Business intelligence (BI) is a technology-driven process that provides business owners and managers with excellent information needed to make sound business decisions. BI does this by using software and services to collect, analyze and present data. This technology is needed by small, medium, and large enterprises alike. Sadly, people still believe in the erroneous thought that BI is very expensive, and therefore, only for large companies. When, in fact, small and medium enterprises (SMEs) need these technological processes more than established companies. This is why we are writing this article that aims to teach the benefits of BI incorporation in SMEs and the various platforms that can be used.
Benefits of Business Intelligence
Business Intelligence has proven to be a prerequisite for the growth of any business. It offers the following advantages regardless of the size of the company (small or large):
- Increased revenue.
- Planning, analysis and reporting Accurate and fast.
- Improved competitive advantage.
- Solid business decisions.
- Increased data quality.
- Cost reduction.
- Increased customer satisfaction.
- Increased operational efficiency.
Business intelligence on TD.
Thanks to the numerous Business Intelligence software vendors, SMB owners can now choose any tool that is affordable and works best for their business. Before choosing a BI platform, it is important to consider the size and complexity of your business operations and the type of technology you have, if any. The list of business intelligence tools is almost endless and contains platforms such as Google Analytics, IBM Cognos Analytic, Looker, Birst, SAP Crystal Reports, Qlik Sense, Sisense, Woopra, Microsoft Power BI, Active Intelligence Server (AIS), and more. Here is our selection of the 3 best;
Sisense is very useful for companies, as it helps to collect, analyze, prepare, organize and visualize data, which are the key to the development of strategic plans and making sound business decisions. This easy-to-use BI tool gathers all the necessary information and displays it in a single dashboard. It’s also cost-effective, as it performs the tasks of analysts and helps maintain complex hardware. One feature that makes it stand out is that it allows you to test real data instead of samples, unlike other platforms. With excellent CPU cache memory, Sisense effectively manages thousands of users and performs terabytes of rows of data per day.
This platform is equipped with the ability to work with databases. The data it collects, filters, and analyzes are presented in the form of reports that allow users to create them and easily complete reporting tasks. SAP Crystal Reports is designed with features that are beneficial to any type of business. It uses cross-labels, conditional formatting, formulas, and sub-reports in data analysis. In addition, it provides users with regular updates that help keep up with ever-changing business trends. Another amazing feature is that it is equipped with programming technologies that allow developers to write codes in the desired language.
The Microsoft power BI tool allows users to analyze data and provide a reasonable view by transferring information to simple visuals. Like SAP Crystal Reports, it also recognizes early positive and negative trends, enabling users to make up-to-date decisions for business growth. The Microsoft Power BI tool comes with the “energy query” function, which eliminates data load problems. This easy-to-use, cost-effective tool can be accessed from any device and allows interested parties to access your reports. In addition, it helps you organize your data into different types of charts (Heat Charts, Tornado Charts, Bubbles, Aster Charts, Histograms, etc.). Another amazing feature is that it allows users to download specific desktop applications that help create Excel summaries and visualizations.