What is the difference between Abacum & a BI tool?
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Business intelligence tools are a type of software that allows companies to transform data into actionable insights. Generally speaking, business intelligence is an umbrella term that includes any initiatives that allow an organization to assess business performance through the use of key metrics, helping leadership make more informed decisions. Companies use BI tools to better understand their business analytics, assess the health of the organization, and ultimately support strategic decision-making to drive organizational growth.
Through the use of descriptive analytics, data visualization, and data mining, business intelligence software is able to provide organizations with a holistic view of their metrics, identify any inefficiencies, and make the necessary adjustments to stay on track. Advanced business intelligence solutions serve as a centralized space for leadership to review performance metrics through interactive visualization and dashboards, making it easy to understand data for everyone involved. These business metrics, in turn, provide powerful insights to fuel strategy and improve business processes.
The purpose of business intelligence platforms is to gather data, conduct advanced analytics, and then use those key insights to steer strategy. From a technical perspective, powerful BI solutions are able to pull raw data from a number of internal and external business systems. Once the unstructured data is calculated and stored, that is when the analysis process can begin. With the help of visualization tools, dashboards, and other data processing techniques, business users can then use this information to refine their current business operations.
Business intelligence technology offers many benefits to organizations. One of the most important advantages is that they empower leaders to make better decisions based on accurate data. By providing access to real-time data, business intelligence tools allow executives to stay ahead of competitors by identifying market trends and opportunities before anyone else. In addition, these tools also allow organizations to track progress against goals and objectives, which helps them to measure success and identify areas where improvements need to be made.
Another benefit of using business intelligence tools is that they allow organizations to gain deeper insight into how their employees are performing. This information can be used to determine whether employees are meeting expectations, if there are any potential problems within the workplace, and even if it is time to hire new talent.
Finally, business intelligence tools can help organizations streamline their business processes. Through the use of automated reporting, business intelligence tools can automate repetitive tasks so that managers can focus on higher-value activities and business actions.