Business Intelligence (BI) is the process of analyzing and transforming data to provide appropriate business solutions. BI tools help organizations collect, manage, and interpret data to derive meaningful information. The information generated with the help of business intelligence software is used to predict market trends and enhance business growth. These tools are essential for competitive advantage in today’s fast-paced economy. Thus, finding the top BI tools is a priority for most businesses.
What are BI tools?
A BI tool or business intelligence software creates models that provide solutions to various business problems through charts, graphs, reports, and other data representations. BI tools help businesses by creating a visual representation of critical information. Data mining, data visualization, data warehouses, data marts, spreadsheets, reporting, querying, and online analytical processing (OLAP) are some ways BI tools extract and present actionable insights for business enterprises.
Most BI tools use data analytics to derive meaningful information from internal and external business data. These structured and unstructured data are processed using data cleansing and extraction and fed through interactive dashboards for accessible visualization. A BI software’s primary objective is to support an organization’s business operations by learning from past experiences or accurately estimating the product or service’s performance in the market.
How to Select the Right BI Tools?
Selecting the right BI tools for your business from a wide range of tools available in the market requires a thorough analysis of the business needs and the direction it needs to take to attain the objectives. Organizations can choose the best BI tools to drive their business operations by focusing on the following:
- Assessing the business objectives – By determining the business objectives, organizations can decide what needs to improve and what needs to be eliminated from the business operations. Doing this helps businesses fulfill their goals of meeting the customers’ expectations.
- Identifying business problems – This process makes selecting BI tools easier as the problems discovered after assessing the business objectives help organizations focus on the improvement tools and techniques needed.
- Analyzing existing resources – Before proceeding to find the right BI tools, businesses must explore their existing resources. This step will help them allocate the budget and adjust other organizational resources depending on the business requirements.
- Researching the vendor market – Business enterprises should thoroughly research the vendor market to find the BI tools that address their business problems. By doing this, businesses can guarantee maximum results from their vendors.
- Evaluating the services offered by vendors – This step involves aligning the business goals with the services provided by the selected vendors. The vendors’ features must be compatible with the business and allow scalability for the future.
Best BI Tools for Business Enterprises
Therefore, top BI tools should be able to provide business solutions that are flexible and scalable according to the business needs. Listed below are the five best business intelligence tools for business enterprises in 2022:
- Microsoft Power BI – A sophisticated and affordable business intelligence platform, Microsoft’s Power BI is best suited for organizations of all sizes and domains. It incorporates powerful AI (artificial intelligence), and ML (machine learning) features to help businesses drive their operations. The valuable collaborative functions offered by Microsoft in the form of office tools like Excel makes this the best BI tool available today.
- Tableau – It is the market leader in business intelligence solutions. Tableau offers easy accessibility and reporting, including sharing and collaboration through on-premises or cloud data sources. Besides providing great visualization features, it allows users to customize dashboards and provides 24/7 customer support.
- SAP – Systems, Applications & Products in Data Processing (SAP) is a powerful BI tool that combines ML’s predictive analysis and AI’s augmented analytics to provide BI solutions to its users. Used by data scientists and business enterprises, SAP is highly regarded in the market for its performance and reliability.
- Oracle BI – This cloud-native BI software offers business enterprises a wide range of services, including data analytics and data modeling. It also benefits visualization and collaboration by integrating with other Oracle software products like Oracle ERP and NetSuite.
- Sisense – This BI software allows businesses to automate the BI process by integrating actions into applications in the cloud and on-premises infrastructures. Sisense is created keeping data teams in mind and offers excellent collaborative features like query libraries to quickly access and analyze query reports.
From the above list of BI tools, we can conclude that organizations have plenty of choices in selecting the best BI tools for improving their business processes. Finding the best BI tools that will help your business organization gain a competitive edge in the market is not an easy task. Our Business Intelligence Services helps businesses effectively evaluate their business objectives and determine the right business intelligence tools. Doing so will help them capture the market at the earliest and sustain the business growth for a long time.