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key features of business intelligence functionality

If you’re in the market for BI software, it’s vital to know the essential business intelligence features to look for. Exploring and visualizing data sets based on spatial elements enables organizations to understand their business operations from new perspectives, such as sales per region. Executive dashboards give your organization’s leaders a real-time overview of your business in the form of graphs, charts, summaries and other information reports. Let us discuss some of the key features. And, at the time, spreadsheets were likely sufficient for building simple dashboards and charts to give management an overall view of business metrics such as sales, revenue, costs, and headcount. Your email address will not be published. For a look at the basics, we’ve provided highlights from our own reviews of Tableau and Cognos.Tableau: Tableau provides intuitive BI tools to enhance data discovery and understanding for all types of companies and business users.With simple drag-and-drop features, a user is able to easily access and analyze key data, create innovative reports and visualizations, and share critical insights across the company.Cognos: IBM Cognos … SAS Enterprise BI for Midsize Business helped BGF Industries create an early warning system to monitor data and production trends in real time. OLAP. But as you grow in size and revenue, so does your data. If you’ve reached that point, now may be the right time to move to a dedicated analytics solution such as QlikView, Tableau, SAS, or Domo. Overall, as users’ dat a sources become more extensive, their preferences for BI are changing. Required fields are marked *. Three Features of GREAT Data Analytics Projects. In-memory analysis. If multiple tools isn’t in your budget, but you want to add on one or more of the midrange features, prioritize the features you do need, and go with the solution that most closely fits your needs and budget. Easily shortlist the best BI vendors now. Enables users to predict customer behavior, forecast demand, and prepare strategies using modeling, statistics, machine learning, and data mining tools. Help users spot patterns in production, sales, and distribution lines and identifies anomalies. The software’s data visualization and KPI functions enabled Xactly to generate valuable business insights in less time. According to Brian Moffo, director of business intelligence for Big Brothers Big Sisters of America, “Our input systems didn’t talk to one another. Get insight to the performance of your business activities through budgets, account schedules, and analysis views. Database access software is a core component of InetSoft's business intelligence software platform. They are more often associated with larger enterprises and advanced technical expertise. Sales Cloud tools help reps reduce redundancies, optimize processes, prioritize actions, communicate better, and access information to close deals. Jump-start your selection project with a free, pre-built, customizable BI Tools requirements template. What potential drawbacks do … The most important business intelligence features include: Ranking reports let you easily view the best- and worst-performing facets of your business, from products to marketing campaigns to salespeople. Enables users to predict customer behavior, forecast demand, and prepare strategies using modeling, statistics, machine learning, and data mining tools. Sales Cloud Einstein by Salesforce gives you a comprehensive set of CRM features to speed up business processes and improve effectiveness and productivity. The collections agency provided regular performance reports (called CARE reports) to its clients. The scale and usability of these functions is much greater in a dedicated BI software platform; BI tools are capable of handling huge data volumes without errors. There are many different types of business intelligence software packages on the market today, and all are very diverse in scope. At a glance, judging which regions are performing better than others — and which ones need particular attention — becomes much easier. 1. It turned out the nonprofit could perform faster and more accurate data analysis using QlikView. OLAP functionality was considered a key feature by 14 percent of survey respondents. Instead of burdening your IT department with requests for detailed reports, ad-hoc reports are one of several important features of BI that let your nontechnical end-users generate their own reports on the fly. Of our survey respondents, 90 percent named dashboarding as a key feature when searching for business intelligence software. Geospatial Mapping. Depending on your needs, you may opt for something that’s no-frills with basic capabilities, or you might choose an advanced platform with more specialized functions. Users can take advantages of features like statistical analysis and regression to identify trends, anomalies and outliers in the data. Having the option to “drill down” into data, which involves delving into the details of a data set, is a feature that was mentioned in 10 percent of responses. Viewed as a more advanced feature, predictive analytics is still one of the top needs of BI software buyers, with 42 percent of respondents expressing interest in predictive analytics. Collecting and preparing data is an important step to beginning deeper analysis. Data querying & discovery. The uncertainty found in deployment-focused responses could possibly be another awareness issue, as so many buyers did not favor either method and seemed unsure of the advantages one method has over the other. If terms such as “predictive analytics,” “OLAP,” or “trend indicators” intimidate you, it’s likely because they’re not your everyday BI concepts. But many buyers also expressed interest in more advanced analytic capabilities, e.g. We’re also looking at a few real-world examples to demonstrate how these different BI features could help your business. Check out Capterra's list of the best Business Intelligence software solutions. Xactly, a technology vendor, reduced manual efforts and saved time by implementing Domo for data modeling and analysis. Buyers who firmly decided on a deployment method named the cloud as the favorable deployment choice, with 23 percent saying they would like a cloud-deployable system, compared to 8 percent demonstrating a want for on-premise deployment. Location Intelligence is the ability to map and visualize data in geographical formats. The Dimensions functionality plays an important role in business intelligence. are also integral features of Business Intelligence Solutions. 3 High-level features 1. Partnering with a reliable Business Intelligence service provider. Pivot tables can automatically extract significant features from a large, messy set of data. Online analytical processing. Your privacy is important to us. Fiverr adopted Sisense, which helped the company create interactive dashboards that automatically refreshed to provide real-time data on changing market conditions, as opposed to static dashboards. Efficient business intelligence requires the right tools. Sales. Big Brothers Big Sisters of America, a nonprofit organization, was using a combination of manual methods and patched-up old systems to analyze funding data. Manage sales processes and information, such as quotes, orders, returns, and customer accounts, and make drop shipments. It provides data analytics tools, visualization tools and reporting tools. After incorporating SAS Enterprise BI into their production process, BGF took half the time to retrieve data. 10 Critically Important Business Intelligence Software Features. Ranking Reports. For example, instead of only providing your internal sales data, your BI platform could accompany that information with reviews and comments about your products. They allow your company’s executives to make smarter, faster and better decisions. Some offer simple ad hoc reporting capabilities, others are complete “out of the box” solutions that provide a full portfolio of pre-developed reports and analytics, and some are robust development environments that enable the rapid creation and deployment of custom-built reporting applications. In addition, most of the common features offered by BI solutions are easy to use and do not require any specialized IT expertise. Looking for Business Intelligence software? This is a lesser-known business intelligence capability that can really pack a punch. Using the OLAP cube, the agency developed a flexible performance report for clients and saved $200k in accounting software expenses. They also work much more quickly than the simpler tools. In this article, we’re breaking it all down for you. Interactive Reports. A government collections agency in the U.S. used Microsoft SQL Server’s OLAP technology to improve its performance reporting. If you’re curious about how a future decision will affect your business, you can run a “what-if” analysis using past data to predict the potential impacts. The reporting features in Sisense enabled employees to easily create reports using drag-and-drop options. Use Advanced Analytics Features. One percent expressed their need to share reports. The desire for a tool that can transform data from numbers on a spreadsheet to insightful visualizations is a common motivating factor for beginning the search for BI software, so the feature’s popularity is understandable. Here’s our recommended list of the 10 key features of business intelligence tools that will help any organization improve their business strategies. Get our BI Software Requirements Template. ... Use sharing functionality to communicate business insights with colleagues and support decision … So which products offer the features you need? Visualizations stood out as another important feature for BI system buyers. Data mining, ETL, online analytical processing (OLAP) and drill-down functionality were also top advanced analytics features. Find a use case that works for your business Explore the latest use cases for SAP Data Intelligence and how your company can benefit from our innovative data solution. Buyers are more aware of standard business intelligence features and may be unfamiliar with advanced analytics tools, their functions and how the features can help their business in its current state. After reviewing the key features of business intelligence and business analytics, why do you think firms are increasing the use of these tools? The reporting and dashboard capabilities of BI solutions are far more interactive than those of MS Excel. Business intelligence is key to monitor business trends, detect significant events and get the full picture of what is happening inside your organization thanks to data. Rather than develop in house, by purchasing a dashboard connected to your business intelligence software, you are enabled to make decisions anywhere, at any time. The most common features—data analysis and ad hoc reports—are offered by every product on Capterra’s list of the 20 most popular and are required by more users. The company’s existing tools couldn’t process real-time website data, and its report building functions depended on IT developers. When comparing, try matching the main features of a business intelligence software, which should include all or at least some the following: Online analytical processing (OLAP) or business analytics. Well, it definitely must be packed with novel features, have a user-friendly interface and be up to date! Monitor the health of your business using a live dashboard, create rich interactive reports with Power BI Desktop and access your data on the go with native Power BI … If you’re thinking of buying business intelligence (BI) software, you may be unsure of which features you need and which ones you don’t. BGF Industries, a textile manufacturing firm, uses trend indicators to monitor their products and prevent potential errors. The software can access multiple, disparate databases, any via a JDBC connector as well as OLAP cubes, flat files, Web services and other databases. Or will you require one or more of the advanced options along with the common features? Key capabilities of Business Intelligence Software. The feature was mentioned in 81 percent of responses. Read on for insight into the most important features of business intelligence applications that organizations want, based on our research gathered from surveys with real business intelligence software buyers. Follow her on Quora. Data mining, ETL, OLAP and drill-down functionality are generally Big Data functions and may not be needed by small businesses, or the perception of these features could turn away small businesses. Advanced analytics features are not commonly considered as present requirements. Once you know which features you need, the next step is to select a BI platform that most closely aligns with your needs. It has an open API (Application Programming Interface) which enables the user to modify and customize the tool. The OLAP reports also helped the firm reduce the time to close its accounting books by five days. You probably started your business intelligence journey using Excel spreadsheets. Smart BI platforms will be able to access not only your organization’s own data, but information from email, social media, websites and more. We didn’t want to have to rebuild everything, but rather just take the data as it was.”. Learn about the features and capabilities that SAP Data Intelligence has to offer. Respondents cited cost, existing infrastructure, volume of data and security (particularly government and HIPAA regulations) as factors under consideration when deciding on a deployment method. Executive Dashboards. The Advanced BI Features Checklist helps you find products with features that are not always found in more basic BI software. Note: Based on Capterra’s feature checklist and secondary research. If that sounds like you, you’re not alone; there are many, many options available when it comes to BI software.

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