Business intelligence solutions are implemented to make statistically proven and data-driven business decisions. Business Intelligence Tools helps businesses retrieve, analyze, and process data to their advantage. In this blog, we offer the key features to look for in a Business intelligence Tool and the trends and benefits of business intelligence.
Must-have Features For A Business Intelligence Platform
Before opting for a business intelligence platform to aid your business growth, make sure to look for all of the following features. However, if you want to go with the editor’s pick, HazenTech is the most complete business intelligence solution provider in the market.
- Deployment on-premises and on Cloud
- Workspaces: Team and Personal
- Sharing and collaboration of analytics results.
- Supports unstructured and structured data equally
- Streaming data
- Operational data
- Solves Big data
Management of Data
- Data preparation: Self-service
- ETL (Pre-built)
- Complex data models support
Visualization and Reporting of Data
- Dashboards Interactivity
- Visuals: Both customizable and Pre-built
- Data storytelling
- Reporting: Ad-hoc, Scheduled and Mobile-optimized
- Data mapping: Geospatial
- Predictive analytics.
- Data mining.
- Data analysis: Real-time
- Data Analytical Processing: Online
- Use of AI & ML: Automated insights
- Levels: Report & Workspace & Row
- Auditing: Application activity
- Flexibility in authentication options
What Are The Advantages Of Business Intelligence Solutions?
The most significant contribution that top business intelligence tools like HazenTech offer is integrating commonly used business intelligence functionalities. These functionalities include data analytics, data visualization and reporting, and a few others. Following are a few advantages of integrating these BI functionalities.
Bird’s eye view:
Business intelligence tools give the decision-makers of an organization a bird’s eye view of corporate performance. HazenTech does that by utilizing typical Business Intelligence features like scorecards and dashboards. HazenTech also allows you to align business strategies by customizing key performance indicators, metrics, and milestones.
Integration of data:
The best challenge that business stakeholders faced while data analysis was going through the hectic routine of logging into multiple systems, sources and applications. BI tools like HazenTech allow you to get relevant information from a central hub. This is a time-efficient solution, but it also helps improve the savings of a business as it drastically reduces the data import and export time.
Streamlining the business processes:
Business Intelligence automates the complex data analytics task that involves combining computer modeling, predictive analysis, statistics, and other methodologies! This enables the businessman to understand the “complications” related to the business processes and frees them from the extensive calculations. Not only does it make the calculations more accurate and precise, but it also gives the business stakeholders the luxury to focus more on matters and decisions that hold more significance.
As mentioned in the previous section, Business analytics used to be an expensive and labor & resource-intensive task. Business intelligence platforms have reduced this task from a whole team of IT that worked for days and were yet not as efficient to an automated system. This allows ordinary and non-analysts business managers to process the data promptly. This “easy analytics” improves the business’s innovation by putting the data analytics power from fewer hands to many.
Business Intelligence Trends in 2022
Business Intelligence Solutions continue to evolve with the improved technology and newer business challenges. We have enlisted a few of the potential and existing Business intelligence trends that every business person must be aware of.
More And More Use Of Machine Learning And Artificial Intelligence:
Machine learning and Artificial Intelligence are being used to perform complex tasks seemingly impossible for human intelligence. Business intelligence solutions are expected to use more updated Machine learning algorithms in the future to achieve more accurate real-time data analysis.
Collaborative Business Intelligence:
The latest trend in business intelligence platforms is combining business intelligence software and collaboration tools, like social media. When working together with BI tools, these latest technologies enhance the data analysis precision and form help in collaborative decision-making. This collaboration of business intelligence and other technologies has led to this concept of “self-service Business Intelligence,” Any ordinary person with up to zero IT knowledge can perform analytics to interpret data.
With time more and more Business intelligence applications will be offered on the Cloud because of the lesser budget and deployment time requirements of the Cloud. Studies suggest that the spending on cloud-based data analytics has grown 4.5 times faster than traditional on-premise solutions in the last year alone. Analysts predict the record-breaking cloud shifting of businesses over the next year or so.
The Market Situation Of Business intelligence Softwares
Statisticians performed research on the market trends of Business Intelligence & Analytics software and revealed a continued growth pattern in the global revenue generation. The market has grown exponentially from $18.3 billion in 2017 to $22.8 billion in 2020. These researches revealed a few other statistics about Data Analytics (DA) as well,
- Fifty-one percent of CEOs use DA to develop new services and products
- Fifty percent DA to drive cost-efficiency
- Forty-Nine percent use DA to find new customers
- About fifty percent use analytics to drive strategy and change
- About forty-five percent use it to manage risk
Business Intelligence Solutions are found most valuable because they work as a combination of data mining, data analytics and visualization, and business infrastructure. HazenTech implements the best practices to help businesses make informed decisions while determining the best course of action to meet their business needs.