Business Intelligence tools are software used to gather, process, analyze, and visualize large volumes of past, current, and future data to generate actionable business insights, generate interactive reports, and simplify the decision-making processes.
These tools include essential features such as data visualization, visual analytics, and interactive dashboarding. Additionally, they enable users to utilize automatic reporting and predictive analytics features based on self-service.
Let us see what the benefits of business intelligence tools are:
Whether you work in a small company or a large enterprise, you probably collect data from various portals, ERPs, flat files, CRMs, databases, and much more. You have to obtain a high level of data intelligence to manage all these sources and better understand the gathered information. That's why employing modern data connectors will help you plan the diverse sources and provide you with a single point of view on your business methods. That way, distinguishing issues, trends and taking action are closely connected and based exclusively on data.
When every person in the company is equipped with modern business intelligence software that will enable him/her to explore the data independently, the need to request reports from the IT department is significantly reduced. This self-service Business Intelligence approach gives organizations a competitive advantage because each employee will be equipped with the right amount of data analytics skills that will ultimately save the company's time and resources while unburdening the IT department, enabling them to focus on other critical tasks.
Predictive analytics doesn't need to be a specialty of data scientists or analysts. With the combination of forecast engines, business users can create insights for future situations to adjust current strategies to deliver the best achievable results. On the other hand, if a business situation changes, intelligent data alarms safeguard the exceptions that can occur while managing a vast amount of data and discovering new trends and exemplars that will enable you to react instantly.
While traditional means of business management encourage spreadsheets and static presentations, modern software eliminates endless amounts of rows and columns and facilitates process automation.
From sales planning and customer behavior analysis to real-time process monitoring and offer optimization, business platforms enable faster planning, research, and reporting processes. According to a Business Intelligence survey, more than 50% of business intelligence users reported that these are the most prominent benefits that helped them reduce costs and increase revenues. If you can work fast and accurately, you can achieve far better business results and make profitable adjustments.
Various organizations require various needs. These tools’ software-as-a-Service model will provide a whole SaaS Business Intelligence experience, with all the data received in a secure online environment. According to your needs, the software can determine or de-scale, thus adjusting to a company's particular needs. Since the data is stored on a cloud, you have non-stop access to the software. You can thoroughly examine various self-service analytics features whether you are a manager, data scientist, analyst, or consultant.
Now let’s check which are the Top Business Intelligence tools in 2021 and what are its features:
6. Report Server:
7. Microsoft Power BI:
As the amount of data on hand is increasing, it is also becoming more difficult to focus on the relevant information and derive actionable insights from the same. Business intelligence helps with exactly that. BI tools make it simple to collect the right data and present it in a way that business owners can understand. But how simple the process will depend on the tools selected. Following are some of the top business intelligence tools:
Board International combines three tools in a single tool - BI, predictive analytics and performance management. The tool is aimed at offering something to everyone but it primarily focuses on finance-oriented BI. The modules in the tool are finance, HR, marketing, supply chain, sales, and IT.
It is a cloud-based platform aimed at business-user-deployed dashboards and user-friendly. The platform offers BI tools that are tailored to various industries and roles. CIOs may want to start by checking how it manages data from AWS, GitHub, Jira, or New Relic. Then they can move on to how more than 500 integrations will help the entire enterprise.
This tool from Dundas Data Visualization can be used mainly for preparing dashboards and scorecards, and the company's historic strengths. But it can also be used for standard and ad-hoc reporting. The Dundas BI is customized for 19 industries that include cleantech, mining, and construction apart from the common industries like banking and healthcare.
Microsoft Power BI
The Power BI Desktop app for Windows will enable users to analyze and visualize data from local and cloud sources. Some of the features of the tool are data preparation, visual-based discovery, augmented analytics, and interactive dashboards. The free version is suitable for isolated users. On the other hand, the Pro version makes collaborative analysis easier in exchange for monthly fees and leverages Microsoft Office365, SharePoint, and Teams to control access to original data and published reports.
This list of top BI tools in 2021 is not exclusive. However, these tools are definitely the best ones as they are suitable for multiple industries and multiple types of executives in an organization. It is highly recommended that before choosing a BI tool, you verify if it is suitable for your needs or not.
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We suggest you the top most business intelligence tools are: