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Business intelligence is a relatively new field in the world of business. However, this does not mean that this should be foregone for it would do any type of business well to give this aspect due attention. Business intelligence is something that can really foster a healthy work environment for all sorts of industries. After all, the only thing constant in this world is change, and this holds true in the world of business as well. Thus, it helps to incorporate business intelligence in the corporate setting, as well as to have the appropriate business intelligence tools on your side of the fence.

In a nutshell, businesses actually use business intelligence to get that much-needed advantage over their competitors. As such, no business exists without significant competitors so it really pays to go the extra mile. What business intelligence does is that it provides businesses the perfect avenue to understand the needs of their customers, how their customers make decisions regarding the purchase of products and services, how customers view the products and services in the market, as well as the prevalent technological, cultural, and economic trends in the market. More than that, business intelligence does not focus on just the customer alone. Rather, it focuses on all aspects surrounding the market, to get a complete overview of the industry in its entirety.

Seeing how the balanced scorecard and key performance indicators or KPIs have become massive managerial tools in today's business setting, it is not really surprising to find these in conjunction with business intelligence tools as well. With the help of KPIs and the balanced scorecard, data is actually becoming more and more accessible and is also processed faster and faster, this is attributed to how companies have been implementing KPIs these days. Believe it or not, in the past, it would take weeks, even months, for a company to have access to data that business today can access within just a day. This is how efficient the business world has become with the help of such tools.

Business intelligence obviously required the collection of all sorts of information and then analyzing this information to provide relevant data to the people in an organization, most of the time, these would be the members of the upper management. This endeavor requires the use of tools and several of these data tools would include data warehouses, data mining, and data modeling. These data tools make it much easier for a company to collect the data it needs and then analyze and interpret it appropriately. These tools are to be used for organizational purposes and would also be used in conjunction with OLAP or Online Analytical Process. Another term for OLAP is Analytics and the basis for this procedure is actually the Cube Dimensional Analysis.

With everything discussed, businesses clearly need the right mix of business intelligence tools to better their leverage across the market and improve their reach to the very customers they want to have on their side of the fence. With the right tools helping the companies gather the data they need, any business can certainly gain significant advantage over any competitor.

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[The Right Mix of Business Intelligence Tools, By Sam Miller Platinum Quality Author]