People interested in professions in business intelligence (BI) need to be conversant with certain software tools, much like a handyman requires a toolbox full of hammers, nails, and screwdrivers. Business intelligence includes the processes, plans, and resources that organizations employ to gather, prepare, and examine data. Based on the insights discovered, business intelligence technologies may help organizations find new ways to increase their return on investment (ROI) and competitive advantage.
With the aid of contemporary BI reporting solutions, reporting in business intelligence offers the opportunity to construct a thorough intelligent reporting practice. Therefore, BI may improve a business’s overall development as well as its profitability, regardless of its sector or specialty. Consider using one of these tools to further your career because they are utilized by all company users, industries, and divisions.
However, before a business evaluates the benefits of BI tools, it should first acknowledge the advances and functionalities of those tools.
Large volumes of organized and unstructured data are gathered, processed, and analyzed by business intelligence tools from both internal and external sources. Documents, pictures, emails, movies, diaries, books, postings on social media, and more can all be used as data sources. BI tools employ queries to retrieve this data, which may then be shown as reports, dashboards, charts, and graphs for ease of use.
The tools are capable of carrying out many different tasks, including text mining, predictive analytics, performance management, analytics, and reporting. Employees may, thus, use this information to guide smarter decisions based on forecasts, market trends, and KPIs (KPIs).
Here are the top five most common BI tools and a look at the advantages of using them.
Although Tableau is renowned for its user-friendly data visualization features, it is capable of more than just creating attractive charts. Their product line includes live visual analytics, a drag-and-drop interface that enables users to instantly identify trends in data. The application is compatible with a variety of data sources, including Google Analytics, Microsoft Excel, Box, and PDF files. Its adaptability includes the ability to interface with most databases.
#2 Dundas BI
For 25 years, Dundas BI has been a browser-based business intelligence application. Similar to Tableau, Dundas BI has a drag-and-drop functionality that enables consumers to perform independent data analysis without contacting their IT staff. Through interactive dashboards, reports, and visual analytics, the technology is renowned for its simplicity and adaptability. It started in 1992 as a tool for data visualization but has since developed into an all-encompassing analytics platform that can compete with the newest business intelligence solutions on the market today.
#3 Microsoft Power BI
Microsoft, the leading provider of software solutions, offers Power BI, one of the most well-liked BI solutions. With this application, you may choose to perform analytics on a reporting server or in the cloud because it is downloadable software. This interactive tool can produce reports and dashboards in a matter of minutes by syncing with sources like Facebook, Oracle, and more. It includes end-to-end data encryption, and real-time access monitoring. Moreover, Excel connection and data connectors are built-in features of the platform.
A self-service approach is prioritized by the BI solution QlikSense, which offers a variety of analytics use cases, from guided applications and dashboards to bespoke and integrated analytics. It features a user-friendly interface that is touchscreen-optimized, cutting-edge AI, and powerful cloud platforms. Users may ask questions and get answers utilizing its associative exploration feature, “Search & Conversational Analytics,” which improves data literacy for people who are new to using BI tools.
Sisense is an intuitive BI solution that emphasizes simplification and streamlining. You may export data with this tool from a variety of sources, including Salesforce, Google Analytics, and more. Compared to other tools, its in-chip technology enables quicker data processing. White-label analytics integration is one of the key benefits, allowing a business to completely tailor the services to its needs. It has a drag-and-drop feature. You may share reports and dashboards both internally within your team and externally using Sisense.
That is why your business may achieve greater objectives by using BI technologies to assist you to make quick, informed decisions.
To begin with, through the use of BI tools, all of your company’s information is centralized in one location. Numerous databases, portals, enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, and other sources are used by businesses to collect data. Consequently, your company indefinitely will need business intelligence solutions to pool the data together and give specific perspectives (problems, trends, analytics) based on your queries or what you want to know to make sense of it all.
Secondly, BI tools provide self-sufficiency. Data is no longer only the property of your company’s IT staff. Now, even interns with little technical knowledge may access and evaluate the data required for their teams by any employee. They can provide reports on all 2020 electronic sales, or they can look at records to count different instances from previous years.
It goes even further to make predictions. Staff members can take informed judgments since they have access to a wealth of historical and current data. Users can produce insights based on a product or service’s performance history using predictive analytics and forecasting. The intelligent tools can automatically identify abnormalities if a business situation changes, allowing you to respond to interruptions as they happen.
Automatic reports are no exception as well. Many BI solutions are automated, eliminating the need for human data entry into Excel spreadsheets or switching between various applications. The program will provide a report on a product over a specified period if you require one. You may construct an interactive visualization and download any charts or graphs you might want if the information is substantial, and you want to use it in a presentation.
Last but not least, BI tools can reduce company costs. Because BI systems are capable of so much, including sales forecasting, consumer behavior analysis, and real-time process monitoring, analyzing, planning, and reporting processes are more precise and efficient than before.
In fact, more than 50 percent of users of BI software claimed that these advantages had helped them save expenses and boost income.
Spotting business problems using BI systems that deliver thorough business intelligence reports can only open space for future growth, cost savings, and thorough investigation of a company’s strategic and operational health. The key to such development is the implementation of BI tools that fit the company’s needs and goals.