Types Of Business Intelligence (BI) Software

Business intelligence software has many use cases for different businesses and comes with various features and functions, ranging from basic data management and reporting to more advanced features like data mining.

One of the main functions of business intelligence is data management, which involves the archiving and indexing of data gathered from different data sources according to certain defined algorithms.

This data is then loaded into a specific platform—such as a data warehouse, containers and spreadsheets. The spreadsheets are accessible through the platform and are integrated with popular spreadsheet software.

Intelligence software for businesses also serves as a platform for reporting. The platform makes the process easier as data is presented in a visual, easy to digest format through dashboards, customizable scorecards and other visualizations that make even the most complicated data easier to understand.

Digital dashboards use graphical representations or data visualization techniques that users can access and view in real-time. Tools for data visualization can create visual representations of data or sets of data in a matter of minutes. The query and report type of business analytics software can perform querying, reporting, filtering, displaying and sorting tasks.

There are also analytics tools primarily for use by management and executives to monitor and manage business performance and results. The main objective of this feature is to ensure goals and KPIs are efficiently achieved and are often referred to as corporate performance management software.

Business intelligence software is either cloud-based or locally hosted and the software you choose is dependent on your businesses existing infrastructure and use case for the software.

For businesses that operate with a smaller or mobile employee base, cloud-based solutions are more ideal for analyzing real-time data, as information can be gathered through mobile devices and web browsers.

Some small businesses prefer to use self-service business intelligence software, which is designed to help them perform all essential management, data gathering and analysis and other essential tasks without needing any highly technical background or advanced features.

Business intelligence software can also be more specialized, namely for businesses in sales and marketing, business and financial services. Each business has a different use case for the software, whether it be gathering information on customer trends and purchasing patterns, defining new strategies for future growth or analyzing financial markets for valuable data.

How To Choose Business Intelligence (BI) Software

Choosing the most efficient business intelligence software is not easy, as there are many features and functions available that may be too advanced or not necessary for your business's needs. You should consider the required features, the scalability and the functions that your business requires from the software.

Business Intelligence solutions often combine a broad set of features into one application. Almost every product comes with some features for data management, data discovery, data analysis and reporting. What features you need depend on your data volume, data collection process and how you want to manage and analyze data.

For instance, if you collect data from various outside sources regularly, you may need advanced data management features like Extract, Transform and Load (ETL) to standardize and centralize data. Once this is done, you’ll need data mining features to identify patterns. At this stage, you may also use online analytical processing (OLAP) tools to analyze your multidimensional data from different points of view.

When the right criteria and strategy are defined, there are a number of features that should be considered for all businesses looking for business intelligence software:

Seamless integration

The software you choose should support seamless integration with existing platforms and processes that your business is using. CRM and spreadsheet integration are common features in most solutions and will make it easier for business teams to collect, explore and sort data from different sources or locations.

Easy-to-use user interface

Another important feature that should be considered when choosing business intelligence software is the user interface. When dealing with large amounts of data, it can be daunting, especially for those with less technical knowledge. Choosing software with an intuitive interface and platform will ensure that users can use the software effectively.

Drop down and search functionalities

The software you choose should feature drop down functionality, filters, and search features to assist with filtering through large amounts of data and being able to find, organize and analyze the data you need straight away.

Data visualization and reports

Business intelligence software needs to be able to create data visualizations based on compiled data in an easily digestible format for use in presentations and for the use of management and executives. The software can also generate reports based on the compiled data and be able to present them professionally.

Security features

Security is an important feature, especially for businesses that prefer a cloud-based option. Working with business intelligence software means handling large amounts of sensitive financial information. The ideal software should be equipped with an encryption system that can provide strong internal security and security features such as how the program supports varied menu options for different user groups or individuals, or if it provides role-based access and single sign-on features.

Mobile integration

Ideally, the software you choose should have mobile functionality for access to the data at any time. The software should also integrate with existing software and platforms used already on both mobile and web browsers.

Predictive analytics is another important feature that lets users consider potential risks and opportunities before making a final decision. It is also important to consider the reporting capability of a product and to check whether the software provides multiple reporting options.

For instance, you may need custom and ad-hoc reporting capability, a dashboard for a real-time view of your operations and advanced visualization features for creating graphs and charts that are easy-to-read.

Other important considerations include self-service capability, mobility, ease-of-use and the integration capabilities of the product.

Companies and organizations should also find time to thoroughly research their software choice. Assessing reviews and testimonials can be helpful and free trials are available for a certain period. This way, it will be easier to determine whether the software is suitable and how it can help fulfill business goals.

Business Intelligence (BI) Software Benefits

Whether a company or organization is small or large, it can gain many benefits from using business intelligence software. In addition, more and more businesses are realizing the importance of business analytics and working with large data. They know what the software can do for their company and they recognize the benefits that come with it.

Develop strategies for growth

The main function of business intelligence is to help businesses understand the data and information that is compiled. Gathering large data and reliable insights in real-time and collaborating with team members, among others, can greatly aid in pinpointing and targeting areas of growth as well as those that need improvement. As such, teams are able to identify new trends and develop new strategies to further fuel growth.

Identify and find solutions for issues

Ad hoc reports are generated by the software, helping businesses gather relevant information almost instantly. This helps teams act on potential crises and issues before they become serious issues. As the process is automated, time and money can be saved as it eliminates manual browsing and allows users to get the answers they need almost as soon as they ask the questions.

Collate data in minutes

The analytics feature of business intelligence software gives users the capability to immediately gather and process data in real-time. In addition, teams can work with dynamic data, providing regular, instant updates on relevant trends. Teams can then access and use analytics features simultaneously.

Make complex data simpler

Business intelligence software comes with dashboards and other visualization features to make complex information and data compiled easily understandable and digestible by all employees.

Visualized data like graphs, charts, infographics and videos offer a more interesting and exciting way of getting relevant information across different users and audiences (i.e. managers and executives).

Provide insights into future action

Predicting and anticipating events can help ensure the continuous growth, improvement and profit of a business. This is possible through predictive analysis, in which data can be compiled and analyzed to determine customers’ recurring actions, decisions and behaviors. This can provide insights on what the company needs to do to stay flexible, agile and efficient.

Streamlining overall operations

As business intelligence software is automated and data is gathered and assessed in real-time, it helps businesses save time, money and resources as well as streamline existing processes. Repetitive tasks can also be reassigned and resources allocated to more proactive areas.

Overall, business intelligence software provides businesses with detailed insights into the data and information that is compiled. The data can be managed, analyzed and turned into actionable intelligence, which can be used to help businesses forecast for future events, develop new strategies and streamline processes throughout the business.

Common Features of Business Intelligence (BI) Software