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Business Intelligence Software - Get Maximum Output From Your Business

The term "business intelligence" has been around for about 50 years, but the practice of business intelligence has become increasingly important in the last several decades as consumers became more segmented and target markets became more narrow.

Business intelligence is critical because it helps companies retain current customers, gain new ones, and reach a positive ROI (return on investmnent).

Business intelligence, often referred to simply as BI, is basically market and consumer research. It is sometimes also known as a "decision support system."

BI includes technologies, applications, metrics and practices that track collect, integrate, analyze and present data. It can also refer to the data itself.

BI can also be briefing books, white papers, reports, and query tools.
 

The goal of business intelligence

The goal of business intelligence is to support better business decision making gaining the knowledge you need to succeed by

Knowing yourself (which includes knowing your product or service).

Knowing your customers (needs and wants).

Knowing your competition.

Knowing market conditions and trends.

BI systems provide information about the history of a product, and it's current position in the marketplace. It also helps predict conditions that may affect the product's future performance.

Usually, BI is the process of using a "data modeling system" (typically a software program) to collect information (often called "data mining") into a body of knowledge (sometimes referred to as a "data warehouse").

The growth of computer capabilities and software programs in recent years has facilitated the growth of business intelligence. Computers make it possible to extract, analyze and report data more easily and accurately.

The process of using computers for this purpose is commonly known as online analytical processing, or OLAP.

BI makes it possible to define benchmarks and compare a product or company's sales, production and financial performance during a specific time period. Such business intelligence helps an executive make decisions that are in the best interest of the company or the brand.

All business intelligence programs should undergo frequent and rigorous testing for accuracy, reliability and validity. Often, the future of a company, product, or brand will depend on it.

 Also see Marketing Business Intelligence Software