Business Intelligence (BI) is the process of collecting, studying, and utilizing data to help businesses make better, informed decisions. Business Intelligence is only considered to grow as we head into the future, with an estimated global value of $42.72 billion USD by 2030.
An increasing number of businesses are looking for ways to implement Business Intelligence practices into their decision making processes in order to navigate the ever-dynamic market. Naturally, there is now a wide range of Business Intelligence tools available. It is imperative for a business to recognize the tools that are most suitable for them. This guide provides essential information about some of the most common BI tools for you.
What are Business Intelligence Tools?
Business Intelligence tools refer to a set of technologies, applications, and practices that help businesses collect, analyze, and interpret data to make informed decisions. BI tools assist in presenting data in an intuitive manner to enable users to make sense of data easily. These tools are essential for organizations that want to gain insights into their data and make informed decisions to stay competitive in the marketplace.
One of the key features of BI tools is their ability to integrate data from multiple sources, such as databases, spreadsheets, and cloud-based platforms. They can also perform data modeling and analysis, enabling users to identify patterns and trends in their data. Firms that offer Business Intelligence services usually take an additional step and present the data in intuitive ways as well, such as presenting data in dashboards. VisioSoft offers this and much more.
2. Business Intelligence in the Real World
BI has massively changed the way businesses approach data for their decision making processes. However, mere collection of data is not enough since it doesn’t assist in creating solutions that cater specifically to the business in question. The way to do that is to use BI tools along with the data available.
For example, BI tools can be used in the healthcare or pharma industry to improve patient care, optimize hospital operations, and reduce costs. For example, a hospital might use BI tools to analyze patient data to develop personalized treatment plans, optimize staffing levels, and manage inventory levels.
BI tools are capable of providing real-time data through dashboards and other features, allowing businesses to always stay updated with their operations and make decisions on-the-go if needed. You can also use the same data to figure out market patterns, which can contribute to predictive analysis.
Various Types of BI Tools with Pros & Cons
1. Power BI
Power BI is a cloud-based business analytics service provided by Microsoft. It allows users to connect, visualize, and share data through interactive dashboards, reports, and data visualizations.
Some of the pros of Power BI are its robust data modeling capabilities and extensive library of pre-built connectors. However, it’s comparatively expensive.
Tableau is a data visualization tool that allows users to create interactive and visually appealing dashboards and reports.
It has really good data visualization features but it is not as sophisticated as others when it comes to pure BI analysis capabilities.
3. Qlik Sense
Qlik Sense is a data analytics solution that enables users to create dashboards and more.
It is relatively easy to use and has good collaboration potential due to its centralized hub features. However, the software can experience performance issues at times.
ThoughtSpot is a search and AI-driven analytics tool that allows users to search and analyze data using natural language.
The pros include its easy-to-use search interface, real-time data processing capabilities, and AI-driven insights. However, its cons include a lack of advanced features and limited integration options.
Looker is a cloud-based business intelligence and data analytics platform that is easily accessible and always available.
The software is built with collaboration and accessibility in mind. However, it can improve data visualization and scalability for large datasets.
5. Google Data Studio
Google Data Studio is a free to use data visualization software that enables users to sync data to make one comprehensive report.
It is customizable, easy to connect with other data points, and offers real-time data integration. However, users should note that the advanced features of this software do come at a price.
Overall, the best approach for a business would be to analyze their requirements and choose a collection of BI tools accordingly. If not, they can always consult a team of BI experts, such as VisioSoft. This can save you time and other valuable resources as all your data needs are handled by a trusted brand.