Business intelligence software refers to tools used by organizations around the world for retrieving, analyzing, and transforming data into meaningful information. Tools used for data visualization, data warehousing, dashboards, and reporting are all examples of BI tools. Business intelligence software gives you a competitive edge by supporting and improving your decisions with insightful information.
Importance of Data-Based Decisions
You could make your business decisions based on instincts, but an informed choice based on data analysis will be more appropriate and supported by your stakeholders. When it comes to product sales or purchasing patterns or customer loyalty, data can tell you a lot more than you think. The enterprises that utilize BI tools and processes will gain a competitive advantage by predicting customer behavior and forecasting market trends. You can also control your budget once you start doing some analysis on your spending.
Which Business Intelligence Software Do You Need?
No matter how you store your data, you can use business intelligence software to analyze it. Data analytics technologies vary in terms of complexity, but what is common is the analysis that is performed to identify patterns. The usage of these software applications can range from simple analysis to advanced customized analysis of your data. Predictive analytics can help you forecast future events based on current and historical data. You can also use software packages to do social media or text analysis.
One of the benefits of using BI tools and processes is the ability to visualize your data graphically. Using these business intelligence software applications, you can create dashboards with various metrics and KPIs. These dashboards can help you set goals for your organization and track them as well. You can also share your BI reports with customers and key stakeholders. If you are an advanced user, you can slice and dice your data the way you need to and create custom visuals for your company’s usage.
There is a variety of business intelligence software available in the market today which can satisfy your company’s needs. These software packages are increasingly becoming easier and more intuitive to learn and adapt to your environment. Moreover, you don’t particularly need a highly skilled IT person to start using these software applications. With minimal training and data governance, anyone in your company can use the tools and get started on data processing and analysis.