Several businesses are now embracing business intelligence tools to boost their performance, but many have no idea about the BI features that have the potential to help them achieve their desired result.
Over the last few years, Business Intelligence (BI) has facilitated organizations to collect, analyze, and present data with top-notch efficiency to fetch actionable insights that can boost their performance and help to grow sustainably. With this BI industry booming in the past decade, there is a range of new solutions having different features, and the industry has witnessed exponential growth. As per some market reports, it can grow up to $33.3 billion by 2025. There are also speculations that over 30% of large businesses will embrace BI by 2023. With the pandemic still refusing to go away, there is more need for BI solutions that boost business performance by facilitating teamwork or collaboration. Now, as it has become impossible to ignore the numerous benefits, many businesses are making an investment in BI tools, but only a few know about their bright features. So, let’s learn about the BI features that can boost business performance.
Dashboards
Unlike the popular perception that dashboards are intuitive reports, these are a type of graphical user interface helping in viewing the consolidated data. At present, most BI tools have attractive in-built dashboards that aid entrepreneurs in uncovering and understanding the hidden data. They provide them with a real-time overview of their business where data representation is in graphs, charts, gauges, etc. Dashboards enable businesses to make faster and error-free decisions. The best thing about these dashboards is that one can just drag and drop to visualize their data. There is no need to make things from scratch, which means these dashboards also eliminate the time that one takes in manual report generation.
Predictive Analytics
One of the other features of a business intelligence tool that has won many admirers across the world is predictive analytics. It is becoming increasingly popular because of its ability to play a genuine role in facilitating businesses to optimize overall operations. As the name suggests, predictive analytics is aimed at generating forecasts regarding future performance. To accomplish the same, it uses mathematical models that help in the analysis of present and historical data. It thus helps in finding relationships, trends, and various patterns to make accurate predictions.
Data Connectors
Data connectors are one of the least-talked BI features but play a crucial role in data analysis. The data connectors are essential to connect all your data sources (both internal and external) into one single access point. Remember, it is time-consuming! It is also tough to deal with your data from different sources. Data connectors facilitate a seamless data integration that eliminates such a problem. So, with a BI tool having data connectors, businesses do not have to face any hardships to connect databases, social media data, CRM data, ERP data, and others! Any change in the database gets reflected in the single point of data access.
One of the major obstacles that most businesses experience while embracing a BI tool is their lack of knowledge about the features of various BI tools that can benefit them in the long run.
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