Business intelligence (BI) software helps to collect, analyze, and interpret data to gain insights and make informed decisions within an organization. Business intelligence consulting services also translate raw data into actionable insights and create unique reports for managers so that they can make informed business decisions.
The booming data analytics industry has given rise to a new generation of business intelligence tools, helping businesses collect and interpret data in new ways. Trends like adaptive artificial intelligence (AI) and predictive analytics help companies make decisions and manage risk.
World over the market size for business data and analytics is estimated to grow approximately to $684B by 2030. BI tools and software do come in numerous forms like spreadsheets, reporting, query software, data visualization software, data mining tools among others.
What Is Business Intelligence (BI)?
Business intelligence (BI) is a technology-driven process that analyzes business data and transforms it into actionable insights. It helps managers and leaders to make accurate decisions. Business Intelligence is a wider terminology that mainly deals with data mining, descriptive analytics, performance benchmarking, and process analysis. Further, it presents all the data that are generated from a business and represents it in the form of a report, measures the performance and trends that showcase the management decisions.
Importance of BI
BI was created for avoiding inaccurate or incomplete information leading to poor decision making. Business Intelligence goal is solving the problem by collecting, transforming, and analyzing data. This allows the businesses to make faster, and more accurate decisions by analyzing what works and removing inconsistencies and get accurate insights.
Types of Business Intelligence Tools
BI tools are nothing but software solutions that aid organizations in gathering, processing, analyzing and visualising data to make rapid informed decisions. BI is helpful for businesses by providing data efficiency for making any strategic decision. Let’s look at the types of BI tools available.
Spreadsheets
Microsoft Excel and Google Docs are some of the most widely used BI tools.
Reporting software
This tool helps in generating structured reports seamlessly. These tools report, organize, filter, and display data. Tools like Crystal Report, SAP Business Objects, and Microsoft SSRS are helpful
Data visualization software
This tool helps by converting raw data into a stunning visualized format like graphs or charts. Tools like Tableau and Power BI translate datasets into easy-to-read, visually stunning representations to gain quick insights.
Software for data mining tools
These tools “mine” large amounts of data for patterns using things like artificial intelligence, machine learning, and statistics.
ETL Tools
This tool is helpful in extracting data from different sources, using it for analysis, and loading it directly into a data warehouse. Some available tools for ETL include Microsoft SSIS, Talend, and Informatica.
Business Intelligence benefits
The benefit of business intelligence software is that it can help organisations to work on data strategically and support growth all at once. It also helps in performance, decision-making, and success of any business. Let’s look at some of the benefits of business intelligence.
Data based decision-making:
BI helps in giving real-time data and accurate data enabling managers to make correct data-driven decisions. Getting this data can make them make choices based on reliability rather than just assumptions.
Improved Efficiency and Productivity:
As Business Intelligence software collects data automatically, it reduces the time and error effectively. This increases the productivity and efficiency of the employees and give them more time to focus on strategic work.
Helps with personized customer service
One major benefit of business intelligence tool is analysing customer data. Companies can know customers preferences, and trends immediately with the BI tool. Allowing companies to work on what customers want and help with better customer retention strategies.
Grabbing opportunities
Business Intelligence software gives companies the competitive edge by checking what is the industry trends, and know the strategies used by the competition. It also helps provide insights on new and emerging opportunities.
Smooth financial planning
Companies can also make a smooth financial planning including budgeting and with the help of business intelligence software. It can be beneficial for the organizations to be prepared for future demands, and ways the usage of resources more efficiently.
Successful implementation of business intelligence
Here are few tips for successful implementation of BI software in any organization:
Correct BI tools
For any manager it becomes important to choose the BI tool that works towards the company’s goals and business strategy.
Team
Making sure to choose a team that will be directly responsible for business intelligence. It should also include individuals or team that are going to be affected directly by the BI.
Document it
Make BI a part of the company culture by documenting it: Include all stakeholders in business intelligence. Give required training to employees and make them efficient enough to use it correctly.
For companies to function efficiently, be competitive and profitable, managers and leaders need to play their part effectively. They also have to see that the work environment is good for the employees. All this can be managed with the use of business intelligence software as it is technology-driven process and can allow them to achieve all the goals effectively, efficiently and accurately.
