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Global business companies, top leaders, and developing businesses, all believe in the power of informed decision-making. With the advent of technology and data science, this decision-making power in businesses is witnessing all new heights. Business Intelligence (BI) tools give businesses the evidence to make informed decisions. The latest business intelligence tools are designed in such a way that every aspect of the end-user is considered and the data, critically analyzed, to produce the best results.
Business Intelligence tools are tools devised to comprehend the huge quantities of data that organizations accumulate using data science. The tools help companies retrieve, analyze, and transform raw data into resourceful business insights. This is further disintegrated into actionable reports that guide them in decision-making. Various tools are available for data visualization, data warehousing, creating dashboards, and reporting. Key aspects like purchasing patterns, market trends, and customer-psyche are derived using these tools. In this process, companies understand their customers better and can predict precise revenue growth and preventive actions against business pitfalls.
Traditionally, business intelligence was gathered from quarterly or yearly reports, but with enhanced technologies, the latest BI tools have introduced a continuous, iterative cycle. Business plans are made regularly and can be populated in mere minutes.
Let us look at the top trending business intelligence tools that most of the companies are using today.
SAS business intelligence is a self-service tool popular for its advanced predictive analytics. It helps companies use APIs for customization and high-level data integration, along with the protection of business data with security issue identification, and advanced analytics and reporting.
This tool is mobile-friendly and gives access to ‘end-to-end’ analytics, empowered with visualization, machine learning, and collaboration. It also has handy features like intuitive filtering and dashboards.
Customization is the key differentiator in this tool. It is apt for creating in-depth, personalized reports. Its automatic data sync feature with periodic scheduling and AI-powered assistant help in hassle-free blending and merging of data.
These tools are web-based and are available in SharePoint with interactive reports running on PowerPivot. Their 3 key differentiators include the dataset, dashboard, and report generator. It is popularly used for analysis, reporting, and master data services.
Tableau is a free BI tool useful for data discovery and data visualization. It removes the intervention of IT and makes it easy for the user to analyze, visualize, and share data. A variety of data sources like Oracle, MS SQL, Google Analytics, Microsoft Excel, and SalesForce are supported.
It is an enterprise performance management system with an integrated query, reporting, and analysis of data. Its distinct features are data alerting, integration, and management in one go.
This tool is ideal for larger companies as it supports the entire analytics cycle. It provides cloud support, mobile support, and online as well as offline reports. It presents a visualized report of the data interpreted using its AI, by automatically analyzing hidden patterns of the raw data.
SAP business intelligence tool has been popular for years among businesses of all sizes. Its biggest advantage lies in its transformation of relational databases, which can be used for improved performance, administration, lower cost estimation, and real-time predictive analytics.
These two tools are Qlik’s BI tools creating interactive dashboards, visualizations, and apps. An entire relay of the data is visible in one glance, with drag-and-drop options and natural search, allowing instant responses to interactions and changes.
MicroStrategy is a prominent name in the business intelligence industry and comes with a host of features for data visualization, analytics, Big Data integration, OLAP (Online Analytical Processing), document management, and decision services.
With new tools to access deeper and wider data, the demand for business intelligence analysts is growing rapidly. BI analysts are the bridge between the business and the customer and help in shaping business strategies to meet the ever-evolving customers’ needs. According to Payscale, the average annual salary of a BI analyst is approximately $68,336 in the US. Individuals and data analysts across industries can apply for these roles, and help businesses deal with one of their biggest challenges – customer satisfaction and retention.