BI Tool Variations
BI tools come in many different shapes and sizes. The simplest BI tool and cog in the realm of business intelligence is spreadsheets. Spreadsheets are used to collate data into a meaningful form, but quickly become overwhelming.
Spreadsheets store a large amount of information but can be very difficult navigate at times. This is why, although they are technically BI tools themselves, organizations typically employ a more advanced, more user-friendly alternative.
Dashboard reporting tools offer managers a convenient tool for monitoring their company's performance. They act as a control center for a company, facilitating a 360 degree view of all key business metrics.
Unlike a control center, however, dashboards are a much more portable solution. Dashboard tools can be embedded into existing software or exist as stand alone products. The most transportable dashboard tools are entirely Web-based. Dashboards can be used to identify strengths and weaknesses of an business, run multiple reports simultaneously, and show new trends.
Data mining is the process of analyzing data from different perspectives and summarizing it into useful information that can be used to increase revenue and cut costs.
Companies use data mining to sift through data for market research, report creation, and report analysis. Technology innovation continuously increases capacity for analysis while driving down costs. Associations and correlations lead to discovery of information useful to a business. Sales, stock, shipping, and any other number of factors can tell a story and influence managers' decisions.
And many, many more...