Business Intelligence Tools Important – Just as a handyman needs a toolbox equipped with hammers, nails, and screwdrivers, individuals pursuing a career in business intelligence (BI) must become familiar with specific software tools. Business intelligence includes the functions, techniques, and tools companies use to collect, process, and analyze data.
Business intelligence tools can identify new opportunities for businesses to improve competitive advantage based on return on investment (ROI) and insights gained. These tools are used across all sectors, industries and business users, so consider exploring them to accelerate your career.
Business Intelligence Tools Important
Business intelligence tools collect, process and analyze vast amounts of structured and unstructured data from both internal and external systems. Data sources can include documents, images, emails, videos, journals, books, social media posts, files, and more. BI tools find this information through queries, which can present the data in user-friendly formats such as reports, dashboards, charts and graphs.
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Tools can perform data mining, data visualization, performance management, analytics, reporting, text mining, predictive analytics and more. As a result, employees can use this information to make better decisions based on forecasts, market trends and key performance indicators (KPIs).
Centralized data: All your data, in one place. Companies collect data from numerous databases, portals, customer relationship management (CRM) systems, enterprise resource planning (ERP) systems, and more. To make sense of all this, you’ll need business intelligence tools to aggregate data and deliver specific types of views (issues, trends, analytics) based on your questions or what you want to know.
Self-sufficiency: Data no longer just belongs to your company’s IT team. Now, any employee without technical skills, even interns, can access and analyze the data needed for their respective teams. They can generate reports on all electronics sales in 2020 or visualize patient records to identify the number of COVID-19 cases in 2022.
Predict: With access to so much data from the past and present, employees can make evidence-based decisions. Predictive analytics and forecasting enable users to generate insights based on a product or service’s performance history. If a business’s state changes, intelligent tools can automatically spot anomalies and you’ll be able to react to bottlenecks as they arise.
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Automated reporting: Instead of manually inputting data into Excel spreadsheets or toggling between different tools, many BI tools are automated. If you need a report about a product within a certain period, the tool will generate it for you. If that information is significant and you want to add it to a presentation, you can create interactive visualizations and download any charts or graphs you might need.
Reduces business costs: From analyzing consumer behavior and sales forecasting to real-time process monitoring, BI tools can make analysis, planning and reporting processes more efficient and accurate than ever before. In fact, more than 50 percent of BI tool users report that these benefits have helped them reduce costs and increase revenue .
Today, there are dozens of BI tools available. To determine the top five, these were the most cited websites ranking the best BI tools These five BI tools are ranked in no particular order.
One of the most popular BI tools is Power BI, offered by leading software giant Microsoft. The tool is downloadable software, so you can choose to run analytics in the cloud or on a reporting server. Create reports and dashboards in minutes with this interactive tool, syncing with Facebook, Oracle and more. It comes with built-in AI capabilities, Excel integration and data connector, and offers end-to-end data encryption and real-time access monitoring.
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Learn Power BI with Coursera: In just two hours, you can learn the basics of Power BI Desktop with this guided project. You will load and transform data to create interactive reports and dashboards.
Tableau is known for its user-friendly data visualization capabilities, but it can do more than create pretty charts. Their offering includes Live Visual Analytics, an interface that allows users to drag and drop buttons to quickly spot trends in data. The tool supports data sources like Microsoft Excel, Box, PDF files, Google Analytics and more. Its versatility extends to being able to connect to most databases.
QlikSense is a BI tool that emphasizes a self-service approach, meaning it supports a wide range of analytical use cases, from guided apps and dashboards to custom and embedded analytics. It offers a user-friendly interface optimized for touchscreens, sophisticated AI and a high-performance cloud platform. Its collaborative discovery capabilities, search and conversational analytics, allow users to ask questions and uncover actionable insights, helping to increase data literacy for those new to using BI tools.
Dundas BI is a browser-based BI tool that has been around for 25 years. Like Tableau, Dundas BI has a drag-and-drop function that allows users to analyze their own data without involving their IT team. The tool is known for its simplicity and flexibility through interactive dashboards, reports and visual analytics. Since its inception as a data visualization tool in 1992, it has evolved into an end-to-end analytics platform capable of competing with the newer BI tools available today.
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Sessions is a user-friendly BI tool that focuses on being simplified and streamlined. With this tool, you can export data from sources like Google Analytics, Salesforce and more. Its in-chip technology allows faster data processing than other devices. Key features include the ability to embed white-label analytics, meaning a company can fully customize services to suit its needs. Like others, it has a drag-and-drop feature. Sessions allows you to share reports and dashboards externally with your team members.
Other popular BI tools include: Zoho Analytics, Oracle BI, SAS Visual Analytics, Domo, Datapine, Yellowfin BI, Looker, SAP Business Objects, Clear Analytics, Board, MicroStrategy, IBM Cognos Analytics, Tibco Spotfire, BIRT, Intercom, Google Data Studio, and HubSpot.
Want to hear more about how Power BI can improve your decision making and your business overall? At AnantaraBusiness intelligence (BI) is the procedural and technical infrastructure that collects, stores and analyzes data generated by a company’s activities.
BI is a broad term that encompasses data mining, process analysis, performance benchmarking and descriptive analysis. BI parses all data generated by a business and presents easy-to-digest reports, performance metrics and trends that inform management decisions.
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The need for BI arose from the idea that managers with inaccurate or incomplete information will, on average, tend to make worse decisions than if they had better information. Creators of financial models recognize this as “garbage in, garbage out”.
BI attempts to solve this problem by analyzing current data that is ideally presented in a dashboard of quick metrics designed to support better decisions.
Most companies can benefit from incorporating BI solutions; Managers with inaccurate or incomplete information will, on average, tend to make worse decisions than if they had better information.
These requirements mean finding more ways to capture information not already recorded, checking the data for errors, and structuring the data in a way that allows for extensive analysis.
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In practice, however, companies have data that is unstructured or in different formats that do not make for easy collection and analysis. Software companies thus provide business intelligence solutions to optimize the information gleaned from the data. These are enterprise-level software applications designed to integrate a company’s data and analytics.
While software solutions continue to evolve and become increasingly sophisticated, data scientists still must manage the trade-offs between speed and reporting depth.
Companies scramble to capture everything in some of the insights that emerge from big data, but data analysts can typically filter sources to find a selection of data points that might represent the health of a process or business area as a whole. This can reduce the need to capture and reformat everything for analysis, saving analytical time and speeding up reporting.
BI tools and software come in a variety of forms. Let’s take a quick look at some common types of BI solutions.
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There are many reasons why companies should adopt BI. Many use it to support functions as diverse as recruiting, compliance, manufacturing and marketing. BI is a core business value; It’s hard to find a business area that doesn’t benefit from better information to work with.
The many benefits that companies can experience after adopting BI in their business models include faster, more accurate reporting and analysis, improved data quality, better employee satisfaction, lower costs, and increased revenue, and the ability to make better business decisions.
BI arose to help businesses avoid the “garbage in and garbage out” problem resulting from inaccurate or inadequate data analysis.
If, for example, you are in charge of the production schedule of several beverage factories and sales are showing strong month-on-month growth in a particular region, you can approve additional shifts in near real-time to ensure your factory can meet demand.
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Similarly, if a colder than normal summer starts to affect sales, you can quickly shut down that same production. This manipulation of production is a limited example of how BI can increase profits and reduce costs if used correctly.
Lowe’s Corp, which