Five Business Intelligence Tools for your company

Since 2016, data generation has been growing at an exponential rate. In 2022, it was estimated that at least 97 zettabytes of data were generated, which is 18 zettabytes more than in 2021 (Source: Amount of data created, consumed, and stored 2010-2020, with forecasts to 2025). With this much data, where is it been collected? Where is it being stored? How can it be accessed? Most importantly, how can it be analyzed to make informed decisions?

By the end of this article, all of these questions will be answered. You will get a better appreciation of how BI tools and how they can enable businesses to get an in-depth analysis of their data that can foster growth and decision-making. BI tools are software applications that support this process and are essential in today's data-driven business world.

Previously, we did an extensive discussion on BI in the articles Business Intelligence vs. Data Analytics: What's The Difference? and Ways that Business Intelligence can help businesses in developing countries. These two articles lay the foundation for what we are going to discuss today. The tools that we will be focusing on are:

• Data Warehousing and OLAP Tools
• Data Visualization Tools
• Dashboards and Reports
• Predictive Analytics Tools
• Big Data Analytics Tools

• Data Warehousing and OLAP Tools

  The technique of gathering and keeping enormous amounts of data in a single location is known as Data Warehousing. Processing massive data volumes and gaining useful insights is made feasible by the data warehouse's quick querying and analysis capabilities.

  The BI landscape is not complete without OLAP (Online Analytical Processing) tools. These instruments are made to gather, organize, and store enormous amounts of data from several sources and to offer insights that can help with business choices.

  A multidimensional perspective of the data is provided by OLAP tools, which also enable users to perform complicated data analysis and build interactive reports and dashboards. Users can easily traverse through the data and do analysis using OLAP tools' features, which include data slicing and dicing, drill-down, and roll-up.

  Advantages of Data Warehousing and OLAP Tools:
  1. Scalability: OLAP and Data Warehousing systems are made to manage vast amounts of data and are easily scalable to accommodate an organization's expanding needs.
  2. Data Integration: By combining data from several sources, such as databases, applications, and spreadsheets, into a single repository, businesses can more easily conduct analyses and spot trends.
  3. Performance: Data Warehousing and OLAP solutions are built for swift querying and analysis, allowing enterprises to easily retrieve the data they require and reach well-informed decisions.
  4. User-friendly Interface: Business users don't need to rely on IT help to interpret and analyze complicated data sets thanks to the graphical user interface provided by OLAP tools.

  Popular Data Warehousing and OLAP tool examples include IBM Cognos Analytics, Oracle Business Intelligence, and Microsoft SQL Server Analysis Services. Organizations from a variety of industries utilize these technologies to analyze data and promote corporate expansion.



• Data Visualization Tools

  Data Visualization tools make it simpler for business users to comprehend complex data sets by offering an easy and graphical way to present and evaluate data. By transforming raw data into aesthetically pleasing and simple-to-understand charts, graphs, and dashboards, these technologies enable organizations to make it simpler for business users to spot patterns, trends, and insights.

  Advantages of Data Visualization Tools:
  1. Improved Comprehension: Users may more easily absorb complex data sets and see connections between various data points when data is shown.
  2. Engagement Booster: Data visualization tools make it simple for users to interact with the data, enabling them to undertake analysis and explore various scenarios, which can boost engagement and result in better decision-making.
  3. Improved Communication: By using data visualization tools, firms may more effectively and succinctly convey insights and data-driven decisions to stakeholders, which makes it simpler to win support and motivate action.
  4. Improved Insights: Data visualization tools give users access to advanced analytics features like trend analysis, predictive analytics, and machine learning, enabling them to find undiscovered trends and insights that can help them make better business decisions.

  Tableau, Power BI, and QlikView are a few examples of well-liked data visualization technologies. Organizations from a variety of industries utilize these technologies to evaluate and share data insights and promote business expansion.



• Dashboards and Reports

  Key performance indicators (KPIs) and other business measures are shown visually in dashboards and reports. Business users will find it simple to use these tools to keep tabs on their performance and make wise judgments.

  On the other hand, reports are static papers that offer a more thorough study of the data. Reports that are produced on a regular basis daily, weekly, or monthly, for example can be used to monitor performance evolution. Reports can be used to find trends, opportunities, and areas for improvement because they often give precise information on KPIs, performance indicators, and other data points.

  Advantages of Dashboards and Reports:
  • Better Decision-Making: Dashboards and reports give business users the information they need to make wise choices and propel their organizations' growth.
  • Enhanced Transparency: Dashboards and reports offer a clear and succinct perspective of data and performance, which can bolster transparency and hold people more accountable.
  • Improved Collaboration: Collaboration is improved because dashboards and reports can be distributed to stakeholders, which facilitates communication of data insights.
  • Increased Efficiency: Dashboards and reports automate the data analysis and reporting process, cutting down on the time and effort needed to produce reports and improving efficiency.

  Tableau, Power BI, and QlikView are some prominent Dashboard and Report Tool used by companies. In order to track performance, spot trends, and share data insights, businesses from a variety of industries employ these technologies.



• Predictive Analytics Tools

  Utilizing past data to forecast future trends and patterns is known as predictive analytics. Utilizing machine learning algorithms and statistical models in conjunction with predictive analytics technologies enables firms to find trends in data and make predictions. The approach can be used to solve a variety of business issues, such as those involving consumer behavior, marketing initiatives, fraud detection, and operational effectiveness.

  Advantages of Predictive Analytics Tools:
  • Improved Forecasting: Predictive Analytics tools give organizations the capacity to create precise forecasts about upcoming events or outcomes, which can enhance planning and strategy development and guide business decisions.
  • Increased Productivity: Predictive Analytics solutions automate the data analysis process, cutting down on the time and effort needed to complete analysis and boosting efficiency.
  • Better Customer Insights: By using Predictive Analytics technologies to evaluate customer data, marketers and consumer engagement strategists can learn more about customer behavior, preferences, and purchasing patterns.
  • Improved Risk Management: Predictive Analytics techniques can be used to find possible risks and manage them with informed choices, which lowers the possibility of unfavorable outcomes.

  Alteryx, RapidMiner, and KNIME are a few examples of well-known predictive analytics software. Organizations from a variety of industries use these technologies to develop competitive advantages through data-driven decision-making.



• Big Data Analytics Tools

  Big Data analytics is the process of dissecting enormous and intricate data sets in order to draw out important conclusions and guide decision-making. Big data analytics has emerged as a crucial tool for companies to stay ahead of the competition as a result of the development in the amount of data generated by organizations and the expanding usage of digital technology.

  Big Data analytics solutions are made to handle the massive amounts, rapid data flow, and wide variety of data kinds produced by contemporary enterprises. Large data collections are processed, stored, and analyzed using these tools, which also offer insights into corporate performance, consumer behavior, and market trends.

  Advantages of Big Data Analytics Tools:
  • Improved Decision-Making: Organizations can use Big Data Analytics technologies to make judgments that are well-informed and based on the study of big and complicated data sets.
  • Increased Efficiency: The automation of the data processing and analysis process by big data analytics tools results in a reduction in the time and effort needed to conduct analysis and an increase in efficiency.
  • Improved Customer Insights: Big Data Analytics Tools can be used to analyze customer data to learn about customer behavior, preferences, and purchasing trends. These insights can be utilized to guide marketing and customer engagement efforts.
  • Enhanced Operational Efficiency: Operational data can be analyzed using big data analytics techniques to find inefficiencies, streamline procedures, and boost performance.

  Tools for Big Data Analytics such as Apache Hadoop, Apache Spark, and Apache Flink are a few examples. Organizations from a variety of industries utilize these technologies to take advantage of big data's value and guide decision-making.

In the data-driven business world of today, Business Intelligence technologies are crucial. These tools enable firms to gather, store, access, and analyze massive volumes of data, which helps them make wise decisions and promote corporate success.