If you are operating a small cafeteria or a small sari sari store business, maybe you can make business decision easily using your gut without a need for any computer systems. However, if you want to expand your business and increase your revenue and be competitive in the market, You’ll need some kind of system that will provide a timely information or insight about your product or services and operation that will help you make intelligent business decisions, that’s what Business Intelligence (BI) is for, because it is going to be very costly to make a wrong business decision without it. Basically, BI is about having a system or tool that can gather information in different areas of your business and store and retrieve those data to be able to analyze and visualize them at any given time to produce useful information and insight about your business that you can use when you need to make some decision,
With BI you’ll be able to answer questions critical to the growth of your business such as,
What are your bottlenecks or challenges? What are your opportunities.
What are your top problems?
What are your top 10 or best selling products?
What hour your employees are most productive?
How long should you wait buying new stocks?
What products are trending down or trending up based on season?
What time of day you should have more staffing?
Big corporations like BPOs and Electronic Manufacturing are big when it comes to BI, They hire a lot of people who are expert on it. It is the only way they can remain competitive and survive or else the competition will eliminate them. They use BI to project their growth and set their objectives and goals on the next 5 or 10 years,
Having said these things, Here are the front-runners BI systems out there.
Source : http://www.softwareadvice.com/bi/#top-products
But if your business is still small, you don’t need these sophisticated software yet. You can just use MS Excel and MS Access to build your BI.
In the future I’ll discuss how you can use Excel as your BI tool and also I’ll talk about the components of BI.
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