Apr 14, 2021 What is business intelligence software? Business intelligence software is data visualization and data analytics software that helps organizations make more well-informed decisions. Business intelligence tools connect to the business's data warehouse, ERP systems, marketing data, social media channels, Excel data imports, or even macroeconomic. Business intelligence tools include data visualization, data warehousing, dashboards, and reporting. These tools are useful in providing insights leading to business growth. Besides that, they can resolve issues that are urgent, collect all the data in one place and forecast future outcomes for a business.
Table of Content
1) What are BI tools?
2) What are the benefits of BI tools?
3) What are the best BI tools on the market?
Ensuring all business processes are under control is getting harder each year since the massive volumes of data challenge businesses of all sizes. Ultimately, organizations and companies need certain help when it comes to making sustainable and profitable decisions. By utilizing modern and professional BI tools, each challenge can be addressed promptly, without the need for massive IT involvement.
These tools step up into collecting, analyzing, monitoring, and predicting future business scenarios by creating a clear perspective of all the data a company manages. Identifying trends, enabling self-service analytics, utilizing powerful visualizations and offering real-time online data analysis are becoming the standard in business operations, strategic development and, ultimately, indispensable tools in increasing profit.
Here we will explain what is a BI tool, offer the most prominent benefits that a company can obtain by using them and provide a list of the best BI tools on the market with a review of each. We also took into consideration Capterra, as one of the most prominent websites for software comparisons and user reviews, also part of the Gartner family, the world’s leading advisory and research company.
1) What are BI tools?
Business Intelligence Tools Review
BI tools are types of software used to gather, process, analyze, and visualize large volumes of past, current, and future data in order to generate actionable business insights, create interactive reports, and simplify the decision-making processes.
These tools include key features such as data visualization, visual analytics, interactive dashboarding and KPI scorecards. Additionally, they enable users to utilize automated reporting and predictive analytics features based on self-service.
But what are the exact benefits of these tools and what do they offer that traditional means of data management cannot? It all starts with technology.
2) The benefits of business intelligence tools
Professional software and tools offer various prominent benefits, here we will focus on the most invaluable ones:
1. They bring together all relevant data: Whether you work in a small company or large enterprise, you probably collect data from various portals, ERPs, CRMs, flat files, databases, APIs, and much more. You need to obtain a high level of data intelligence to be able to manage all these sources and develop a better understanding of the collected information. That’s why utilizing modern data connectors will help you in centralizing the disparate sources and provide you with a single point of view on all your business processes. That way, identifying issues, trends, and taking action are closely connected and based solely on data.
2. Their true self-service analytics approaches unlock data access: When each person in the company is equipped with modern business intelligence software that will enable him/her to explore the data on their own, the need to request reports from the IT department is significantly reduced. This self-service BI approach gives organizations a competitive advantage because each employee will be equipped with the right amount of data analytics skills that will, ultimately, save the company’s time and resources while unburdening the IT department, hence, enabling them to focus on other critical tasks.
3. Users can take advantage of predictions: Predictive analytics doesn’t need to be a specialty of data scientists or analysts. With the integration of forecast engines business users can generate insights for future scenarios that will help them in adjusting current strategies to deliver the best possible results. On the other hand, if a business condition changes, intelligent data alerts safeguard the anomalies that can occur while you manage huge amounts of data, and discover new trends and patterns that will enable you to react immediately.
4. They eliminate manual tasks: While traditional means of business management encourage the use of spreadsheets and static presentations, modern software eliminates endless amounts of rows and columns and facilitates the automation of processes. Need a report? The tool updates your KPI dashboard itself with real-time data. Besides, you can automate the reporting process with specified time intervals and purely look at the results. Need a presentation? Simply drag-and-drop your values and see how you can easily create a powerful interactive dashboard that enables you to directly interact with your screen.
5. They reduce business costs: From sales planning and customer behavior analysis to real-time process monitoring and offer optimization, BI platforms enable faster planning, analysis, and reporting processes. In fact, according to a survey conducted by the BI survey, more than 50% of business intelligence users reported that these are the most prominent benefits that helped them reducing costs, and increasing revenues. If you can work fast and accurate, you can achieve far better business results and make profitable adjustments.
Business Analytics Tools
6. They’re constantly at your service, 24/7/365: Various organizations require various needs and the Software-as-a-Service model offered by these tools will provide a full SaaS BI experience, with all the data hosted in a secure online environment. According to your needs, the software can scale or de-scale, thus, adjusting to the specific needs of a company. Since the data is stored on a cloud, you have non-stop access to the software, where you can fully explore various self-service analytics features no matter if you’re a manager, data scientist, analyst or consultant.
Business Intelligence Tools List
These business intelligence benefits are focused both on small companies and large enterprises. If you need to control your data and know what’s going on in your company, BI is the way to do so. To help you on the way, we have created a business intelligence tools list that not only will ensure your data management and discovery become intuitive and easy to use, but also stay secured and guarantee a higher level of productivity, and, consequently, increased profits.