The modern day market is very competitive. New companies of various fields spring up every day. It is very difficult for the new entrants to make their name in this world and succeed because just having a good product is not enough. A whole lot more than a good product goes into the process of progression of businesses. Similarly, it can be said that the old, already established enterprises cannot continue to hold their position if they do not keep up with the modern society. Therefore, a good product is a necessary but not a sufficient condition for the success of a company. Strategies and planning are as important as products. This is why, business intelligence tools are used.
Business intelligence (BI) is a set of programs that are adapted by companies because BI has the potential of helping the businesses in tactical fields and when it comes to these competitive markets, importance of business tactics cannot be understated.
There are many tools that have been developed for optimizing strategies of companies. The categories of the tools are mainly Spreadsheets, online analytical processing (OLAP), Reporting and querying software, Data mining, Digital warehousing and Local information systems.
The interactivity of the tools of business management is a major reason why they are so successful. The companies are able to use them in a way that will prove advantageous to them in the market and make the company stable. Some examples of application tools are given below.
A web based open source application called TACTIC has been developed by Southpaw Technology, Toronto. It is a digital asset management system designed to help companies manage production and company environment.
Visualization is important from the client’s point of view. Datacopia is an application that creates charts and graphical representations of the data stored. Open source software, by Eclipse, is BIRT project. Developed in Java and Java EE, the goal of this application is to tackle reporting needs.
In today’s competitive world, every business needs to be effective in order to survive it the long term. For that purpose it definitely needs some effective business management tools which will help it to stand out in the crowd. The business management tools discussed above will definitely help any business to adapt itself to the current pace so that it can become leader in the industry.