Why Are Business Intelligence Tools Important?

Today we all understand the importance of Business Intelligence tools. Many corporates want people who know what is this and if they have some experience of running any such tool.

What is Business Intelligence?

Mostly known business intelligence definition is the technologies used by companies to analyze data and information. To simplify, it allows businesses to have access to information vital to succeed in multiple domains whether it’s sales, marketing, finance, HR, Operations, IT, or any other division. 

The right business intelligence (BI) solutions will empower your company with more actionable data, providing greater insights, and facilitating more strategic decision making.

The primary activity of Business intelligence is data analysis.

Some of the major players in BI

1. Power BI

A tool by Microsoft that turns data into opportunity. You can drive better business decisions by analyzing your enterprise data for insights. Well Power BI is really a strong tool and one should consider getting a certification in Power BI.

2. TABLEAU

A self-service analytics platform for visualizing large amounts of data. By the way, there is always a debate between which among Power BI and Tableau is better, and for that we recommend you going through the blog Tableau vs Power BI and decide for yourself which one suits you more.

3. SPLUNK

A guided analytics platform providing best-grade business intelligence and data analytics.

4. DUNDAS BI

Used for creating dashboards and scorecards and can also do standard and ad-hoc reporting.

5. BIRST

A cloud-based service in which many BI software share a common data backend.

How can different domains get benefit using BI tools?

1. Human resource

HR is empowered with the ability to keep a record of productivity and deals etc.

2. Finance

BI tools not only let you keep track of budgets but give you a visual insight on all the financial aspects from expenditure to potential savings.

3. Sales

BI tools increase sales drastically as they keep a track of total revenue and visualize everything into more descriptive figures.

4. Marketing

Tracking engagement, performance, costs, website traffic, trends, etc. leads to good marketing.

How Business Intelligence tools help and what they offer?

BI tools help companies move ahead from their competitors by analyzing the changing and upcoming trends of the market, throwing light on new opportunities, and developing new growth strategies. They may also prove a help to understand the customer and client and help optimize the services provided by the company. Companies can also monitor employee productivity in real-time. In other words, BI tools accelerate the rate of growth for companies and organizations.

We are in the midst of a pool of data. To swim till the end, we need some help, and that what exactly BI tools are there for. Simply, they won’t let you drown in it.

Business Intelligence tools eliminate the need to gather, record, and organize the data manually. It will do everything for you. It’s like the food served on a plate. No need to go to the grocery shop or cook it, just eat it and have fun.

Companies at every level or size use BI tools to strengthen themselves. There are two important reasons why companies consider this as the most important thing for them.

• Any company is never steady. It is either going upwards or going downwards. The first happens only if the growth strategies of the companies are working well. If the strategy isn’t working out, the latter happens and may even lead to overall failure.
• The second benefits of growth are extremely tangible like making profits and generating investments to create better and bigger plans. That is why growth is one of the most important ingredients that will decide the valuation of any company.

Business Intelligence V/S Business Analytics

Pat Roche, Vice President of Engineering at Magnitude Software believes, “BI is needed to run the business while Business Analytics are needed to change the business.”

BI and BA looks very similar and connected. Many believe that they are almost the same and the difference is just from the time perspective. Business Intelligence helps in day-to-day operations and looks at things in the present, whereas Business Analytics helps planning for the future of the business, analyzing why things are happening or predicting how they will happen.

In such a data-driven world, it becomes very essential to invest in a good BI strategy and system as there is a huge importance of Business Intelligence tools. For this, one needs to get trained in this field. There are various courses run by professionals and enrolling in them can change your future.

Importance of Business Intelligence tools

1. Gain insight into customer behavior

It boosts your ability to analyze the customer buying trend. Once you know what a customer prefers to buy, you will be able to increase the profit of the company.

2. To make data useful

If you know how to use a BI tool, you won’t have to skim through hundreds and hoards of pages. That is one of the most vital reasons for BI training being important.

3. Increases Sales or Marketing Intelligence

Whether you are a salesperson or a marketing person, you would probably like to keep a track of customers. What I mean by this is that BI tools can collect the data about your customer, presents you in the form of charts and tables through which one can compare the data. This leads to better decision-making.

4. To increase Efficiency

Such a system can improve efficiency within the organization and as a result, increases productivity. This saves time and leads to overall growth.

We know that you have understood the importance of Business Intelligence tools.  You can check the Power BI course by Edu4Sure for more. 

So now is the time to invest in the training of these tools like Power BI. Make the best of opportunities now so that you get the best future that you deserve. Good luck!