A business intelligence tool is a form of digital device that helps you understand business trends and derive insights from your data to make tactical and strategic business decisions to improve your business. Business intelligence reporting requires a quick, thorough, and straightforward approach for the best processing. There are several business intelligence tools available in the market. Still, not all the BI reporting software are at par with each other and do not provide the same functionalities range for their users. While some of the BI reporting tools are extraordinarily handy, others lack the technologies used.
Benefits of BI Reporting Tools
Considering most of the data collected in the current business environment is essential and are to be considered when making intelligence reports for businesses, here are some of the main benefits of using a BI reporting tool for your business:
- Fact-based decision making
Receiving detailed reports from a Business Intelligence reporting software enables you to make robust improvements and management decisions for your business process. These decisions directly affect your marketing and development of products and services. Moreover, it can help in reading financial information, customer information, product information, and other factors that affect the business and help you improve.
- Grabbing new Opportunities
Every business requires a base understanding of its market position and its competitors. By understanding the strength and weaknesses of the industry and the opponents, a company can make fair decisions and respond to new opportunities with confidence. Moreover, it also helps identify profitable actions that support the business with substantial growth.
- Efficiency Development
Reporting tools in the area of BI contribute to the saving of expenditures and business process time. Spending time and resources to identify opportunities often delays or lags productivity for a company and hampers operational efficiency. With the right tools, a business can spot trends almost immediately and have access to them through a single software solution.
- Understanding the company history and the future
Modern business intelligence tools help a business follow its performance and development efficiently for a set period of time. It not only helps them better understand their market position but also provides enough details to make informed decisions about growth or company development. A better understanding of the company’s history allows benchmarking and utilizing the data to predict any and all positive or negative consequences in the company and help plan future strategies accordingly.
- Empowerment for Users
The objective for developing any BI reporting tool in the market was to empower the users with the market ideas. Users can perform their analysis and generate insights without the need to wait. BI reporting software provides instant details and analytics through simple visualizations and dynamic interactivity. Moreover, it provides the stakeholders with the opportunity to collaborate with various departments. Additionally, it gives the company a holistic overview of all strategic and operational processes on all levels.
Top Business Reporting Tools
While various BI reporting software provides different perspectives and functionalities, here are some of the best BI reporting tools in the market.
- SAP Business Intelligence
SAP Business Intelligence is a vast analytic solution that offers real-time BI predictive analysis, Machine Learning, and Planning for your business requirements. The SAP Business Intelligence media offers several required aspects of analytics, data visualization, office integration, and mobile analytics. Moreover, it is a robust software created for all purposes like IT and management and offers a vast array of functionalities integrated into one platform.
Datapine is an all-rounder when it comes to BI reporting tools. It facilitates a complicated process for data analytics and is usable for non-technical users. It has a comprehensive self-service analytical approach that enables users to analyze all data through easy integration of data sources. Moreover, Datapine offers an advanced data analysis and builds interactive dashboards to generate actionable business insights and development predictions.
MicroStrategy is a BI reporting tool that provides fast dashboarding for data analytics, which helps businesses monitor business trends and identifies new opportunities to improve their business development and productivity. Users on the platform of MicroStrategy can connect to one or many sources, and the platform can access data from spreadsheets, cloud-based databases, and enterprise data software. Moreover, the platform is compatible with desktop and mobile usage, making it a convenient choice for most business users.
- SAS Business Intelligence
SAS is not only an advanced predictive analysis tool but also a great business intelligence tool for all business requirements. It is a self-service tool that allows you to leverage the data and metrics to make well-informed decisions and enhance your business. Additionally, the tool has its own set of APIs that provide users with extreme customization. Lastly, the SAS Business Intelligence tool ensures high-level data integration and the latest analytics & reporting.
QlikSense is a BI reporting software developed by Qlik. It is a company known for another active business intelligence reporting tool called QlikView. QlikSense is a BI tool that you can use from any device. It has an updated user interface optimized for touchscreen, making it a popular choice for business users. One of the most significant advantages of the QlikSense tool is its function called Storytelling. Therefore it allows users to input all data and experience into the tool in the form of snapshots and highlights, and the tool provides a more straightforward way to analytical decisions for the user.
Zoho is a software used for in-depth reporting and data analysis for all business requirements. It has an automatic data sync and allows users to schedule periodically. The Zoho Self-service BI software enables easy connectivity with several API integrations. Moreover, it blends and merges user data from various sources and creates a detailed report for your business. With an easy-to-use editor, the tool allows you to personalize your reports, and the dashboard will enable you to focus on essential details of the report.
Business Intelligence Reporting tools are incredibly versatile and can offer you a lot of useful information regarding your business development and performance. However, the tool is not as helpful as collecting data directly from the customers compared to its data collation from databases.
While the main reason for utilizing a business intelligence tool is to grow the profits of a business, it is always essential to understand your business’s current requirements and choose your business tool accordingly for the best results.