Depending on their unique circumstances and sector, several firms will invest in a business intelligence (BI) solution for a variety of reasons. Businesses in today's world under ongoing pressure to adapt to the most recent developments in their sector. Business intelligence (BI) solutions, which enable organizations to more efficiently acquire, analyze, and manage data, have been developed as a result of this pressure.
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An extensive range of tools and capabilities made available by purchasing a business intelligence platform enables more individuals to examine data, make choices, and enhance operations. Here are 12 things you should demand in every BI solution you are considering, regardless of your personal agenda and regardless of the specifics of your intended use.
1. Dashboards for executives
A tailored business intelligence dashboard provides relevant, easy-to-understand real-time data to company executives, allowing for quicker and better decision-making while also reducing response times to internal and external events. Executives want frequent, scheduled access to tailored dashboards that provide easy-to-understand KPIs and summary information.
Why? Because tailored BI dashboards enable executives and business users to readily access the data that is essential to them and make vital choices based on that knowledge. More significantly, they can keep track of their company's success without having to dig through a mountain of information.
Furthermore, exception reporting should notify the executive of unexpected occurrences and circumstances that necessitate action using automated analytics, also known as automated business monitoring. Personalized data distribution via automated analytics enables executives to make choices fast, without guessing, and without having to go through unnecessary data.
2. Location intelligence
The capacity to map and visualize data in geographical representations is known as location intelligence. Customers' geographic whereabouts are tracked in real-time data streams, which may be a useful tool for organizations.
BI users may better understand consumer behavior patterns and trends with the use of location information, which will enable them to make more informed marketing and sales decisions.
Organizations may learn fresh views on their company operations, such sales per area, by exploring and displaying data sets based on geographical components.
3. "What if" scenario analysis
"What if" analysis enables firms to evaluate the potential consequences of crucial business decisions before they are taken. Using current data, users may develop strategies to meet business objectives while avoiding the usual "hit and miss" approach. This enables management to do proper strategic planning.
Artificial intelligence (AI) may be used to simulate future situations and assess the probable consequences of certain actions. This sort of study may assist organizations in making sound judgments regarding their operations and future objectives. Predictive analytics may also assist firms in better understanding customer behavior and forecasting future trends.
4. Reports that are interactive
Users may transform data into knowledge with the aid of interactive reports. They enable consumers to better comprehend the analysis inside reports as well as the underlying data on which those reports are based, allowing for improved decision-making. The user must be able to:
- Investigate and sort through reports
- Perform the slice and dice OLAP evaluation
- To identify trends in data, use analysis such as moving averages and regression.
- To understand abnormalities in their data, use time-series zooming to examine vast data sets.
- Set up data alerts with conditional formatting to highlight data exceptions.
BI solutions that give interactive reports in a machine-readable format can assist firms in enabling their end-users to examine data in a more intuitive manner. This sort of business intelligence tool can assist firms in making better long-term choices by offering another channel for actionable insights and data suggestions.
5. The meta data layer
A metadata layer simplifies reporting by removing the need for coding and SQL, allowing users and report authors to see and access data in plain business language. Users interact with data just at the meta data level, without needing to understand the complexity of the underlying data or database.
Because sophisticated analyses can be conducted on the meta data layer rather than the individual data pieces, a business intelligence solution that supports the metadata layer is significantly more powerful and efficient than rivals.
6. Reports on ranking
By selecting precise criteria, you may generate reports that organize certain categories of information across many dimensions. Ranking reports show you which elements of your business are doing the best and worst. You may, for example, develop a report that rates your top ten selling goods, regions, or salespeople.
One of the primary causes of erroneous reporting is human mistake. Ranking reports may help organizations automatically rate distinct data sets in order of specific relevance, allowing end-users to quickly and simply decide which data sets require greater attention.
7. Data discovery as a service
Making an informed business choice necessitates access to the proper data, and a BI solution should provide self-service capabilities that enable users to obtain that data quickly and simply, while also receiving a relevant explanation and comparison to get started. BI systems should also enable users to share data with different teams inside the organization, maximizing data accessibility and utilization.
8. Dashboards and reports that are customizable
Changing the way data is displayed is an excellent method for gaining rapid insights into your data. BI systems frequently provide a plethora of customisable reports and dashboards that help you to rapidly identify critical data patterns. Simple reports that indicate major data patterns over time, as well as more advanced reports that give extensive analysis of your data, can provide valuable insights.
9. Cloud-based service
A business intelligence solution should be cloud-based, which means it can be accessed from any device or computer. This allows enterprises to access data from anywhere and reduces the costs of keeping separate data centers. This is especially critical in today's competitive market, when firms must be able to access data from any device or computer quickly and effortlessly.
10. Data security and protection
Aside from data visualization, another important characteristic of a business intelligence system is the capacity to securely store and retrieve data. Data collection, filtering, cleansing, and organization may be time-consuming and difficult, therefore organizations want a solution to safeguard their data from illegal access. A BI solution is also required for firms that must deal with data privacy legislation, such as the General Data Protection Regulation (GDPR) - ensuring that you select a business intelligence platform that has the essential accreditation and protections to ensure data security and compliance.
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