Definition – business intelligence is the process to compile and extract data in one place and turn it into reports that help in taking the most important decisions for any organisation or company. Bi tools are one of the most powerful tools of this contemporary age that differs the companies from others in terms of high strategic decision making capabilities based on true real time details extracted from the collection of daily data in one place.
For instance, Power BI is a prime example of BI tools that offer a wide range of data visualization and analysis features. It offers a wide range of data visualization and analysis features, including customizable dashboards, interactive reports, real-time data processing, and seamless integration with various data sources. Users can learn more about how to create a table with the help of another table in Power BI, which is particularly useful when trying to consolidate or compare data from various sources. This capability enables decision-makers to identify patterns, trends, and correlations, helping them make more informed choices. By leveraging such advanced functionalities, organizations can optimize their operations, enhance efficiency, and gain a competitive edge in the marketplace.
In this article, we will get to know the important characteristics of BI software that companies or organisations use for the expansion of their trade and commerce. Here are the crucial points that will explain the necessity of BI tools –
1. Rapid analysis with one dashboard
Developers design business intelligence software to handle huge data stored on cloud servers or platforms and process that raw data into useful insights. These useful insights are fed into the dashboard of the company. A dashboard is a place where all the extracted data is displayed with metrics and details in an easy and comprehensive manner. That whole process i.e analysis and interpretation of daily data is done in a very way ensuring the quality and quantity of the useful insights.
For example- with the inclusion of business intelligence service providers technology company Lenovo has seen reports surge of 95% in their several departments of technology and the whole data is lucidly displayed on the dashboard of the company administration and management department helping them to increase their profit margin as well as expansion of the business.
2. Improved overall efficiency
It allows the easy accessibility of crucial data of the operational business or organisation and enables people to get a wholesome bird’s eye view. BI facilitates the business organisation to get the maximum results out of the minimum resources. By inspecting the analysed data company can recognize the areas of opportunities. When we talk about the uses of BI in the hospital or health sector it substantially adds value by increasing the overall efficiency. It does by a faster diagnosis of patients, efficiently enables precise clinical trials, etc . Insurance companies with the help of BI integrate better with hospitals for the disposal of cases related to health insurance. When the business organisations or startups use data analysis in detail, finding out solutions for the growth of the company is purely based upon the data reported outcome of BI tools.
3. Supports crucial decision making
With real and authentic data purely based upon real time market propositions make the BI tools influence crucial decision making factors. With customizable dashboards and active team members, bi tools massively add up in decision making capabilities. Before going to any clients or investors, meeting the detailed reports gathered by BI tools and granular insights massively helps in luring the big investors and getting the best clients to do trade and commerce. Therefore bosses or managers don’t have to wait long for days and weeks for the detailed insights or reports for any kind of decision making process and save them from the danger of data becoming obsolete in this rapidly changing dynamics of our trading world.
4. Improve customer experience
BI directly highly influences the experience of the customer and ultimately adds to customer satisfaction. Reputed companies like Verizon have created more than 15k dashboards for their employees to gain maximum efficiency. These BI tools extract data from the customer and customer support sessions on social media chats, calling sessions, email communications, etc. These tools thus drastically improve customer satisfaction and strategically reduces the calls initiated to the customers’ end.
5. Gratified employee
The members or employees of a business owner use the BI tools for increasing the satisfaction of the employee working for a company or business organisation. With the help of BI tools now employees do not require any suggestion from the It experts for data analysis and straight jump on the dashboard reports. In the dashboard, employees get detailed and easily comprehensible insights of the required data in one place. The dashboard lets employees understand the reports in one go. Bi tools enable the user to get the ultimate knowledge of the insights reports and analysis without having any technological background.