There is a growing trend for companies to implement different business intelligence solutions in order to improve corporate performance in areas of customer service, business processes, and internal communication and collaboration. There are three key areas where the business intelligence technology can be used to get maximum benefit from it.
First, the sophisticated analytics technologies of business intelligence applications could help companies define the correct business models based on identified corporate problems or market opportunities. Through the built-in analytical processing capabilities of BI solutions, major industry and market trends can be accessed so that corporate decision makers can design the most suited business models for their companies.
Second, business intelligence solutions can cater to industries servicing niche markets. Business intelligence applications allow users to fully customize the software so that niche industries could have adequate information on the specific characteristics of their niche sectors and the strength or number of competitors existing in that market.
Third, sophisticated data warehousing could be made possible through business intelligence. The data could come from numerous sources and this increases the depth of information gathered. Users can quickly query several database from the dashboard of business intelligence applications and this could instantly generate accurate reports that can be used by the company either to communicate with its customers or to know the status of their internal performance. The reports can be generated by a manager or it could be a result of several queries done by a team collaborating on a business intelligence project.