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Business professionals like managers from different industries would need information, whether real time, current or past information, to aid them in predicting the course of the business of the company. Since business data is a stream of data, it needs sorting and analysis before it can be used in the decision making process of a company. These relevant data needs to be sorted out and analyzed with the use of software solutions, thus ensuring superior speed and accuracy in the collection of data and in analysis procedure. All software solutions therefore that help in the process to get business intelligence are called business intelligence tools. Thus in comparison of definition, business intelligence data can help a company to adjust fast to the changing business environment, while the business intelligence tools would ensure that the business environment consequently would identify correctly in order to facilitate a well planned process for decision making. For historic data, the sorting and analysis of data are done by the business intelligence tools which were stored before in the database of the firm.

What are commonly used tools in business intelligence are classified into the categories of local information systems, business performance management, process mining, dashboards, online analytical processing, data warehousing, data mining, reporting and querying software and spreadsheets.

The majority of the tools mentioned above, excluding from spreadsheets, are offered as part of software fit for a certain industry, or standalone solutions, ERP system components or as business intelligence software suite. After a company’s thorough analysis of its business model, a custom development company would develop these solutions to answer the specific requirement of the customer. The varying industry, market conditions and specific market needs would dictate the type of business intelligence that will be implemented.

There are terms synonymous with local information system which are used from different areas of the world like data observatory and community information systems, of which the system is to provide support for the reporting of geographic enterprise operations. LIS or local information system tools have unique functions that include providing an area a specific database that can be accessed by citizens, policy makers, managers and data experts.

The next tool to describe is the BPM or business performance management, where it refers to both set of management and analytical processes that are made to facilitate a company’s improvement of process in relation to the preset objectives of the company.

Several data experts can be consulted to help a company set up its business intelligence tools, and one name that come out if you search is Mayank Gupta.