| Business intelligence refers to a widespread category | | | | utilized for financial business processes and for |
| of technologies and applications for the purpose of | | | | keeping track of goals and targets. |
| accruing, stocking up, evaluating, and accessing vital | | | | OLAP Tool - This tool is primarily used at advanced |
| data for improved business processes. The | | | | level. This tool enables users to make comparative |
| applications of Business Intelligence encompass diverse | | | | analysis between various dimensions of data and |
| activities such as decision support systems, reporting | | | | database. |
| and query, online analytical processing, data mining, | | | | Data-mining tool - This tool finds its application where |
| statistical analysis, forecasting, benchmarking, and text | | | | some correlation needs to be found and established |
| mining. | | | | between multiple factors. |
| The types of applications are an integral part of | | | | Benefits of Business Intelligence Tools |
| operations for an organization in order to make them | | | | - Leveraging of an organization's operational data to |
| mission oriented. They are basically user oriented and | | | | have a competitive edge over competitors. |
| are initiated centrally. This innovative technology | | | | - Increase in sales with the help of factual Business |
| provides insight and understanding into current, historical, | | | | Intelligence tools. |
| and futuristic aspects of one or many business | | | | - Accruing lucrative profits by means of aiming |
| operations. | | | | towards profitable processes. |
| These system are sometimes also referred to as | | | | - Building a better customer relation and retaining them |
| 'decision support system' because of its ability to | | | | life long. |
| facilitate deft decision-making. Highlighting the basic | | | | - Better accuracy of sales' prediction and timely |
| difference between Business Intelligence and | | | | deliverance of products and services. |
| competitive intelligence, although they both sustain | | | | - Achieving the desired budget level. |
| decision making, it can be said that Business Intelligence | | | | - Reduction of low yielding business activities pertaining |
| is about using technologies, applications & processes | | | | to sales and production. |
| while competitive intelligence pertains to assembling, | | | | - Deploying better promotional and advertising |
| analyzing and dissemination of information. | | | | campaigns. |
| Here are mentioned some of the common tools of | | | | - Predicting prospective behavior of clients and |
| Business Intelligence that are relevant for their | | | | customers. |
| implementation - | | | | These are some of the primary benefits of Business |
| Excel - This is a common and the most widely used | | | | Intelligence that provide considerable leverage business |
| tool. | | | | and its various processes. They can be certainly |
| It is very cost friendly and can be used even by a | | | | applied to carve a deeper niche for your business in |
| novice in a simple and hassle free manner. Another | | | | the market, amongst other contemporaries. |
| reason of its popularity is its user friendliness. It is best | | | | |