Common Features Of Business Intelligence Software
BI software can be divided into three broad application categories: data management tools, data discovery applications and reporting tools (including interactive dashboards and data visualization software). In the next section, we’ll explain how these analytics platforms can help your organization’s decision-making process become more data-driven. The BI tool you’ll need depends on how your data is currently managed and how you would like to analyze it. For example, if it is currently scattered across disparate transactional databases, you might need to build a data warehouse to centralize it and invest in data management tools that offer Extract, Transform and Load (ETL) functionality to move and re-structure it. Once data is given a common structure and format, you can invest in data discovery solutions such as Online
Analytical Processing (OLAP), data mining and semantic or text mining applications, with the capability to create custom, ad hoc reports. And because information is stored within the warehouse, users can quickly pull reports without impacting the performance of the organization’s software applications, such as CRM, ERP and supply chain We’ve illustrated this concept in the image below: But this isn’t the only way to implement business intelligence software within your organization. If you’re only analyzing data from a single source, ETL and data warehouses are unnecessary. Alternatively, you might require multiple warehouses, and thus, require different tools to connect data between both these servers and other analytics tools that need access to this data. Regardless of your unique business needs, any BI tool you buy
should have some * Data quality management * Extract, transform and load (ETL) * Semantic and text analytics * Data visualizations * Interactive dashboards * Report writers * Scorecarding * Ad hoc reporting
Common Features Of Small Business Accounting Software
as financial projections. Some may include compliance-related functionality for government or industry audits (e.g., in banking and financial services). | Any small business with seasonal or otherwise dynamic cash flow that needs to be tracked closely. Also, businesses that need to provide financial reports to stakeholders or to regulatory institutions for compliance. Budgeting & forecasting | Budgeting applications allow small businesses to model potential financial outcomes and to compare actual profit and loss to planned budgets, which helps with decision-making about workforce, spending and growth. Some systems have dashboards that display information visually. | Small businesses that are currently growing or considering expanding. Fixed asset accounting | Fixed asset applications focus on tracking assets that aren’t easily converted to cash: For a small business, assets will typically be “tangible,” such as land, buildings or equipment. These applications calculate
the value of such assets over time, allowing for depreciation due to wear and tear. | Small businesses with substantial tangible assets, or any business that, for tax purposes, may benefit from reporting depreciations to assets.