Business Intelligence is a set of processes and technologies that convert data into reports, dashboards, and graphs to help you take critical business decisions smartly.
Business Intelligence can help businesses make timely and well-informed decisions. BI includes a lot of processes, such as data mining, process analysis, descriptive analytics, and performance benchmarking.
By deploying BI tools and techniques, businesses can effectively transform their collected data into valuable insights. This information can help enterprises modify their business processes and strategies.
In this blog, we will give you in-depth information about business intelligence and how it can benefit your business.
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Types of Business Intelligence
In this section, we will discuss the types of business intelligence and how it can provide you with detailed information and statistics.
Static Reporting
A static business intelligence report provides a fixed view of data from operational data sources.
Static reporting is utilized for reports with a pre-determined layout, such as invoices, updates, and statements.
This BI report offers a real-time view directly from the live operational database within the application.
Interactive Reporting
Managed Interactive reporting enables the end users to control the chart types, filters, and formatting.
It can be utilized in various ways, such as for creating dynamic lists, provisional highlighting, and filtering results.
This type of BI reporting can help drive business performance by sharing vital information and pre-defined key performance indicators (KPIs).
Highly Interactive Reports and Dashboards
Business professionals may not need the operational applications daily, but they need performance and business tracking.
A business intelligence performance dashboard helps to measure data and get quick access to the information.
This can help managers to make decisions based on KPIs and graphical data metrics.
Self-service Reporting
This type of BI report feature enables you to create custom business intelligence reports for different external operations.
You can either receive direct database access or pull a CSV file of the data. The other option is a report design environment for ad hoc reporting and analysis.
With easy-to-use elements and a graphical drag-and-drop report designer, users can create reports as per their requirements without any additional support.
Self-service Data exploration
Business intelligence data allows users to explore their data and gain a deeper insight.BI offers data exploration tools that help users find and access the data they need. It also answers the users’ questions related to ad hoc queries.
Benefits of Business Intelligence
There are many benefits of BI technology for enterprises and organizations. We have mentioned some of the best business benefits of BI below.
Quick Insights
BI can help you transform your data into easy graphs and reports for in-depth analysis.
Visual data representation helps you explore new trends and identify the outliers affecting internal business processes.
Business Intelligence analysis can assist you in evaluating your business performance and risks that are developing.
Smart Decisions
BI tools can aid you in making data-driven decisions through accurate and quick insights.
The data and fact-based insights are much more reliable than assumptions and thus help in making intelligent decisions.
Streamline Business Processes
BI automates analytics and creates reports with one click, saving a lot of time of your professionals.
Business analytics software helps streamline business processes by offering predictive analytics, benchmarking, computer modeling, and other methodologies.
Easy analytics
With BI, it has become easy for non-analyst users to collect and assess data, saving the efforts of your technical team. BI has enabled the end users to create visual representations of the data and derive all the answers on their own.
Best Business Intelligence Tools
Business analytics tools can help you get real-time insights and analyze your business processes for better data-driven decision-making.
Here, we have given information on some of the best BI tools that you can consider utilizing.
Microsoft Power BI
Microsoft Power BI is among the most popular BI tools created by Microsoft. You can choose to run this best BI software on the cloud or on a reporting server.
With this interactive tool, you can generate reports and dashboards by syncing it with sources such as Facebook, Oracle, and many more.
Microsoft Power BI has built-in AI capabilities that offer users custom data metrics. The highlight of this tool is its end-to-end data encryption and real-time access monitoring.
Applications of Power BI –
• Automate KPIs and gather complete information from multiple applications.
• Provides visual representative of sales versus marketing leads.
• Generate reports in consistent standards.
• Tableau
Tableau Business intelligence tool specializes in data discovery and user-friendly data visualization capabilities.
It offers live visual analytics and drag-and-drop buttons that allow users to spot trends in data quickly.
This tool supports multiple data sources, such as MS Excel, MS SQL, Google Analytics, Oracle, and Salesforce.
Tableau has many other standalone products like the Tableau desktop (for anyone), Tableau Online (hosted analytics for organizations), Tableau Server (analytics for organizations), and more.
Applications of Tableau-
• Helps in creating no code data queries
• Manage and import large-size data.
• Data blending and real-time analysis.
• QlikSense
QlikSense is a complete data analytics platform built by Qlik. This BI tool has gained popularity due to its user-friendly interface, which is optimized for the touchscreen.
It offers associative exploration capability, sophisticated AI, and high-performance cloud platforms. QlikSense has Search & Conversational Analytics, which allows users to ask questions and discover actionable insights.
Applications of QlikSense –
• Analyze customer service and call center data.
• Finance toolkit to give you insight in finance and accounting departments.
• Marketshare analytics to analyze company market share.
Implement Business Intelligence with Sphinx Solutions
Sphinx Solutions is one of the best BI companies and can help you obtain real insights from your business data and make data-driven and informed decisions.
Know More About Sphinx Solution Services @ https://www.sphinx-solution.com/
We leverage the power of popular BI tools, such as Tableau and Qlik, to derive in-depth analytical insights and help you make effective and quick decisions. Our versatile enterprise-class Business Intelligence solutions like ad hoc reporting, predictive analysis, data visualization, and dashboards can aid you in transforming data into data-driven actions.
We offer end-to-end Business Intelligence services, from BI consulting to dashboard implementation to data analysis and visualization, and support and maintenance.