BI turns data into actionable information which supports business in strategic decision making. A strategic deployment of a business intelligence solution can have a major impact on the growth and profitability of a company. (BI) has become quite the 'buzzword' in the software industry in the last few years.
Vendors are getting custom business intelligence reporting solutions that's easy to use and affordable. Technologies such as open source, cloud, in-memory and visualization technology are making BI tools much more friendly.
In order to move towards any goal, you first need to know where you are. Manually monitoring your business just isn't an option. You need the right information at the right time which meets the stated business goals at your fingertips when needed. BI software can collect data from a number of sources for different purposes like trend analysis, monitor performance, track the marketplace, adjust business direction and plan for future changes.
Right information can give a complete picture of the performance of your organization. The most popular use of business intelligence is in decision making by monitoring the current performance and forecasting future phenomena, such as customer behavior, demand, and inventory levels. Business intelligence provides you with solid, effective actions you can take to yield measurable results.