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Published June 10th, 2016 by

How Business Intelligence Software Can Help Your Business

How Business Intelligence Software Can Help Your BusinessIn just about any business, efficient management of data is of utmost importance. The capacity to analyze and collect information quickly can help managers make crucial decisions that can mean big for the company, thereby making them on top of the market. This is one of the reasons why business intelligence software is considered as a powerful tool. BI tools pave the way for executives to speedily track their business and easily make sense of the numbers they are getting. Whether you want to use the latest cloud program when it comes to marketing or prefer the more traditional ones, reading on BI tool reviews can help you achieve your goals.

Enterprises are often overflowing with data about their competitors, partners, suppliers, internal business operations, prospects and customers. Almost always, they have a hard time using the information that they have as leverage and then eventually convert it to something actionable that they can use for growing profits, increase revenue, and operate the whole business efficiently. The advent of BI tools enables businessmen to   translate data into useful statistics for the organization.

Although many top BI tools have been around for so many years and individuals have regarded this kind of industry as ripe, the market is vibrant, as it constantly evolves and innovates to meet the growing needs of all businesses, whatever the size may be. For decades, many BI styles have developed to match the different ways by which people analyze information. A deep understanding of the various BI tools categories is imperative so that you can easily match your needs with the right tools.

What Good BI Software Can Do

Effective business intelligence software can organize data and then arrange them in such a way that can promote ease among users. Several programs have the ability to generate reports and spreadsheets in order to give the user a glimpse of the business’ overall performance. Business intelligence developers have recognized that businesses depend on different kinds of information in order to come up with decisions. In order to make sure that these demands are met, software programs are now able to perform certain functions that are in turn carried out by analysts. Some of the most common functions of these programs are:

Operational Reporting

These operational reports contain the everyday operations of a specific business. People who directly manage transactional activities reply on these types of reports. For instance, if you are a retail manager who is tasked to oversee operations, this function may be utilized to track sales and easily spot shortages. A good BI program will allow you to look at data as it is updated every minute.

Forecasting

This process allows owners and executives to make more or less accurate predictions based on specific information. Through forecasting, they have the power to determine a specific decision’s profitability and predict the results that will spring out of alternative arrangements. As a BI tool, forecasting is extremely important as it helps in decision making and is used by high level officers.

Customer Intelligence

Likewise, customer intelligence is a substantial tool if a business wants to analyze consumer trends. Many organizations utilize this information to retrieve a good picture of what their potential and present consumers want, so that they can tailor their services to meet these needs. in fact, several heavy marketing decisions are heavily clouted by customer intelligence factors.

Picking the Right Business Intelligence Tools

Deciding on what your business needs most is the initial step if you want to find the business intelligence program that is right for you. Small business owners often look for a software program which is capable of handling different kinds of functions. In this case, buying a program that is packed with multiple services is better than purchasing one with various intelligence functions. There are also several cloud marketing software which permits organizations to save on costs when it comes to data storage because they have a third party tool that manages all the information.

For bigger businesses on the other hand, consider getting a specific program for every department’s function. This will empower the managers to focus only on certain data that is applicable and relevant to their division. If you want to keep track of business expenditures, selecting a tool or program that is directly related to operational reports. For instance, marketing departments might want to focus on programs which are designed to provide updated customer intelligence data. Choosing the best tools when it comes to data management that are tailored for every office will certainly maximize the whole company’s efficiency.

Categories of BI analytics tools

BI tools and analytics can be categorized into three main categories, and each of them supports different kinds of BI capabilities and styles.

Reporting and Guided Analysis

Included in this first category are the traditional business intelligence styles that people in the business have been utilizing for many years, in order to perform repeated analysis of certain data. Take these examples – a vice president for sales wants to examine the trends, a marketing officer comparing the results of different promotional campaigns or a financial officer evaluating the financial indicators of an enterprise.

If we rewind to a few years ago, this particular classification was only restricted to static, predefined reports. However, today, users can now analyze, visualize, compare, filter and select the data that they need using different BI tools.  The premise behind this category is the predefined metrics and data which are utilized, but users need to remember that the analysis may also differ depending on the actual needs of the consumers while the study is being performed.

The BI team or IT group comes up with most BI applications in the reporting and guided analysis classification. However, there are also a few business analysts who have the capacity to produce the same results with the use of other self-service business intelligence tools. Regardless of who ends up developing the applications, IT departments are generally responsible for underlying management of data, especially when required on a regular basis.

Some of the business intelligence tools included in this category are BI searches, spreadsheet integration, corporate performance management, dashboard and scorecards and reports.

Self-Service Business Intelligence and Analysis

This second category includes BI tools which are used in performing ad hoc data analysis. Normally, this type is utilized for one time reports or for formulating recurring ones which are meant to be shared with other individuals.

Users of this kind of BI tool actually have two roles – analytics producer or information consumer, when they publish or share what they have created with the help of self-service business intelligence. So as not be confused, most of the audiences for this tool have “analyst” in their official title – human resources, financial or business analyst.

Unlike the first category, guided discovery tools, which normally operate using a pre-set collection of metrics and data, self-service BI analysis allow users to add their own data in order to defined metrics whenever they perform their own research, without IT intervention.

However, there are a few things that need to be considered with the no IT involvement case. First and foremost, IT will generally manage the sources of data based on privacy rights and security. This means that business users who want to perform their own analysis have to get the proper data sources and privileges.

Furthermore, the sources have to be consumable with the use of the same BI tools. Although a lot of the sources can easily be accessed, there are certain ones which prohibit data entry. Aside from that, data sources should also be properly understood by the user himself. Examples of tools for this category are the Microsoft Power BI, Looker, Domo, and Chartio.  Most of these include software for data visualization, data discovery, online analytical processing or OLAP, and ad hoc analysis and reporting.

When top BI tools were initially introduced, only industries which have the most substantial need for data make use of the new technology. Today, however, enterprises from all walks of life have their own processes which require business intelligence. The scope of data that needs to be taken into consideration will differ depending on the nature of the organization, but the helpfulness of these tools should never be underscored.

The advent of business intelligence tools have certainly helped so many organizations stay afloat, especially during difficult economic times. They permit owners and managers to respond to trends quickly, as well as identify tough spots which need to be recognized immediately. The recent developments in the world of business intelligence and software programs have made these things even more accessible to businesses, no matter what the size and scope. Several cloud management software have also been embraced as a means to save on storage and data management costs.

Whether a specific business wants to identify trends among consumers or cut down on operational expenses, there is surely a business intelligence software in the market which will fit their needs. To see a list of different tools and read business intelligence software reviews, visit the CrowdReviews.com website today.

Trevor Price

Trevor Price helps small businesses leverage mobile technology to reach their audience and extend their capabilities in delivery, information, and tracking.

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