Business Intelligence is defined as a collective term to describe tools that enable users to improve business decision making by using fact-based support systems. Business Intelligence allows users to analyze large quantities of data by displaying the data in a user-friendly format. Data exists around every function of business: purchasing and procurement, the sales process, lead generation, finance and accounting, travel and human resources. The challenge lies in accessing the information in a way that is intuitive and nimble.
While every industry has its own specific set of KPI’s (Key Performance Indicators), the bottom line remains: companies are constantly challenged with increasing revenues, improving customer satisfaction and controlling costs. Taking advantage of existing data through effective Business Intelligence tools allows a company to take a deep dive into their business processes revealing both hidden revenue drains and potential efficiency gains.