Best Business Intelligence (BI) Software and Platforms for Small Businesses.
No matter what type of business you run, you can take advantage of business intelligence (BI) and business intelligence (BA). The larger and more complex your operation, the more it can benefit from BI and BA.
Whether you’re trying to harness the power of big data or want to help your data analysts gain a better understanding of your operations, analytics platforms equipped with data analytics tools will do 90% of the work for you when you face decision-making challenges. . How can they do it? That’s what we’ll explain in this article, as well as some of the best business intelligence software available today.
Business Intelligence vs. Business Analytics
While some people may use these terms interchangeably, there is a huge difference between BI and BA. At the same time, they are like two sides of the same coin, since one is truly valuable only together with the other.
“Intelligence” in Business Intelligence does not mean “smart”. This means information about your business. The people who run the business can only make decisions if the quality of their information. If they lack information or have the wrong information, they are more likely to make bad decisions.
Thus, business intelligence is not a new idea, but in the context of an interconnected high-tech world, it has found a new life. It is difficult to record most activities in a business, such as inventory losses, employee productivity, or sales patterns, in near real time. The problem is that the flow of information turns into noise.
This is where business intelligence comes in. The term “analytics” is quite broad, but it refers to the knowledge and methods used to extract useful information from raw data. This makes him the perfect match for BI. Business intelligence technologies accumulate a wealth of data, and business intelligence systems transform this data into information from which business decision makers can extract valuable insights.
When you implement BI and BA into your business, you get an idea of â€‹â€‹what exactly is going on.
Keeping a Finger On the Pulse with a Dashboard
For most people who have dealt with BI and BA at work, the first thing that comes to mind is a dashboard. Just like the dashboard of a car, the Business Intelligence Dashboard shows you at a glance what’s going on.
Dashboard indicators take BI data and then run it through BA algorithms to create indicators. The specifics of these metrics will vary from business to business as no two businesses are the same. Of course, this means that you can’t just take the default dashboard template and work with it. You will have to develop and customize your own.
Using Predictive Analytics to Avoid a Crisis or Anticipate Opportunities
You don’t just want to know what’s currently happening in your business. You also need to know what will happen in the future. Predictive analytics is not exactly a crystal ball. However, it can help you spot patterns and predict problems and opportunities that would be invisible without a close examination of your business intelligence data that a human can’t reproduce.
You Can Supercharge Customer Data
Whether you’re making a product or offering a service, it’s important to know everything you can about your customer. How do they use your product? Are they satisfied or is there room for improvement? With BI, you can create data points in customer interactions with your company, product, or service.
BI Platforms You Should Know About
Now that we’ve covered what a business intelligence solution is, here’s a great opportunity to talk about some of the best business intelligence tools on the market, including business intelligence tools designed for small businesses.
It is a set of Microsoft tools that are designed together to connect different data sources in your business to each other. Power BI can generate crisp, interactive visual insights from these various data sources that show you exactly what’s going on in your business.
Power BI has three main components. On the user side, there is a Windows app called Power BI Desktop and mobile apps for iOS and Android. The back end has a Power BI service that runs in the cloud and serves various applications on the front end.
Power BI offers an intuitive reporting tool that allows you to create custom reports and then publish them for access to standard end-user applications that are part of the service. Power BI also provides APIs (Application Programming Interfaces) that allow you to transfer data from Power BI to your own applications.
SAS Business Intelligence & Analytics
SAS business intelligence software has proven to be easy to use even for non-technical users. According to the user feedback we’ve seen, there’s a lot of focus on data visualization and this is one area where SAS excels. It offers much more than a few difficult-to-understand charts.
While there will always be a need for trained data scientists, SAS uses machine learning and natural language explanations to generate insights that are easy for anyone to understand without limiting its functionality as a full-featured advanced analytics solution.
SiSense’s main claim to fame is its integrated and embedded business intelligence platform. The company offers a white label product to build your brand with their analytics tools.
Data integration in this case means incorporating data collection and analytics into every process, workflow, application, or any other place where business users can insert the SiSense API.
ZoHo Analytics self-service business intelligence
ZoHo’s approach to analytics is fresh and free from the legacy baggage you’ll see from longtime BI players. This makes connecting disparate data sources intuitive and allows customers to quickly gain valuable insights and build business intelligence monitoring tools.
Self-service tools reduce dependence on data scientists and help you clean, organize, and otherwise prepare your data yourself. ZoHo has also developed an artificial intelligence-based smart assistant that can generate information for you after talking to you and understanding what you need.
ZoHo has also wisely cut down on the amount of code required to embed ZoHo’s BI components into your software and websites. It is rapidly gaining popularity, and in general there are plenty of laudatory reviews. So if the idea of â€‹â€‹complex business intelligence implementations intimidates you, the ZoHo self-service model might be for you.
It claims to be “the first fully programmable end-to-end BI platform of its kind”. and their open API allows users to do just about anything. Dundas also offers fast analytics through its real-time data connectivity capabilities.
If you have a data warehouse, chances are Dundas will be able to connect to it and include data in their analysis as it is collected. Dundas technology is now partially owned by Microsoft, so if you’re investing in MS SQL or products like Sharepoint, there’s a lot to like here as the two product lines become more integrated.
IBM Cognos BI
IBM ceased to be in the spotlight after leaving the personal computer market. However, the company still leads the way in cloud computing and artificial intelligence. IBM Cognos BI builds on what they’ve been doing in their AI research for decades, and it’s also the source of great projects like IBM Watson.
Cognos is made up of various specialized components. For example, Cognos Query Studio manages ad hoc queries, while Cognos Workspace Advanced manages ad hoc queries and data mining.
While most modern BI solutions offer a relatively short period of time before you see new data reflected in your dashboards and reports, Qlik positions itself to deliver information in real time. With its QlikView and Qlik Sense services, you get data visualization and cloud analytics software, and plenty of backup horsepower without the hardware investment on your part.
SAP BusinessObjects Business Intelligence
SAP offers a huge set of enterprise software tools as part of its business technology platform. The BusinessObjects business intelligence package is a local data analysis component that is overlaid on all complex back-end systems.
One of the key aspects of this BI solution is scalability. SAP strives to serve customers with few users and customers with thousands using the same platform metrics, datasets, features, data discovery tools
BI and BA Come With Risks!
There is no doubt that any medium-sized business that does not implement some form of business intelligence and business analysis will be at a disadvantage. However, this does not mean that everyone should rush. Proper execution of BI and BA is more important than fast execution. The misuse of business intelligence and business intelligence can do more harm than good if it is set up to produce irrelevant or inaccurate data.
Predictive analytics also has its own characteristics. No forecast is 100% accurate and there is always the possibility that important data is missing, leading to forecasts that do not address key issues. BI and BA are powerful tools, but they will never replace human judgment.
Finally, it’s important to remember that data privacy is an ongoing issue. Whenever you work with personal information, there are complex legal and ethical considerations. So that’s one of the ways that using BI and BA can put your business at risk if you’re not careful.
Best Business Intelligence (BI) Software and Platforms for Small Businesses
Best Business Intelligence (BI) Software and Platforms for Small Businesses