Even if you are not a technical person, most of you must be familiar with the term Big Data because of the buzz it has created around itself.
As more and more businesses see the importance of data analytics, the interest in Business Intelligence Tools has risen.
According to a study conducted by Grand View Research (Source: https://www.grandviewresearch.com/industry-analysis/business-intelligence-software-market ), the Business Intelligence software market was valued USD 24.9 billion in 2018 and is expected to grow at a rate of CAGR of 10.1% from 2019 to 2025.
Businesses no longer want to depend on their intuitions to make decisions. Instead, they now want to make full use of data visualizations to quickly answer their questions to make informed decisions and grow their business. The Business Intelligence, Data Management Software helps businesses to achieve this objective in every way.
What is Business Intelligence Software? And Why is it Important For You?
Business Intelligence Software is nothing but a set of tools that helps organizations decide future business strategies by studying marketing trends and consumer buying behaviour by digging deep insights from their data assets. These business insights provide quick and timely help for business decisions on critical issues, which can now be taken within minutes.
Among the most popular business tools are data visualization, dashboards, reporting, and data warehouse. Many different technologies are used for Business Intelligence Software for various market segments like mobile, cloud, and social platforms.
There is an array of Business Intelligence and Data Management Software available from many reputed players in the market, including SAP, Oracle, Tableau, Dundas, Geckoboard, and many more.
You can choose a product for your organization that offers you the right balance between your budgets and your enterprise, business intelligence, and data management requirements. However, you must also pay attention to the integration capabilities, ease of use, and robustness of the BI and data management software you choose.
- Critical Business Intelligence(BI )Software Features
- Data Storage System For BI Software:
In any organization, data is stored across various departments in several systems. Since these systems generate different sets of data types, standardized formatting of data becomes essential to facilitate accurate data analysis.
For small businesses, BI programs derive data directly from the source application for analysis. Big organizations with big and diverse data sets need to collect them at one common storage location.
So, for bigger enterprises that need to have a centralized data storage system, using a data warehouse or a data mart is a good option. Investing in the extract, transform and load (ETL) software will aid in data storage in these centralized locations. Using a data storage framework like Hadoop to manage their data can also be a good alternative.
Big Data Analysis with Business Intelligence Software:
Analyzing data for giving businesses valuable insights is the key feature of BI Tools. There are different technologies available for Data Analytics, but the general method of combining extensive, standardized data to identify trends or patterns remains the same across various platforms available.
Technology, like data mining, is used to figure out patterns in complex analyses used for predictive modelling. Predictive modelling is a type of software used for the BI process’s essential part: Predictive analysis.
Predictive analytics applications predict future events based on present and past data, giving businesses a significant advantage over their competitions.
Predictive analysis also uses detailed modelling and decision analytics, giving companies information to forecast future events and accordingly take decisions.
Business intelligence software for corporate reporting: This feature of Business Intelligence Software facilitates data analytics findings.
The Corporate reporting feature of BI software uses tools like Online analytical processing (OLAP) that enables users to ask questions to data warehouses and produce reports that give multidimensional insights to the data findings.
Data Visualization is one of the most popular tools that provides a graphical presentation of data analysis results. Another presentation tool, Dashboard, gives access to a complete range of predefined data visualizations on one board.
What is Data Management?
Data Management primarily deals with developing, executing, and supervising the program, policies, and practices to make the data assets more useful for providing deep business insights with Business Intelligence tools. The data assets within an organization are the data collected across all company verticals and all departments’ levels.
One of the crucial aspects of the Data Management Security plan is securing your data with an SSL Certificate. Buy SSL Certificate to encrypts your sensitive data when in transition between the users and the webserver. Providing SSL Certificate security changes, the HTTP protocol to secured protocol HTTPS. A visual trust symbol of padlock is introduced before the URL of your website, winning your customer’s trust and adding on to the company’s reputation.
- How Does Data Management Impact Business Intelligence?
A well-developed and implemented Data Management plan plays a crucial role in bringing about growth and a positive change. So, we can very well say that Data Management forms the footing of Business Intelligence.
Any issues in the various Data Management processes like cleansing and data preparation only get magnified and affect how the data is presented in the report applications for studying report insights. Here is where the role of business analysts, data managers, and organization policies is critical.
- How is looping Business Intelligence/Data Management feedback Beneficial?
It often comes across that Business Intelligence software cannot deliver in proportion to the time and money spent on it by the organizations.
It is always advisable for the business analysts to report and give constructive feedback in case of any data quality issues like data discrepancies, duplication of data.
Any such bad quality data issues must be taken up seriously, and the opportunity should be taken to improve any flaws in the Data Management processes.
Organizations should have policies and mechanisms to establish a feedback loop about the poor data quality between the business analysts and the people responsible for Data management processes and practices.
This feedback cycle will save precious time and money lost in clearing up the same reporting issues repeatedly and making the Business Intelligence application more efficient.
In conclusion, we can say that the Business Intelligence and Data Management Software is an asset to any organization that helps it to make fair use of its data assets and provide useful business insights. It gives a chance to take calculated and informed decisions for the overall growth of the company. It is also essential to focus on quality data management to get good Business Intelligence solutions to place you ahead of your competitor businesses.