As defined by Wikipedia, Business Intelligence systems are “systems for identifying, extracting and analyzing data available in enterprise systems whose purpose is to provide real support for business decisions.” Designed to facilitate decision-making, Business Intelligence systems are indispensable tools that managers at every level use to analyze trends, identify opportunities and risks facing the company.
BI systems are used in a daily manner because they have become so powerful and intuitive that they do not require specialized knowledge, and the desired data is extracted through a few clicks. They establish clear measurable KPIs that set goals within the company.
Because ERP systems are those that concentrate information within a company, they usually have a Business Intelligence component that allows access to intelligent and simplified information. Business Intelligence comes in the form of reports, dasboards or other interactive components within an ERP.It can process and analyze large volumes of data from various sources about products, partners, cash-flow, profit, discounts, fixed assets, stocks, etc. As the ERP system collects new data or updates existing one, in the Business Intelligence module the corresponding update occurs in real time. Using Business Intelligence solutions is a necessity in the modern economy because it helps managers to answer any questions related to the company by: