What is business intelligence software (BI software)?
Business intelligence software (BI software) is software that helps companies measure and increase their productivity.
BI software works to extract data, analyze it, generate reports, and calculate productivity. In large corporations, the data generated by BI software can be presented to those who are responsible for or have an interest in profit margins, such as board members, business investors, CEOs, sales managers, and senior executives.
BI software is also known as a decision support system.
Lowering costs and accelerating the production cycle is the main goal of BI software in companies. The BI software launch was mostly focused on large manufacturing companies as opposed to smaller companies. In the past, business automation was controlled by powerful mainframes that were programmed to handle many of the day-to-day tasks of office workers.
BI software tools began as a shift in data processing that replaced more and more jobs, especially in factory accounting, and has since expanded to include data processing, text mining, benchmarking and online analysis processing, as well as predictive analytics.
Digital dashboards are a popular tool that uses key performance indicators. Data mining techniques help identify previously unknown business trends by gathering information from large amounts of data and applying that to business changes. Sub-areas of BI software in data mining include business statistics and neural software.
BI software can provide management information they need to improve performance and increase profit margins by exposing historical business and work patterns.
Some forms of BI software include:
- accounting software
- Microsoft Office
- Customer Relationship Management (CRM) and Analytics
- Personal software
- Credit history software
- Enterprise resource planning
- Enterprise content management
– Product life cycle-Management