Businesses have long been using technology in its operations. It has made work a lot easier and quicker. It significantly helps them save money particularly with the economy being very unpredictable. They can now order the raw materials for their products through the internet. The costs for traveling to the source of the materials can now be used to other important things. Contacting clients is now very easy especially concerning some essential matters that have to be discussed immediately. Aside from technology, business intelligence also helps the businessman and his business greatly. This computer-based technique has long been extremely efficient and useful in making a business progress. Combining both would result in an insurmountable success.

The common functions of business intelligence are reporting, on-line analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, and predictive analytics. It is referred to as the extracting, identifying, and analyzing of business information. BI is also referred as technologies, process, skills, and the right application and use of information to make a sound decision. The business information used in BI are sales revenue of associated costs and income. BI have three main benefits for its users. The advantages of the said computer method is to acquire more knowledge and understanding of the needs and decision-making process of the customers; provide the latest market trend with regards to economy, culture, and technology; and accommodate large information about customers.

In operating a company, the gathering or collecting of data from customers, business partners, employees, and business operations are customary. Using these gathered data in making proactive decisions is extremely essential for a company. Being proactive decision-maker instead of a reactive one is what business intelligence brings to a business that is why it has become even more important. In coming with a preemptive decision, it is based on facts not on theories.

No product in the current market can put up with future problems like financial crisis. That is why, making preparations are essential for a company. Have a clear vision and make proper assessments about the present trend of the market. It can surely help your company in the future. No preparations at all would result in failure in your business. In order to prepare, business intelligence is required together with technology and skills. This will help overcome any future problems as well as for present ones.

BI is not yet perfect, delivering only insights into the past but not up-to-the-moment performance or future prospects. However, with new technologies, next generation BI will improve the work of the said computer technique. It promises to further alter the market for BI by helping businesses get the next generation systems run more quickly. Although this next generation of BI can really help businesses, it is still evolving and comes with lots of risk. So if you are a risk taker and have back up plans in case it falls-off, try this next generation computer technique.

The combination of the developing technology and the effectiveness of business intelligence despite some loopholes, has given business a chance to enhance their current status. When this two are paired, business success is not out of the picture. Effective use and implementation of both can make your business compete with other companies in the industry.