Business intelligence (BI) is a tech-driven suite that focuses primarily on data analysis to generate actionable information for data-driven business decisions.
As a part of the BI process, enterprises collect data from various internal IT systems and external sources. This collected data is then prepared for analysis, running queries against the information, and creating data visualizations or business intelligence dashboards. It is so used to make reports that make analytics output available to users of the business for operational decision-making as well as strategic planning.
The ultimate aim of business Intelligence is data-driven decision-making to enable organizations to boost their revenue, increase operational efficiency and also achieve a competitive advantage in the market. To achieve this goal, business intelligence involves incorporating data management, analytics, reporting tools, and other methodologies to manage and analyze data.
How do business intelligence processes work?
Business intelligence architectures include more than only essential BI software. Business intelligence data typically includes stored data in a warehouse built for an entire business enterprise or even in smaller data marts that contain subsets of different business-related information for an individual department and or multiple business units, more often with connections to an organizational data warehouse. Moreover, some data lakes are based on Hadoop clusters or several other business intelligence data systems used as repositories and landing pads for BI and data analytics, especially for tracking log files, handling sensor data, text, and various other types of semi-structured or unstructured data.
The business intelligence information can encompass historical records and actual-time information gathered from supply systems, allowing business intelligence experts to guide strategic and tactical decision-making tactics. However, before it is used in business intelligence applications, raw data uncooked information from multiple sources should be integrated, consolidated, and cleansed using facts integration and statistical methods.
The development of social media platforms has transformed marketing for good. Presently, businesses (primarily B2Cs) spend a substantial percentage of their total profits only on marketing.
Check out our business analytics courses to upskill yourself
Below, we have collated a list of leading business intelligence tools used in 2021. Check it out!
Explore our US Business Analytics Programs from World's Top Universities
|Professional Certificate in Data Science and Business Analytics||Master of Science in Business Analytics|
1. Microsoft Power Business Intelligence Tool
Microsoft’s business intelligence suite presents interactive commercial enterprise intelligence capabilities to assist entrepreneurs in creating dashboards and reports. Released in 2011, Power Business intelligence comes with a cloud-based Business intelligence carrier, aka the Power Business intelligence Services and Power Business intelligence Desktop. In 2016, Microsoft launched Power Business intelligence embedded on its Azure cloud platform.
2. Zoho Analytics
Indian multinational tech corporation Zoho launched its business intelligence suite Zoho Analytics in 2009. The self-carrier business intelligence and analytics answer are used for enterprise reporting and dashboard advent. Ikea, Tesla, Dell, HP, and Canon are some of the prominent clients of Zoho.
3. Google Data Studio
Launched in 2016, Google’s Data Studio became an integral part of the Google Analytics 360 suite. This tool permits corporations to transform records into informative reviews and dashboards. In addition, it comes with a couple of built-in advertising templates.
Google Data Studio offers clean-to-use capabilities, including reworking statistics into charts and graphs for more meaningful insights, tweaking present reviews to provide visualization and custom solutions, and democratizing facts by permitting sharing and collaboration.
QlikView is a product of Qlick and was launched back in 1994 in the company’s first eponymous product line. It enables businesses to build dashboards and guided data analytics applications.
QlikView is an easy-to-use tool, and it enables marketers to search, consolidate, visualize and analyze the available data sources for meaningful insights. Businesses can use this bi tool from anywhere.
Tableau is a BI tool that offers marketing dashboards for organizations to unify all the marketing-related data in one place and for providing actionable insights on inputs like social media presence, customer’s journey, website and landing page performance, and considerable expenses.
6. Freshworks CRM
This BI tool is a cloud-based customer engagement service provider that allows businesses to get an end-to-end view of customers, understand customer activities, and segregate customers into segments and lists. This tool also offers solid conversion rate optimization, web tracking, chat campaigns, event tracking, and even customer segmentation. Freshworks claims to assist organizations boom website conversions via over forty percent. The Chennai-based startup became based through Girish Mathrubootham and Shan Krishnasamy in 2010.
Looked was Launched in 2011 by Ben Porterfield and Lloyd Tabb. This tool enables organizations to centralize their promotion and marketing data sources. It allows enterprises to achieve deeper insights into all their consumers by combining various data sets and tracking cross-channel customer behavior along with segmenting consumers by their attributes. Google Cloud later acquired Looker two years ago in 2019 through an all-cash deal of $2.6 billion.
In 2011, Intercom as a business intelligence Tool was founded by Des Traynor, Eoghan McCabe, Ciaran Lee, and David Berrett. With Intercom, marketing teams to divide data-driven attributes send focused in-app or even email-based messages for generating new leads for their business.
Intercom aids businesses and enables the segmentation of consumers based on their revenue, location, industry, and many more criteria. It helps companies handle outbound messages, account-based marketing, and automated answers.
Read our Other US Articles Related to Business Analytics
Databox is headquartered in Germany and was founded in 2011. This BI tool provides free and easy setup options for business organizations to track performance-related metrics.
DataBox aids marketing teams in monitoring trends while acquiring sources with visualizations, providing automated morning briefing to understand how campaigns perform, and accessing all metrics in one place, regardless of data origin.
10. Qlik Sense
Qlik aims to give businesses access to all the available data — be it corporate data or governance policies. All these data sources are enough to bog down most other database engines. However, what differentiates Qlik is the Associative Engine that can interlink all forms of data and make it easier for businesses to make informed decisions and analyses.
The Associative Engine of QUICK Sense has AI and multiple machine learning capabilities. These unique features offer reliable insights to accelerate business growth. Qlik Sense is a self-service tool to access data analytics-related capabilities. It is available in the cloud and on-premise versions.
In a nutshell, business intelligence means extracting actionable information from big data to enable informed and insightful decision-making. BI lies at the core of the marketing efforts for futuristic businesses. BI tools help organizations identify market trends, the impact of their business campaigns and uncover new growth-related opportunities.
With a large volume of statistics at our fingertips, it’s getting more challenging to the facts applicable to our troubles and present them in an actionable way. That’s what commercial enterprise intelligence is all about.
Business intelligence equipment makes it less challenging to gather relevant data, interpret it correctly, and visualize it for easy understanding of tech and non-tech staff.
If you’re a data enthusiast seeking to acquire data analytics and management expertise, you can check out upGrad’s Business Analytics Certification Program. Industry experts draft this popular and sought-after course. Additionally, it includes exposure to a considerable pool of real-time data collection and analysis. This brilliant course offers several internship programs with the top commercial giants to help you understand data science and management.