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By 2025, it is expected that the BI market will grow to $33.3 billion. Also, in 2023, 33% of large-sized businesses will use decision intelligence.
Moreover, remote work and COVID-19 are now standard corporate procedures. This means that more user-friendly tools that encourage collaboration at all organizational levels are crucial.
When considering whether to integrate BI technologies into your data management process, it's crucial to take into account all of these variables and market trends.
If you're planning to enter the market for BI software, this piece will assist you in making educated judgments.
Let's get going!
Benefits Of Business Intelligence Software
Let's examine some of the main advantages Business Intelligence solutions can offer your company for business processes.
- Better decision-making: The fundamental advantage of BI software is that strategic decisions can be made based on data rather than on human judgment. If you use strong insights from your own data to optimize each department and area of your business, you will be successful. Everybody in an organization may access data and make informed decisions thanks to business intelligence tools for business analytics.
- Improve communication: Finding efficient means of communication is crucial in today's fast-paced workplace when employees might work from different locations around the globe. Interactive BI dashboards help keep your staff interested and connected because they are an effective communication tool for data-driven decisions. In order to better their projects, managers and team members and advanced users can see a more comprehensive picture of their progress with respect to trends in business intelligence.
- Reducing bottlenecks: As we've already discussed, one of the prominent benefits of purchasing high-quality BI software is that you can now access insightful data about your company that you wouldn't otherwise have access to. Real-time data from these solutions enable you to identify possible issues and take appropriate action before they develop into more serious situations. Regardless of the size of your data sets, the numerous business intelligence tools feature enable business analysts to extract fresh insights in a matter of seconds for business success.
- Reduce time and save resources: Spreadsheets and static reports are encouraged to be used in traditional data management techniques or business models. Modern BI tools, however, provide a variety of options to automate advanced analytics while also enhancing its interactivity and effectiveness for business strategy. All of your data sources can be quickly added to a single point of access. After then, the program will update them automatically, saving you time and allowing you to concentrate on other things. By avoiding data-backed initiatives, improving your service for more revenues, and spotting lucrative chances, these technologies can also help you save money with powerful analytics.
22 Features of the Best Business Intelligence Tools
We've quickly covered the advantages of BI software for business requirements; now, let's talk about the key aspects you should consider when making an investment in it for internal processes.
We will go through the top 22 and break them down into the connecting, analyzing, and visualizing elements of the data analysis process. The results will then be reported with the modern software for future trends. Let's get going!
Connect
The initial phase of data analysis for the competitive market is covered in this section. Businesses of all sizes gather information from a variety of sources.
This data is frequently kept in many databases, outside programs, or an infinite number of Excel pages. This makes it extremely difficult to merge data sets and promptly update each source. To make data integration simpler, BI tools include the following features:
Data Connectors
The initial stage of the business intelligence process. All of your internal and external data sources can be connected through this point-of-access capability.
Manually managing all of your data through several channels is challenging and time-consuming. Modern data connectors have made data integration simpler than ever. Databases, flat files, and social media data may all be connected with a few simple mouse clicks.
Once your sources are connected, the software will automatically display the most recent information from them.
Flexible Data Integration
When searching for BI software, another crucial feature to consider is flexible data integration. While choosing a tool, you should have a variety of storage alternatives, such as remote connections or data warehouses.
You can use remote connections to access all of your data from any location in the world. You may rely on the speed and capacity of your servers to query your data. If you choose the warehouse option, new data will be added to your database automatically.
Specialized solutions are offered by a software's internal warehouse, which is quicker and more effective than distant connections.
Join Data Sources
Another aspect of business intelligence that can be accessible during the connection phase is joining data sources.
As a result, combining data from many sources and running cross-database queries to draw helpful conclusions are simple to do. In order to get the information your company requires, you absolutely must have the capability to compare and combine data from many sources.
You may quickly establish linkages between many sources using contemporary BI technologies. You may undertake cross-database analysis and rapidly refer to data from one source or other thanks to these keys.
Label Editor
It is an addition to linked data sources to have a label editor. Without changing it in the original source, it enables you to change the names of the fields in the software.
This function comes in handy quite often. This is advantageous if you want to avoid using complicated jargon and ensure that all users can understand your charts and graphs.
By adopting labels to the use case, the analysis process can be made more efficient and engaging.
Analytics
You may begin to interpret your data after it is all in one location. Beginning here is when the process' analytical phase starts.
You may now quickly grasp the business information of your client's thanks to modern self-service BI technologies. These BI tools are made to make data analysis easier and more accessible, effective, and user-friendly. Additionally, they enable you to carry out complex analytics to assist your data in reaching new heights.
Drag & Drop
Data reporting and analysis have historically been the purview of IT departments. This meant that non-technical staff were not allowed to participate in the process.
With self-service BI solutions, which are fundamentally user-friendly and accessible, this is no longer the case. We now have a drag-and-drop interface, which is the first and most significant BI feature in the analytics stage.
Without writing a single line of SQL code, you or anyone else in your company may query and visualize data using the drag-and-drop feature.
Simply choose the fields from your data source, drag them onto the y-axis, and specify any further requirements for your charts, such as size and filters. You don't have to wait for IT to create a report when you can immediately see vital KPIs.
Custom Fields and Expressions
Custom fields are crucial to business intelligence because they let you clean up your data and manipulate it for advanced analysis.
Complex business metrics should be easy to calculate using both pre-existing and original expressions. Several joint types can be used to blend several dimensions into a single field. Moreover, you can combine calculations from many sources to generate unique calculated fields.
You will be able to develop formulas that can be applied in any situation involving data analysis. You now have more power over data management, thanks to this.
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Cross Queries
It is possible to create cross-inquiries between data sources. This is yet another tool for business intelligence.
You may remember this idea from the connectors section. You can drag and drop several data sets using the cross-queries tool to make effective charts and graphs. As you can examine all of your data at once, it is simpler to make judgments and get the big picture with this function.
You can also make cross-queries using SQL codes for a more complex method. You must have all of the data sources you want to combine in the tool's storage.
Trend Analysis
Trend analysis is another skill included in business intelligence. As its name suggests, it enables you to build more precise tactics by rapidly identifying trends in your data.
Many trendlines can be added to your data points. Some of the trends include the following:
- Exponential This curve illustrates when data values alter or increase over time.
- Linear Simple linear data sets can be used with this trendline. This line typically denotes a consistent increase or decline in data.
- Logarithmic The curve that best fits the data is this trendline. It is employed to demonstrate how quickly one unit of data can fluctuate before leveling off. Both positive and negative values can be displayed with it.
- Polynomial Data variations are demonstrated using this type of linear regression. When assessing gains or losses across bigger data sets to adapt the trend to swings, this is especially helpful.
AI Alerts
Any BI software must have artificial intelligence technology as a significant component. AI is frequently used in the business intelligence industry for smart data notifications.
Artificial intelligence (AI) technologies like pattern recognition and neural networks fuel the program. Your data can show trends, and it can notify you when those trends are met. To have an alert go off when anything needs your attention, you simply need to establish a few parameters.
The corporate world is made easier by these AI-based algorithms. They do away with the necessity for human data validation and assist companies in avoiding potential issues that could harm long-term performance.
Predictive Analytics
One of the most prominent BI system features, predictive analytics, is becoming more and more popular as it may assist companies in streamlining their processes and maximizing their potential.
As its name suggests, this function seeks to provide precise future forecasts. In order to predict what might happen in the future, this feature analyzes past and current data using mathematical models to uncover patterns, correlations, and trends.
Many BI software vendors are including simple predictive analysis technology in their self-service offerings, despite the fact that it may sound sophisticated.
Simply enter the desired points (as in the example above), and the program will automatically provide predictions based on your specifications. No manual labor or difficult mathematical calculations are required.
Multiple Charting Options
You might not realize it, but visual analysis is only possible if you are aware of the best graphs and charts to use to express the information you need to get across.
Your KPIs can become confused, and a bad analysis can result from using the wrong charts. Over 25 different chart styles, including line, column, and pie charts, are available in BI tools. Also, they include more complex choices.
Analytics Features
Once your charts have been made, there are a few adjustments you can do to make sure you're telling the appropriate message.
We'll be showcasing a collection of tools that may be used by users to view data and derive insightful knowledge that can influence strategic choices. This priceless advantage can set you apart from your rivals by enabling any user to change data to respond to pressing inquiries.
Let's examine each one in more detail.
- AZ type: You can sort data in charts in ascending and decreasing order with this straightforward feature. Depending on the question you're attempting to solve, this will enable you to see the facts more clearly.
- Previous period: With the help of this capability, you may compare data from different time periods to make insightful deductions.
- Conditional formatting: You may be familiar with this feature from other applications like Excel. With conditional formatting, you may give distinct values in chart colors. Based on specified criteria, relative restrictions, or set limits, this is feasible. Using the hues red, yellow, or green, a sales chart might be organized by month to highlight good and negative trends.
- Tooltip: By hovering over a chart value, you can add information to it using the tooltip. This could be the precise proportion, figure, or other details that are needed to finish the data.
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Dashboards
For a while, interactive dashboards with several data visualization attempts took the role of static Excel sheets as a means of reporting data in a business context.
Given that the brain processes visual information considerably more quickly than word or numeric information, interactive visualizations analytics is crucial for firms wanting to increase performance. You can track and examine each of your important performance metrics in one location thanks to interactive dashboards.
They also offer useful information that you may use to improve your company as one of the primary benefits. These are the key dashboard management capabilities of BI tools.
Built-In Dashboard Templates
Another crucial component of BI software is dashboard templates. They adhere to usability and accessibility standards.
It will be simpler to build sales reports and monitor the success of your marketing efforts using interactive templates. For individuals who lack confidence in their ability to build their own dashboards or who simply prefer to spend more time analyzing the data than building it, templates are very helpful.
Cross-Device Access
The following feature in our BI platform is cross-device access. You can access your dashboards and reports from any device or location with an internet connection, thanks to cross-device accessibility.
This implies that you will always have access to the reports and dashboards you have produced, wherever you are. It is as simple as logging in to the internet to access your data over an internet connection from any device, whether a smartphone, tablet, laptop, or desktop computer.
Real-time updates on any business activity are provided by interactive internet dashboards. There is no need to manually update your sources once you have connected them.
New insights are automatically provided by the tool as soon as they become available.
Mobile-Friendliness
Accessibility across all platforms can be a fantastic feature. Dashboards that aren't adjusted for the size of the screen on which they are presented, however, can not be as useful.
For consumers to have the optimal viewing experience, dashboards must be mobile-friendly. To avoid interfering with the layout, they should resize themselves to fit the screen. Decision-makers may now easily access their performance from anywhere and on any device.
Users can select which charts and graphs they want to show in mobile view when editing dashboards in mobile mode.
Keep only the visuals you actually need on your phone screen.
Interactive Features
A BI dashboard that can be utilized for reporting online must be interactive. It facilitates and increases the efficiency of the entire procedure.
When picking BI software, keep this notion in mind. It should have interactive elements like filtering choices so you may view your data from various angles. You'll be able to avoid seeing the same data twice on one dashboard as a result.
Also, it will be simpler to examine your data more effectively.
Because they may improve teamwork and communication between departments and important stakeholders, interactive filters are priceless.
Some of the most beneficial interactive dashboard elements to look for include the ones listed below:
- Drill Down: You can use this feature to examine lower levels of data on a single chart. To go down to a lower level and get more specifics about your data, click on the visualization. If you select a social media channel to view its performance in a particular nation, the entire chart will then be filtered to reflect that performance.
- Drill Through: A fundamental rule of dashboard design is to avoid cluttering your reports with huge, oversized charts. You can explore more details about graphs or KPIs on your dashboard by using the interactive drill-through feature. To view a larger version of the value, simply click on it.
- Click to filter: You should be able to swiftly and easily navigate through your data from a dashboard's single panel. You may accomplish this using click-to-filter by using charts' dimensions as temporary filters. Just select the desired graph or value, and the dashboard will filter accordingly. Fresh actionable insights are presented instantly. If you have a map, click the relevant nation or area to narrow the dashboard to just display that information.
- Time-interval widget: You can use this functionality to change the individual time scales in the various charts on your dashboards. You may use this feature to select the time interval over which data will be shown in your charts. Time or date are both acceptable. This eliminates the need to filter the entire dashboard and enables you to advise on several time frames to enhance discussions.
- Cross-tab filter: If you have made a dashboard with numerous tabs, you can use this to apply a filter to all of them at once. By doing so, you will avoid having to manually add filters to each tab one at a time. We will go into more detail about dashboard tabs in the section after this.
Dashboard Tabs
This article illustrates the importance of dashboards for your analysis procedures. They offer a centralized perspective of your most important metrics.
The procedure grew longer and slower as a result. Dashboard tabs are a requirement for BI software in order to avoid this. Users may quickly arrange their data with the help of these tabs and make it easily accessible with a single click.
The marketing departments will like this function. Consider your organization using several methods for various channels.
A marketing dashboard could contain a tab for each channel rather than attempting to squeeze all data into one screen. The different charts and graphs can also be connected using the interactive filters we previously explained.
Custom Design
Business intelligence services and products with global style options are useful since they provide you with complete control over your dashboard's design.
Your dashboards can be modified using global style settings. They contain charts, text, symbols, and texts with varying colors, typefaces, and backgrounds. These could also fit with your company's image.
Your dashboards can also follow established themes that are related to your data story, or you can make your own themes and quickly add them to all of your dashboards.
Reporting
The reporting stage of the analytics process will then be our next point of focus. By providing effective options for developing interactive reports, efficient reporting aims to simplify corporate operations.
Conventional reporting techniques might take a long time and involve a lot more manual labor. When you invest in BI software, you should make sure you can get rid of the tiresome task of manual reporting. This will free you up to concentrate on researching and gleaning information that will enhance the operation of your company.
There are numerous essential aspects in BI software that let you report on:
Sharing Options
Sharing reports is one of the most crucial functions of BI software. Current reporting systems enable everyone to collaborate with data, even those without technical expertise and are intended to enhance team communication.
Manual exporting and emailing of reports are the two most common sharing alternatives. But, because self-service BI systems are cloud-based, they provide additional beneficial features like automated reports that can be sent to particular recipients or groups using specified criteria, making sharing much more practical.
Other sharing options are also provided by business intelligence systems. For increased security, you can share your dashboards via a live URL that is password-protected.
This functionality is especially useful for projects requiring collaboration between teams from various disciplines. They can easily access the data, which significantly improves teamwork. Finally, you can quickly share your weekly and monthly reports in meetings by exporting them to PDF, PNG, or Excel.
White Labeling And Embedding Capabilities
The BI trend of embedding analytics will pick up steam in 2022 and continue to expand in 2023. Embedding analytics, to put it simply, is a feature of business intelligence that enables you to incorporate analytics software and all of its features into your system.
Using tools, you can incorporate interactive dashboards into your own apps. By doing this, you can obtain all the advantages and effectiveness of BI reporting software without developing one.
This gives you complete control over the analytic procedure, allowing you to monitor, visualize, and extract insightful data.
White labeling is a feature that enables you to alter the software interface to fit the hues, design, or plan of your business.
In two circumstances, this characteristic is extremely beneficial. For clients, you can tailor reports to better represent their brand. You can provide your clients with all of BI software's analytical capabilities as an added service and open up a new revenue stream if you integrate it into your business's system.
Giving your clients, investors, partners, and staff a better reporting experience that offers greater insight into the data may be accomplished by integrating analytics.
Client Reporting
The capability of business intelligence solutions to automatically generate reports for clients is another crucial aspect.
Conventional reporting procedures might take many hours or even days, leaving little time for analysis, planning, or strategy implementation. With only a few mouse clicks, you can quickly construct a polished client dashboard using the automated features offered by modern BI solutions.
It is simple to set up reports to be generated and distributed to the recipients you specify within a given timeframe. In order to give them a professional appearance, dashboards can also be white-labeled so that they can be customized with your clients' colors, logos, and fonts.
By doing this, you will be able to deliver high-quality service and streamline your internal procedures for a workflow that is more effective.
Viewing Rights
Applications for business intelligence are renowned for their integrity and security. Your reports contain a lot of private information that other people can access.
A leak could have detrimental effects. You may regulate how your data is viewed and used by certain users by setting different viewing privileges to your data.
The management of your data can be completely under your control, which will improve the security of your analysis and give you a better customer experience. Reports may need to be communicated with both internal and external stakeholders in a variety of circumstances. The following four levels of viewing privileges can make sharing dashboards more effective and secure even for non-technical users.
- Administrator - The most potent view is the admin one. You can add editors and readers, manage your reports without restrictions, and use all BI software features to enhance business performance.
- Viewer - You can access the dashboards and make use of the previously mentioned interactive features with this role. In order to make the analysis more interactive, viewers can filter and change the data. They are unable to change the report, though.
- Editor - significantly less access to business intelligence software functions than the administrator role. The editor is only able to make changes to dashboards that have been shared with them; they are not able to delete or alter any active databases.
- Power viewer - The interactive dashboards are accessible to this viewer, who can filter them. Additionally, it has access to the admin's previously given chart library and may build dashboards entirely from those charts.
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The Key Takeaways
As we come to a conclusion with this educational blog on the most crucial characteristics of business intelligence for business operations, we hope that you can now more clearly appreciate the advantages of these solutions for your business intelligence software companies.
We presented you with some critical statistics about the market's projected growth over the coming years as well as a list of 22 competitive features you should consider when purchasing BI software for your company.
It's critical to understand that data management is a part of other tasks. It is crucial to provide simple solutions that enable everyone to interact with the data naturally to achieve business goals.
Data-driven operations throughout your entire company will set you apart from the competition with business insights.
