Most businesses, in this day and age, are highly reliant on various computer based business intelligence tools. Such tools cater towards various different requirements that your business may have. Here are a few of them.
A management dashboard is a graphical representation of the data and statistics of the business, on a real time user interface. A dashboard will take all the data necessary from multiple data points and present it a manner that is conducive to decision making. A dashboard could fall under either an operational or analytical category.
Compliance software, such as rto software, help to maintain accountability, as well as document control and conduct internal audit functions.
You will be able to find a compliance software that match your business requirement. As per the previous example of rto software, this is specifically used by registered training organizations.
Cloud Storage refers to storing and managing company data and information online on the Cloud. This comes in four types- personal, private, public, and hybrid cloud storing. In addition to providing immediate accessibility to all authorized parties, this also acts as a backup for company information.
Financial Planning and Simulation
This refers to software which takes in to account interest rates, person’s age, retirement date, and portfolio details, and projects the likelihood of a person achieving their financial goals. This is called a Monte Carlo analysis, and may or may not be a correct predictor of the future.
Automated Predictive Analytics
The difference between this and the previous tool is that these software can be applied for predicting any situation, and for applying real time commands for actions to take place to avoid or replicate that situation. For example these software can predict what the best way to cut down costs for your company is, and then send an order, to whichever division necessary, to make that cutback.
Data Discovery Platform
This is a business tool that allows you to analyse a large amount of data and discover hidden patterns or trends. This gives greater insight into business decision making, thus assuring accuracy in decision making as well. This will also increase the validity of data along with lessening most data challenges faced by companies.
This refers to Multidimensional Online Analytical Processing and is a system of processing a database by indexing data stored in multidimensional databases. This is a date warehousing application and provides speed in terms of data retrieval and calculations.
Such business intelligence tools are currently common place in most company systems, and are necessities when it comes to strategic as well as tactical decision making. By using such tools a company would be able to give itself a competitive advantage over others.