Business owners and chief executive officers (CEOs) strive to ensure their businesses compete in the global marketplace. While companies can reach more consumers than ever before, they have more competition. Consequently, businesses benefit from utilizing technology to improve operations, decrease expenses, and make informed decisions.
Business intelligence platforms offer businesses a competitive advantage. These platforms combine the tools, apps, and best practices required to improve operations. Let’s look at what business intelligence (BI) software does, how to find the best BI software, and how various industries benefit from using BI software.
What does business intelligence software do?
Business intelligence software incorporates data integration software, enabling companies to collect data from various sources. The data integration software enables users to combine data from several sources and process this data. Business intelligence software uses data analysis to evaluate the data, generate meaningful statistics, and identify patterns.
BI software generates reports and offers users access to an interactive dashboard that can be accessed on computers or mobile devices, enabling users to perform tasks from any location. The dashboards use data visualization tools, such as graphs, to relay information. Users can opt to produce reports from multiple data sources, ensuring meaningful reports incorporating all relevant data.
How can you find the best BI software?
You can start your search for the best BI platform software with a Google search or read industry articles about leading business software providers. You must understand the software features required to ensure you’re selecting BI platform software that will meet your needs.
When choosing a business intelligence platform, check to see that it has a user-friendly dashboard your employees will be able to operate. In addition to data integration and data analytics tools, you’ll want a BI platform that’s scalable. Scalable platforms are adaptable and will work with new BI tools, ensuring your business won’t need a new platform in a few months. Investing in software that works with application programming interfaces (APIs) from other software programs ensures you’re choosing a versatile platform capable of meeting your company’s needs for months to come.
Effective BI software incorporates predictive analytics tools. Predictive analytics relies on data mining, machine learning, and predictive modeling to predict future events. It uses data about historical events to identify consumer patterns to anticipate future demand for products or services.
How does BI software benefit various industries?
The data integration tools benefit businesses because their information isn’t siloed. This means it can be combined, enabling data analytics and predictive analytics tools to draw from larger data pools. More information can increase report accuracy, ensuring your business reports incorporate all relevant data.
Suppose your company produces medical equipment. Use business intelligence software to evaluate health care trends when allocating funds for research and development. Predictive analytics can help you determine how the demand for different diagnostic tools will change over the next decade, enabling you to produce equipment with the highest level of demand. Your company benefits from developing equipment it can sell, ensuring you generate revenue and satisfy shareholders with your profits.
Companies using business intelligence platforms receive information quickly, enabling them to make real-time decisions. For example, computer and tablet manufacturers can use predictive analysis to make better production quotas based on anticipated demand. They can add structured and unstructured data and continue their analysis, enabling them to receive actionable insights from current sales trends. This information can help them determine how many chips to order or identify other supplies they need to meet anticipated demand. Retailers may use predictive analytics to anticipate how many items to stock, ensuring they order enough items but won’t be left with large volumes of excess stock.
Business intelligence software helps business owners and CEOs make informed decisions, enabling them to avoid losses and satisfy shareholders with their earnings reports. BI platforms have easy-to-use dashboards and use data integration, data analytics, and predictive analytics to generate meaningful reports.