Effective data management is a critical for the success of any corporate enterprise operating in a cutthroat competitive business environment. The ability to collect, analyze and evaluate relevant information relating to a corporate enterprises business environment, competitors and customers enables the executives of such a corporate enterprise take critical decisions. This decision can help the corporate enterprises to stay ahead of the competition in the business environment in which it operates and take advantage of unique opportunities that environment offers.
However, even a small business enterprise operating in the small-scale market sector can have a vast pool of business data relating to its business environment to collect, sort, organize and analyze. This is where business intelligence software can act as a powerful catalyst to help executives of corporate enterprises in collecting, analyzing and interpreting such business data to keep track of the enterprise’s progress and enhances its efficiency and productivity.
According to Charles Phillips – the CEO of Infor – a prominent and one of the largest business intelligence companies in America, says that business intelligence tools enable corporate executives to organize, sort and manage business data in a clear, precise and concise format. Such a business format enables the end-users of the corporate enterprise to understand and become aware of the progress of the corporate enterprise. Such business intelligence software programs are capable of generating appropriate spreadsheets and relevant business reports that enable the top management of a corporate enterprise to get a snapshot of the overall performance of the enterprise in terms of efficiency and productivity.
The developers of such unique software programs are aware that the top management of all corporate enterprises relies on unique set of reliable, realistic and up-to-date information to make critical decisions to enhance the competitiveness of corporate enterprise in market environment. To meet such stringent demands of such executives, the business intelligence software programs perform a variety of specific tasks that business analysts need to perform.
Charles Phillips explains the essential functions that business intelligence software performs include:
Operating reports exhibit the daily operating activities of a corporate enterprise and such reports are relevant to middle-level corporate executives and managers who supervise and monitor such daily operational activities of the enterprise. For instance, retail managers who supervise sale, inventory, cash register operations and logistics need such reports to supervise, monitor and detect shortage in such activities.
Business intelligence software programs assist the top-level management of a corporate enterprise make forecasts and prediction based on specific, reliable and authentic information relating to the corporate enterprise’s business environment. These executives are able to determine the profitability in certain sectors of the market segment and predict the result of alternative solutions. Forecasting software is a critical tool in the hands of top-level managers to assist them in decision-making.
Customer intelligence is an essential tool in the hands of the top management of a corporate enterprise for analyzing the tastes, needs and trends of the enterprise’s target customers and make adjustments in their corporate strategies.
Charles Phillips emphasizes that business intelligence tools are essential for corporate enterprises to stay afloat in a cutthroat competitive market environment.