Business intelligence (BI) solutions are software tools that unify data and deliver actionable intelligence regarding a particular company or sector. Business intelligence tools are important as they assist companies in developing a targeted and informed business plan that can help instigate change, enter new markets, improve user experiences, and drive sales.
Business intelligence software should include data analytics, data mining, tools, infrastructure, data visualizations, and other features to achieve this. The more data that a BI tool can ingest, the greater the accuracy of any insights and intelligence gained. This will ensure it can be used to make a compelling case with C-level executives, and that it can be seen as reliable.
Many companies can benefit from implementing a BI solution. As data is collated from both internal and external sources, analysis can help to illustrate where an organization sits in relation to competitors. This data can be visualized in reports which can be shared with relevant team members to aid their strategic planning and act. Business intelligence can also be used to reduce workloads and optimize processes.
In this article, we’ll explore some of the top ten business intelligence tools on the market today, In each case, we’ll analyze the solution’s specific features so that your organization can find the solution that works for you. We will also offer a suggestion as to which solution is best suited for a particular use case.
What Is Business Intelligence?
Business intelligence refers to the processes, protocols, and tools that collect, correlate, and analyze business data that is used to make informed, targeted decisions. This data is used to create strategies that help drive a company’s growth. Data is collected from a range of sources–external and internal – to produce accurate, actionable insights. After the data has been collated, it can be analysed using complex algorithms and statistical processes, before being rendered in visual formats like graphs and tables. Business can then use these data sets to produce reports and answer relevant queries.
Key Business Intelligence Features:
In order for business intelligence tools to effectively deliver contextualized and relevant data, they should have the following key features:
- Data mining: Data mining refers to the process of finding, collating, and analyzing raw data that has been pulled from numerous sources–both external and internal. Data mining is the essential first step to identify trends and patterns.
- Data visualization: This feature will turn aggregated, contextualized, and analyzed data into visual representations (such as charts and graphs) to make it more digestible and easier to understand.
- Reporting: This function allows teams to share data analysis with relevant stakeholders.
Other important features of business intelligence tools include visual analysis, performance metrics, and querying.
Why Do You Need A Business Intelligence Solution?
The benefits of business intelligence include helping organizations analyze customer behavior and identifying potential avenues for increasing profit or improving the user experience. Teams can track performance, create new strategies and plans, as well as monitoring the impact of these changes. Data can also be compared with peers to help you understand what your business is getting right.