Business Intelligence (BI): Gathering and presenting your data as actionable information
One thing that business software is good at is creating and storing data. ERP, CRM, Supply Chain, Accounting, User Support—regardless of the application, they all gather and store data. What most business software is not good at is providing a way for leadership to view that data to inform intelligent and strategic decisions. That is why the expected spend on Business Intelligence software is $56 billion for 2020, second only to what companies plan to spend on ERP, software that creates and stores all that data.
Business Intelligence refers to a broad array of software tools that extract, sort, combine, and analyze a company’s data and then present it in understandable tables and graphs. BI software provides value if it delivers actionable information to decision-makers in a way that they can understand. One key area of growth for this class of software is the introduction of Artificial Intelligence (AI) and Machine Learning (ML) to extract even more value from data.
The complexity of Business Intelligence solutions makes customization a compelling option. There are a large number of existing tools for extracting, analyzing, predicting, and displaying business data. The right custom solution will combine these tools in a way that delivers the highest value to your company.