic times. They allow managers to quickly respond to market trends and identify trouble spots that need to be addressed. Recent developments in software programs have made them more accessible to businesses of all sized. Cloud marketing software even allows businesses to save on data management and storage costs. Whether a business seeks to cut down on expenses or identify consumer trends, they can find a business intelligence software program tailored to their needs.

Importance of decision making based on numbers

Making decisions based on intuition and experience may bring enterprises’ revenues down. Decisions based on numbers yield better results and ensure predictive business outcomes, drive revenues and help in business continuity planning. An enterprise which relies on decisions based on information outperform and produce better results. While decisions based on available numbers and information are crucial, today an enterprise’s business intelligence system should be in a position to provide real-time and accurate information.

Today organisations have realized the need of information, yet they follow obsolete practices of exchanging and processing information. This leads to a lot of man-hours wastage and adversely affects workforce productivity.

Where does data resides?

Everyday thousands of data are generated and stored in excel sheets, which are shared by information workers and managers. These data are shared among management teams and further processed for decision making. This process of exchanging and processing the data to form meaning full reports take a lot of time and effort. Due to this, decision making processes get delayed and might have an adverse impact on an organisation’s strategic plans.

Besides, data resides on isolated systems which are located in dispersed locations and assessing these data from geographically dispersed locations becomes a tedious task. Information also lies in silos and retrieving them becomes a tedious task.

Business Intelligence – the need of the hour

Today organisations are adopting ways and means to fortify their business intelligence capabilities by having a full fledged business intelligence(BI) system in place. Business intelligence system helps organisation make informed and calculated decisions based on actionable data. BI finds its place across the industries especially those where data play a vital role. Concepts like real time BI, mobile BI and self service BI resonate across organisations to facilitate better decision making and to provide critical metrics to monitor business functions.SharePoint consulting can help organisations build a centralized platform where information workers can retrieve information from a single source. SharePoint BI features can also provide rich data visualization, drill down reports and KPI’s for better decision making.

How SharePoint Consulting Helps – SharePoint Business Intelligence & Reporting

SharePoint consulting can help organisations build a centralized platform based on SharePoint framework and help information workers with access to information and retrieve thousands of excel sheets directly from a single Sign-in. This eliminates the need of exchanging emails and regular follow ups for required reports. SharePoint Performance-view services can help organisations build rich business intelligence dashboards to make informed decisions. SharePoint’s fast excel services can perform thousands of analysis instantly and can give actionable reports based on information available in the system. Enterprises can benefit from using SharePoint BI services and stay ahead of the race by making quick decisions based on real time data.

Information is power. We all know that. For most businesses, the prospect of Business Intelligence (BI) looms large. Business managers understand the value of working with concise, up-to-date information, presented in a way that is clear and meaningful and can help them make decisions. In the business enterprise, it is imperative that everyone has access to this information so they can accurately and effectively fulfill their business obligations.

Nearly every enterprise expects its business users and employees to be actively involved in understanding corporate goals and objectives and in managing their own department, division, team or role to achieve the goals set by the executive team. But, there is never enough time in the day to sort through spreadsheets, presentations, reports and enterprise system or data bases information to find the data needed to make the best decision and not every user has access to the information they need to manage their work or output.

The evolution of BI tools, corporate performance management and business intelligence modules has enabled true business assessment and performance management, by providing clear, concise results using data and information integrated from various sources and presented in a way that clearly illustrates patterns, trends and problem areas that require attention. Using custom designed metrics and measurements, executives and business users can now manage objectively with insight into the Key Performance Indicators (KPIs) they establish and they can make faster, more accurate, course corrections and adapt to the changing market and business landscape with ease and proficiency.

The only remaining consideration for most enterprises is the expense and time involved in a BI implementation. You can provide comprehensive, integrated capabilities for query, and BI reporting and analysis, graphs, charts, forecasting, exception alerts, balanced scorecards, dashboards, data management, and predictive analysis in an affordable, practical BI solution that is simple for every business user to embrace and leverage.

Look for BI software and a CPM solution that can satisfy complex requirements and yet, is simple, practical and affordable enough for every organization.

+ Suitable for CEO, CXO, line managers and every end-user in the enterprise
+ Swift BI deployment in weeks – not months or years!
+ Accessible on Smart Phones, tablets and all popular mobile devices
+ On-premises and hosted, Software as a Service (SaaS) implementation options
+ Requires minimal training
+ Rapid deployment using a browser-based interface with no need for desktop installation
+ Low total cost of ownership (TCO) and rapid return on investment (ROI)
+ Actionable information for specific lines of business, divisions, regions, teams and individuals
+ Comprehensive functionality in a unified BI solution with integrated data from other systems
+ Timely, up-to-date reporting with dynamic analytical capability adapt to rapid changes
+ Key Performance Indicators (KPIs) and metrics to replace guess work with objective assessment
+ A self-service environment with automated alerts and delivery of critical business information
+ Powerful slice and dice, ranking, sorting, filtering, dashboards, scorecards, and tools for every need

Don’t settle for an expensive business intelligence solution with minimal features and functionality. Take the time to define your enterprise requirements and establish selection criteria that will help you choose a BI solution that is rich, intuitive, practical, affordable and simple enough for every user.