Data is the cornerstone of a successful business. By collecting essential information about your company, you can initiate action items to improve processes and maximize profit margins. Business Intelligence (BI) is a solution that leverages software to access and analyze business data to create essential insights.
BI is often displayed via interactive charts, custom dashboards, and statistics collected from various sources. These visualizations allow teams to present and analyze data quickly and efficiently.
As technology and day-to-day business become more intertwined, it becomes increasingly important to leverage these solutions. Implementing Business Intelligence into your company provides many benefits such as:
- Fast, accurate reporting
- Valuable business insights
- Competitive analysis
- Increased customer satisfaction
- Identifying market trends
- Increased operational efficiency
- Improved decision-making.
- Increased revenue and higher margins.
Business Intelligence can provide the foundation for any organization’s long and short-term business strategy. Without a centralized BI platform, companies may find it difficult to access and analyze data across a variety of platforms. Business Intelligence tools offer users the ability to extrapolate insights from gathered data and pool the information from these sources into a central location.
Various BI applications can be integrated with other software solutions for specific purposes or verticals. For instance, a single team that works in multiple different vertical markets may benefit from a BI solution. This team can utilize Business Intelligence to analyze data specific to each vertical and identify trends to create a sales strategy.
Like all new software, it’s important to identify a plan of integration for Business Intelligence solutions. Determining a strategy for deployment is an essential aspect of BI— from rollout schedules to staff training— it’s important for each department to know which tools they will be utilizing. Customized applications can also be implemented to create a more optimized solution for inter-departmental flexibility.
There are several software options available, and they all have their advantages and disadvantages. The best way to determine the optimal Business Intelligence Solution for your organization is to create a list of priorities and key areas of interest. Below is a list of some of the most popular ones and some key points about each system.
|Provides a centralized suite of tools for data reporting and visualization along with the ability to share this information with other users.
|Offers a flexible platform for multiple data sources.
|Ad hoc queries, reporting, and analysis tools.
|Visualization, dashboards, and analytics that offer insights, identify opportunities, and assess risks.
|Can be used as a stand-alone solution, integrated with other software, or integrated with the entire SAP technology stack.
|BI solution that combines analytics and data management with AI-driven insights and flexible architecture to improve response time and results.
|Visual analytics and statistics allow easy exploration of patterns and reports.
|Visual Machine Learning and deep learning capabilities.
|Extensive forecasting and analytics with modeling capabilities.
|Real-time and event-based analytic capabilities
|Oracle Business Intelligence
|Provides businesses with an integrated array of analytics and machine learning tools
|Dedicated to simplifying an organization’s analytics strategy.
|Interactive dashboards that provide users with live reports, charts, tables, pivot tables, graphics with full interactive capabilities.
|Access to data sets across an organization with BI tools that are all integrated into one suite.
|A powerful business intelligence solution that offers tools to manage and support data analytics, reporting, and powerful visual tools.
|Vertical and business analysis.
|Business and data trend generation.
|AI-powered analytics that can be integrated into workflows, processes, and applications.
|Ability to integrate analytics directly into their tech stacks with Sisense Fusion Embedded
|Allows businesses to transform raw data into actionable points via dashboards, reports, and other graphical means.
|Customizable to meet a business’s exact specifications.
|Customizable dashboards that utilize drag and drop design tools and a wide range of styles and themes for a unique and responsive end-user experience.
|Easy-to-use filtering, navigation, and customizable interactions system.
|Communications and collaboration capabilities, including sharing, annotating, and real-time data correction.
|In-app slideshow creation to demonstrate insights and present findings to large groups.
|Flexible, mobile device access.
Each Business Intelligence solution has different benefits and advantages. To discover which solution is best, it’s essential to outline priorities and goals of implementation. All BI solutions presented above can be integrated with other applications, and with the assistance of a custom software company, can improve operations exponentially.