Business intelligence (BI) successfully combines business history and software to interpret data to analyze a business’s footprint and create action plans for success in the future. Business intelligence will look at the effects of various business decisions and summarize those effects in easy-to-understand reports, graphs, charts, and summaries.
Business intelligence (BI) is the process of collecting, analyzing, and presenting data to help businesses make better decisions. For example, business intelligence can look at where there was a drop in consumer engagement, what event led to the change, and how it affected business from that point. Business intelligence can tell you what areas of your business are underperforming and the potential causes, and what areas are exceeding expectations and how to replicate those behaviors to achieve greater success, productivity, and profitability. Business intelligence will also give an accurate report of the actual current health of your business in real time.
BI is related to data analytics and business analytics, though the connotation of BI is that it’s accessible to a bigger group of end users. As some reviewers on PeerSpot note, everyone, not just IT people or data specialists, should be able to use business intelligence software in their daily jobs. As a result, ease of use figures prominently into many user reviews on the site.
Business Intelligence tools are tools that gather all the business intelligence data together into easy-to-understand reports and summaries. They can be found in dashboards, charts, visualizations, maps, and more. These insightful, valuable tools can be found in a significant offering of software solutions available on the market today. The software tools will break down all of the historical performance data of your business and create logical, user-friendly reports, analyses, and summaries to better facilitate decision-making to course-correct problem performance or to better invest in successful profitable business trends. These software solutions can deliver all of this information instantly through easy, user-directed selections available through dashboard choices or visualization. The ability to gather all of this critical user data instantly and create informational reports to enable the best possible business decisions creates improved business processes throughout your entire organization.
When choosing a business intelligence tool you will want to consider the nature of your business, the industry, and how you want that information delivered back to you - either via dashboard, visualizations, reports summaries, etc. You will also want to consider your current organization’s ecosystem and ensure the business intelligence tool you select will successfully integrate with all your operating systems, and also decide whether an on-premises, hybrid, or cloud solution is best for you.
Finally, the last tool to consider is employing a business intelligence analyst team. This team would be directly accountable for getting all of the information accessed by the business intelligence tools to the appropriate departments, highlighting the areas for improvement and celebrating the areas of success so that the organization can maintain the highest levels of profitability. This business intelligence team will also maintain that the data being gathered for the reports are accurate and correct and ensure that the tool is performing appropriately.
IT Central Station (soon to be Peerspot) reviewers want to know how little training is required for a BI tool to get non-IT end users going. They want BI to be easy to implement. Users want tools to enable easy report building and administration as well.
The desire for BI tools to be easy to use flows from a trend in the technology over the least few years. BI has gone from being complex discipline reserved for highly-skilled people to being something the general knowledge worker can use every day. It’s not an either/or scenario. An organization might have some BI workloads that are reserved for data scientists, with others available to everyone. Regardless of where BI is deployed, however, continued support of end users and technical training for the support team are critical for success.
In addition to security, performance, scalability and stability, users emphasize the importance of BI’s ability to integrate with other systems. BI is not a standalone technology. It works in concert with database management and business applications. For example, BI must integrate with OLTP databases with minimal footprint. BI also needs to integrate easily with graphical tools and reporting software. A business intelligence toolset ought to integrate with visualization tools - with ability to produce visually appealing, value added dashboards, charts, and standard reports. Mobility also counts, with workers wanting to be able to do analytics on mobile form factors such as tablets.
Given that the “B” in BI stands for business, the business use case is considered highly relevant in choosing the right business intelligence toolset. BI should meet business needs. The total cost of ownership (TCO) should be well thought-out. And, any initiative to undertake BI should have clear executive management approval and a business plan for success. A thorough business needs analysis is essential.
According to IT Central Station members, the best BI tools support multiple file output options and publication options. For instance, can the tool produce interactive files (e.g. Xcelsius output) that are shared externally via .pdf, Excel, etc.? A business analytics solution should easily access multiple types of data sources, with data blending capabilities.
There are numerous types of business intelligence tools. Listed below are just a few to help you gain a better understanding of business intelligence.
The benefits of using business intelligence tools include:
Features to look for when choosing BI tools include:
