Business intelligence (BI) is much more than a reporting tool. BI is about analysis and insights you can use to run your business more effectively.
BI software doesn’t just show you a dashboard detailing what you spent on shipping. It shows you analytics based on different scenarios. For example, if you ship with UPS instead of FedEx, how does it affect your bottom line?
The best business intelligence software will show you the best way to ship goods, and much more.
Why Isn’t Everyone Using BI Already?
Most large organizations already use business intelligence software to gain valuable insights into their operations.
Smaller and growing businesses may not recognize the need for BI tools, or they might believe that BI is only for big companies. The best BI software can be costly, and many executives — particularly those at smaller organizations — may have a hard time seeing how to justify the cost.
But when you have instant access to easily digestible, real-time data through highly customizable dashboards, it’s tough to put a price on the value these insights will bring to your business.
What Are The Best BI Software Features?
The world of BI tools is vast, with highly specific BI options available for niche needs. Below are five of the top general BI features that could benefit any business seeking to get more out of the data it already collects.
1) Ad Hoc Analysis: Fill in gaps left by your regular reporting. Ad hoc analysis as a BI tool allows users to gain fast access to data stored in reports through an easy interface. This eliminates the need for executives to ask IT to run a report for them, resulting in faster decision-making and quicker response times.
2) Predictive Analytics: As its name implies, predictive analytics focuses on forward-thinking analysis. This BI tool offers insightful and actionable answers to common business questions — the “what ifs” and “what will happens” that you’d love to know more about. Predictive analytics can offer insights into a variety of different business areas. For instance, you could use it to forecast potential revenue from specific ZIP codes or determine how many customers are likely to visit your store next week.
3) Ranking Reports: Quickly see rankings of any elements at your business. If you want to see which ZIP codes you generated the most business in or a list of your top-performing salespeople, ranking reports make that data easily accessible.
4) Interactive Reporting: Interactive reports allow users to customize the appearance of data by way of searches, filters, sorting, column selection, highlighting and various other data manipulations. Put another way, you can display data any way you’d like.
5) Intelligent Alerts: This advanced BI tool allows you to take information and be proactive with it. Intelligent alerts can be programed to alert specific individuals whenever a predefined threshold is met. For example, if an account is late on payment or if inventory numbers fall to a certain level, the appropriate person could be notified.
Want To Bring BI Tools Into Your Organization?
There’s a big world of BI tools out there. The above BI features should be able to help any business, but more specific features may also benefit your business.
Admiral Consulting Group knows the best BI tools for a variety of industries. Let us help you find the BI solutions that lift your business to the next level.
Learn more about the business intelligence software tools and solutions that could work for you by scheduling a
by Admiral Consulting