Business Intelligence (BI) is a term that refers to the applications, practices, and technologies used for the analysis, incorporation, and collection of business data. BI tools help decision-makers develop strategies with data-driven analyses. Various BI apps are available, and it might become challenging to know which program to use. That said, here are five things you need to know about BI tools before deciding on which application to use.
- Report Building and Management
Different BI tools allow users to build reports in various formats and methods. These report types may include custom and interactive reports. You may also acquire an ad-hoc analysis of particular business protocols with the right app.
Also, specific business intelligence tools might provide users with pre-built reports. Thus, it may lessen training time, so key personnel may use the program immediately and efficiently after the preparation period.
A BI tool might also have augmented analytics to help users view specific data in real-time. The software may also develop hypotheses on future strategies with the help of machine learning and Artificial Intelligence (AI). Each use of the application will help the AI remember histories of previous search strings to create results that are relatively close to desired outputs.
- Important Features
Aside from report building and management, several BI tools have key other critical features for the benefit of different organizations. These essential functionalities may include:
- Interactive and user-friendly dashboards
- Data mining tools
- Extract, Transform, and Load (ETL)
- Online Analytical Processing (OLAP)
- Filtered searches
- Online networking capabilities
Specific BI tools may also handle Big Data, which might become beneficial for large corporations. These pieces of information are akin to significantly large data sets. Decision-makers and critical Information Technology (IT) personnel use reliable BI software to reveal associations, patterns, and trends with the help of Big Data.
- Data Security
Many programs now have online functionalities to share data across a network. This idea may not exclude the possibility of specific BI tools having online features to help companies disseminate important information among its departments and employees.
The fear of a security breach from passing data over an online network may affect the performance of employees handling BI software. Thankfully, reliable BI tools exist with excellent security protocols to help organizations protect sensitive information.
Specific BI apps may let administrative users create, publish, and modify applications. The same users may also take or remove administrative access to key personnel. Thus, individual employees found at the lower tiers of the company’s hierarchy may only use a few features on the app. Conversely, higher-tiered staff members might have access to more features than other employees.
Password creation and modification may also be a key feature found in specific BI tools.
- Real-Time Access
Various BI tools now can present different data on several connected devices. A BI app may be available for use in different platforms like desktop computers and mobile devices. Users may now see the different pieces of the information uploaded and modified in real-time in various tech.
With this trait, decision-makers may now develop strategies and formulate decisions while on-the-go. Reliable BI tools may help eliminate long waits for critical corporate individuals to formulate decisions despite these people not being physically present in the company.
Certain apps may also allow you to see various data on an intuitive user interface. Searching and viewing the right pieces of information might only take a few button presses on the application. However, these features may require a fast and stable Internet connection. Users may still not gain access to data when using the BI tool offline.
- Other Benefits
Different BI app developers aim to provide many benefits to their users. Other advantages you may encounter while using BI tools include:
- Large-scale views of business processes happening in real-time in the business
- Instant analysis and visualization of reports for different datasets
- Develop organizational efficiencies for current and future company objectives
- Increase employee productivity and accuracy
- Share quantitative and qualitative information across various teams
Specific data may also let the software provide everything teams need in one glance. These pieces of information might include the tasks at hand and the current state of company goals.
Consider researching before buying and using a specific BI app for your organization. People are sharing business intelligence myths around the Internet, and these stories might not be more than baseless rumors. Furthermore, make sure that the features presented by the BI program of your choice should match the goals of your business. Take time in thinking about your decision to help you avoid a costly mistake.