Business intelligence tools for data analysis
Allowing users to access the refined data directly means that information bottlenecks are effectively eliminated, and the availability of data dashboards makes it possible for large amounts of relevant information to be assimilated at a glance. When decision makers are forced to wait for reports to be compiled by IT teams or other departments, then the information being shared runs the risk of becoming out-dated before it can be put to use. By providing real-time, hyper-accurate reports, and by assisting organisations to better understand the information being detailed, BI helps eliminate the need for guesswork. Access to reliable and improved informationĪlthough there will always be a certain amount of risk involved in business, BI reporting tools help to minimise that risk.And this doesn’t take into account the added profit that is likely to come from the correct implementation of said tools, which can offset costs even further. This is because BI-tool automation helps to reduce or eliminates costs associated with data collection, report generation and programming, and IT training.
These benefits include:Īlthough there are certainly costs associated with the implementation and operation of any BI tool, the reality is that the ROI is generally large enough to make up for those expenses. Advanced tools are used almost exclusively by specially-trained data scientists, and tend to focus heavily on the assimilation, distillation, and integration of data.Ĭertain tools may feature some amount of overlap between the categories, making them well-suited to different kinds of data use.Īlthough the specific focus of these different categories may vary, most types of BI tools provide similar benefits when used correctly. Predictive analytics can also be used by these tools to help with identifying which pieces of data are valuable to the overall success of an organisation. These tools help with modeling data and using larger big data stores. Dashboards, spreadsheets, and BI search tools are all examples, with the underlying correlation being that the IT department is the one responsible for managing the data. Self-service BI tools rely on intuitive interface design, as well as limited training.Īlthough this category includes basic, static reports, it has recently expanded to also encompassing more hands-on variations. This allows decision makers faster access to valuable information, as it eliminates the need for specifically-trained, BI-focused IT teams. These tools make it possible for those without extensive training in business intelligence, data mining, or statistical analysis to work directly with captured data.
That having been said, most BI tools and BI reporting tools fall into one of three categories: As such, the industry is much more mature and diverse than many realise. Although big data as a tool for business may seem like a new development, the truth is the concept itself has been around for several decades.