“Data in the hands of a few data experts can be powerful, but data at the fingertips of many is what will be truly transformational” - Brent Dykes (Director of Data Strategy, Domo)
The above statement is a powerful declaration of the extent to which Data can be immensely powerful. It has emerged as the driving engine of modern society. Moreover, there is no scarcity of Data as we happen to generate unimaginable volumes of it on a daily basis, across the globe. However, the presence of this Data is not enough.
Data is indeed a priceless asset, but it needs to be exploited in ways by which they would be useful. This brings us to the notion of the different Business Intelligence Tools. In this blog we will look at the way in which some of these best Business Intelligence Software and Tools, act as important mediums for converting this Data into forms which could help in data-driven decision making.
There are numerous BI Tools – Open Source BI Tools, Business Intelligence Reporting Tools, Free Business Intelligence Tools and so on - present in current times. The choice of opting for the best one is likely to be driven by a number of factors.
In this blog, we will try to answer some common questions surrounding these tools as well as try to look at 10 of the Top BI Tools.
What is Business Intelligence?
Business Intelligence seeks to evaluate and convert raw data and information into actionable and meaningful insights with the help of Business Intelligence Tools. These insights have a positive impact on the different kinds of business decisions of the organization.
In simplest terms, Business Intelligence would refer to an umbrella which covers data tools, data visualization, data mining, infrastructure, data analysis and so on, in order to provide easy and understandable summaries which could help organizations to make decisions which are data-driven. Thus, it helps in boosting business performance.
The future of Business Intelligence is full of possibilities. Business intelligence software and Business Intelligence platform are becoming increasingly user-friendly, with intuitive interfaces that enable users to quickly gain insights from data. With advances in artificial intelligence, companies can now use sophisticated algorithms to detect trends and patterns in large amounts of data collected from diverse data sources. This will allow businesses to make more informed decisions and ultimately create a competitive advantage over their competitors.
Furthermore, businesses will be able to access real-time analytics from multiple sources, enabling them to respond quickly to market changes and customer needs. By utilizing the power of data analytics platform through business intelligence software, organizations will have faster access to key information for better decision making and improved business performance. It's clear that business intelligence capabilities is only set to get more refined in the future.
Check out our blog on “What is Business Intelligence?” to know more about this dynamic field.
What are Business Intelligence Tools?
A BI Tool can be regarded as application software which helps in gathering, processing and analyzing huge volumes of data from internal as well as external sources. These Business Intelligence Tools help data experts to prepare data, before they are subjected to data analysis so that it would be possible to generate interactive reports, develop data visualizations and dashboards.
The objective of these Web Based Business Intelligence Tools is to produce actionable insights and visual analytics which would help in simplifying the decision process, in conducting predictive analytics, would help in identifying opportunities for growth, would help in the interpretation of market trends as well as propel business efficiency.
Why is Business Intelligence Software & Tools Important?
- Summation of all Relevant Data: Organizations, in their day to day functioning, are involved in the collection of data from diverse sources. BI Tools help in the management of these sources in order to provide proper understanding of the information being collected. These tools help in the centralization of these disconnected sources which help in developing a singular understanding of the business processes.
- Self-service Business Intelligence: Some of these Open Source BI Tools as well as other Web Based Business Intelligence Tools are extremely easy to operate upon. They are user-friendly and provide every person in the organization the chance to explore the world of data on their own. This not only diminishes the need to continuously request reports from the IT Department, but the self-service BI approach helps in training the employees and business users in appropriate analytical skills which saves the resources and time of the company in the long run.
They simply make use of some of the best bi tools and collect data analysis reports which help in acquiring a clearer idea of the business conditions.
- Reduction in Manual Tasks: Business Intelligence Tools help in Data Visualization at the click of a button. Generation of reports and other presentation activities which otherwise can be really time consuming is efficiently automated with the help of a Business Intelligence Tool.
- Optimum Predictive Strategy: The scope of business operations have increased significantly over the years. It would be foolish to suggest that these activities can be conducted on the basis of guess work and mere speculation. It is important to have real time updates and accurate data which would help in developing appropriate strategies for the future. A BI Tool can be considered as your best companion in terms of helping you acquire those valuable data which can assist in predictive analysis.
How to Choose the Best Business Intelligence Tool?
While opting for the Best BI Tools, it would be important to think of choosing software and tools which would be beneficial for all (employees, clients and different departments alike). It would not only help in drawing the attention of the customers, but would also persuade employees to dig deeper and derive even more useful insights from the data.
Similarly, one can opt for BI Tools which are user-friendly, provide an interactive interface and are able to generate outcomes which are aesthetically pleasing.