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Let’s play a quick game of “You Instead.” Do you want to manually sift through 6,000 rows of data in a spreadsheet to guide your next business strategy, or do you want the software to do it for you?
Totally Complimentary Business Intelligence Tools Analytics That Could Be Installed
If you prefer the former, you might be a data scientist (or masochist). If you’re like me, you dread seeing uncategorized data and looking at an organized report or series of data visualizations. Either way—we both need business acumen.
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So what is business intelligence and how can you use it to make business decisions easier? In this guide, I unpack why you should implement a business intelligence strategy and what it looks like.
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Business Intelligence (BI) refers to all the tools that collect, manage and analyze data to learn how a business is doing and how to improve from there.
Fear not—BI doesn’t mean robots are taking over your job as a business executive or data analyst. Organizing data into reports is only half the battle. Your job is to derive insights from that data and make good, human decisions. BI simply automates the tedious process of data extraction and analysis, making your work much easier and more effective.
What Is Business Intelligence (bi)?
Typically, data science professionals understand the results of business data analytics before making BI less technical. Essentially, BI facilitates insights from data analytics into easily actionable business rules.
Think of it as the difference between a study conducted on a technology health topic and an article published about the study. The study’s findings may sound like a foreign language, but the article explains its implications and offers recommendations for readers to take home.
Let’s say you’re not thrilled about the prospect of manual data analysis and interpreting the results. Here are some reasons why BI can make your systems work better.
The uses of BI are virtually limitless. The first step to implementing this is deciding what business goal you want to achieve. Do you want to compare the performance of your sales channels, use data from past marketing campaigns to inform your successors, or create a new HR dashboard with employee usage data?
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For many uses of BI, you can rely entirely on reliable internal data, but some problems require external data. For example, you might consider data published in a trade journal when implementing BI.
Example: The same clothing company can collect additional data from customers based on their buying patterns to determine which styles they like best and market those styles to them better.
Once you’ve gathered all your data sources, you’re ready to choose tools to transform, analyze, and learn from the data. The platform(s) you use will depend on your goals for BI, which is why it’s important to identify those in Step 1.
Example: An apparel company can use a BI solution with powerful analytics capabilities to break down what customer data means about their interests and buying habits.
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Leave it to robots to spot patterns and make predictions from data. Most BI tools are designed to perform descriptive and predictive analysis that can shed light on where your business stands. For example, your BI platform can look at employee turnover history and make predictions about which departments need the most aggressive recruitment efforts and when.
Example: A clothing company’s BI software may detect that customers consistently return a certain type of romper due to fit issues, suggesting that the company reevaluate the item’s design.
We’ve concluded that (almost) everyone prefers a colorful chart, graph or map to a data-heavy spreadsheet. Data visualizations are especially useful when sharing findings with the entire team—they’re easier to digest and better for motivating action toward a goal.
Example: An apparel company can use BI-generated charts to determine how much profitability can be increased by better targeting customers with personalized marketing efforts.
What Is Business Intelligence (bi)? Types, Benefits, And Examples
BI tools can help show you where action can be taken, but they can’t take action for you. Develop short- and long-term strategies based on your findings to address your problem areas, whether internal inefficiencies, supply/demand issues, or customer service failures.
Example: A clothing company might drop unpopular styles as it gathers more customer data, then continue to adjust its marketing strategy a few months down the line.
In addition to choosing a BI tool that meets your unique needs, make sure that any solution you choose includes the following features:
Once you’ve implemented business intelligence software, automate with it so you can spend time delighting your customers instead of racking your brains poring over spreadsheets.
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Luke Strauss is a writer and content marketer from Luke Sunny San Diego. Since receiving his degree in International Management from Pepperdine University, he has used his passion for digital marketing and creative writing to create engaging content for organizations in a variety of verticals. When he’s not at his desk, you’ll find him at a music festival, thrifting, or spending time with his friends and family. What are Business Intelligence Tools? Business intelligence tools are types of application software that can extract and analyze large amounts of unstructured data into useful information. These tools can organize data in the form of key performance indicators, collaborative reports, interactive dashboards, and more. Also, organizations can derive actionable insights, set achievable goals and identify new growth opportunities with the help of data visualization and analytics available in these tools.
Business intelligence tools are in high demand these days for organizations looking to develop successful business strategies from collected data. Business intelligence tools offer two main features – data analysis and data visualization.
Data visualization tools present data in the form of pie graphs, flow charts, highlight tables, stack columns, and choropleth maps. Likewise, data analysis tools can be seamlessly integrated into existing databases to capture and process relevant data. With hundreds of business intelligence tools available in the market today, choosing the right one can be challenging. In this post, we list eight business intelligence tools for excellent performance and usability.
Today, business intelligence tools and data visualization platforms are integral to the growth of any business. Organizations must weigh the pros and cons of such tools to choose the best one for their needs. In addition to the characteristics of data visualization platforms and business intelligence tools, organizations should also consider the scope of the project and its goals.
Microsoft Power Bi
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8 Business Intelligence Tools for Excellent Performance and Usability: 1. Tableau 2. Sysense 3. PowerBI 4. Clicksense 5. Yellowfin BI 6. Domo 7. Datapine 8. Visual.ly
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