Business intelligence analytics are tools used by an organization to help determine performance, market trends, business practices, and other components to aid in improving corporate strategies and internal operations.
It’s convenient to group BI analytic tools into the following three extensive classifications:
- Self-service BI and analysis. This encompasses the business intelligence tools to perform ad hoc analysis of data. This can either be a one-time-only analysis or the formulation of a recurring analysis of data that will be shared with others. Self-service BI tools allow business users to add data and specify new metrics when conducting their analysis without the need for IT involvement.
- Guided analysis and reporting. This allows users to select, filter, compare, visualize, and analyze data using an assortment of types of tools. The underlying assumption in this group is that the data set and the metrics used will be predetermined, but the analysis itself may differ based on the immediate needs of the information consumer when conducting the analysis. The BI tool styles in this category include reports, dashboards, scorecards, corporate performance management, spreadsheet integration, and BI search.
- Advanced analytics. This incorporates all the tools data scientists use to design predictive and prescriptive analytical models. Predictive analytics, data mining, statistical modeling, and big data analytics software are all included.
A business intelligence analytics infrastructure supports all these categories. It’s also designed to ensure the accessibility of a wide range of data.
The Benefits of Analytics
The nucleus of most organizations’ efforts to take advantage of information to gain a competitive edge, reduce costs and risks, and identify strategies is formed by the BI and analytics operations. A well-designed BI analytics system gives the executives a view of the entire organization with real-time updates and alerts. With this type of Business Intelligence analytics operation, a sturdy platform for business operation analysis and redesign, performance management, and flexible marketing is provided. Additionally, a well-designed BI system assimilates feedback from internal end users and external customers in order to improve areas that are lacking.
Typically, executives and upper management, as well as business analysts and their employees in the marketing and finance departments, are the primary users of BI analytics tools. These analytics provide the CFO the ability to give the executive manager or owner, insights that show how the organization is performing and how it compares to competitors.
Productivity increases when using analytics. For example, a study by McKinsey & Company found that there is an increasing awareness that in order to compete and be sustainable, key decision makers must go beyond gut instinct. The decisions they make must be data driven and analytics oriented; this goes for the commercial side as well as the operations side.
Choose the Tools You Need
Careful assessment of vendor products and their potential for supporting new technology in the future is crucial when selecting a BI analytics tool. At ChristianSteven Software, we are able to provide any type of analytic tools your organization needs to be successful and profitable. We can help you determine which analytical tools will provide your organization with the best benefits now and in the future.