Business Intelligence Tools Mitigate Risk

BI Tools to Influence Better Decision Making In Organizations

OBIEE Training CoursesDecision making is a vital aspect of running today’s enterprises and this fact was highlighted in an entrepreneurs’ summit that was held in the second week of December. Many entrepreneurs who spoke about the usage of modern day technology to help them in decision making projected a good opinion about the BI services that Oracle is offering. There was a rumor that OBIEE is going to decline in the coming years. But that speculation was laid to rest in the summit. If you are planning to take OBIEE training classes, this is the right time to do so.

Extensive Use of BI Tools Encouraged in Organizations

With the advancements in technology, more and more companies are turning to use BI tools to help them in better decision making. There are a number of techniques like data visualization, predictive analysis and data mining that will give you valuable inputs and help you form better and more informed decisions. This will not only increase the accuracy and feasibility of decisions but also contribute to the increase in the operational efficiency. This is what the current industry situation demands and Oracle has managed to offer that to enterprises in the form of a tool.

Other Advantages of BI Tools

Financially, BI tools have a lot of other advantages. Many tools in the OBIEE enterprise give a lot of weightage to financial factors. This means that the decisions you make after taking inputs from the BI tools will be financially more feasible. The other factor is the increased efficiency in decision making. Time is money in today’s world and you cannot sit on inputs and let it incubate before making decisions. Since you save a lot of time in thinking about the different factors that affect your decision, you can spend that saved time in other profitable business activities like business acquisition, etc.

 

Comments

  1. Katrina says

    BI tools are used in both data mining and predictive analytics, right? From what I have read, BI Tools come in handy in scenarios when disparate data sources are combined. If one is joining a table of customerID/Session data with another table with each record representing a customerID, there’s no problem. But if the second table represents customerID/store visit data, there will obviously be a many-to-many join resulting in a big mess.

  2. Wilbur says

    This was very interesting and it made me ponder, my son is going to ITT tech to get his associates in Network Systems and is this something that they are going to take an incorporate into the classes because it is new or do they just teach the same old stuff and he will need to take this kind of training to advance his knowledge?

  3. Richard says

    The increased use of BI tools could be interpreted as our entering a new threshold and closer to true artificial intelligence. I suppose we all use tools that help us make better decisions. An example of this is any accounting or budget management software – the kind that tracks our spending and enables persons to budget their earnings and spend more wisely.

  4. Amy says

    I wonder how many executive officers or personnel / project managers use these types of applications to bolster their decision making within an organization. What kind of applications fall under this BI category anyway? Would project management applications qualify as BI tools? How about accounting software? I sure would like to know some examples of what off the shelf applications we are talking about.

  5. Jean says

    I think software developers who focus on Business Intelligence tools should strive to develop apps that help to inspire innovative thinking in marketing and management. There are a plethora of data management tools and those do promote productivity, but the uncultivated area is that which reaps creative ideas that can move business in brave new directions. That is the key to continued growth in any organization.

  6. Ruby says

    I consider a good example of BI software tools to be a good organization app such as a planner or a flow chart program that enables a project manager to better keep track of a complex project’s progress and just as important, to look at the project from above – so as to not get so deep into the forest that you cannot see the trees’.

  7. Judy says

    Oh my goodness this is something that companies all over the place have needed for a long time. It is amazing to me how simple all of this sounds when it is put into a blog post like this. From what I understand though it isn’t all that simple when you start to implement it. Is that a correct statement or have I been miss informed?

  8. Vickie says

    I look forward to the day when all software becomes truly intuitive. We are not close to that becoming the standard, believe it or not. I am talking about the ability of computer operating systems to read one another and assimilate any data in order to integrate developers work into one interface. That is the sort of intelligence you see in sci-fi films. It is not the reality.

  9. William says

    Which well known software apps are considered to be Business Intelligence (BI) tools? And while we are questioning that, what is the future of BI tools. In other words, to what level / extent will BI tools reach in terms of intuitiveness and artificial intelligence? I would love to peer into a crystal ball and see the future 50 years from now and see what BI tools are capable of doing then.

  10. Jeffrey says

    I agree with Ruby and Judy, you have to be organized and this is something that we have needed for a very long time. It is very simple to understand when it is written up this way but I think that Judy is right when she mentions that it is harder to implement then what we think. You did an incredible job on this and I hope that you will continue to post.

  11. James says

    I would absolutely love and appreciate it if someone would give me a strong recommendation for a BI tool application that is easy to use for managing one’s personal finances. I want an app that is easy to customize one’s budget and keeps track of spending and enables you to set weekly / monthly limits on spending. I want to be able to account for my bills and still budget what’s left over.

  12. Quyen says

    I think that it the rise in popularity of Business Intelligence tools / software is timely because it is coming at a time when software development is a mature industry and personal computing software is as sophisticated as industry grade apps. It seems like BI tools are in their infancy, but I suspect that developers will make a push to improve these apps rapidly.