Business analyzing and identifying business information, such as sales returns by products or other allied incomes and costs.

1.
Business Intelligence Tools are computer-oriented methods that help in extracting,
analyzing and identifying business information, such as sales returns by products or
other allied incomes and costs.
The latest business intelligence tools help in efficient decision making in business
processes. Therefore, they can also be considered a decision support system.
Often the words “business intelligence” and “competitive intelligence” are used
interchangeably. The reason is that they both help in crucial decision making.
Business intelligence tools use innovative technologies, application systems and
processes to evaluate internal formatted information and business methods. On

2. the other hand, competitive intelligence assimilates, disseminates and analyzes
information by maintaining a newsworthy focus on an enterprise’s competitors.
The decision that entrepreneurs and organizations need to make here is about a
business intelligence approach they should choose. It is important to highlight the
method that will not only help in gaining visibility but will also deliver a predictive
insight. Businesses often ponder whether to invest in a new reporting procedure or
enhance the existing one.
It is important to realize that any tools incorporated in business should result
in a harmonious combination of sales, procurement, order fulfillment, finance,
accounting and many others. Therefore, enterprises require a holistic business
intelligence solution. The BI solutions offered today by service providers have a
similar approach. They comprise a comprehensive application system of built-in
BI tools that offer role-based and sensitive intelligence for all. It includes the front
line, mid level and even top level management and is able to operate in diverse
environments.
IDC conducted an extensive study, “Worldwide Business Analytics Software 2010-
2014 Forecast and 2009 Vendor Shares,” that highlights that the requirement
for Business Intelligence solutions will keep increasing throughout 2014. This
report also states that demand and sustained growth of business analytics, Cloud
Computing and the emergence of SaaS technologies are motivating BI solutions.
Today, end users are more aware of the advantages of BI solutions and business
analytics. This is evident from publicized instances highlighting social networking
sites, large retailers, intelligence agencies, search engines and other enterprises
that create and evaluate huge information.
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