In this article, we’ll explore and create a list of the key features of business intelligence solutions: Tools, Softwares and services that you need to look at. Business Intelligence Solutions are a set of tools, software, and services used to provide organizations with actionable business insights drawn from relevant business data. Such information and insights are crucial to the decision-making process of the business. Firms that provide these services to their clients are known as Business Intelligence service providers and they rely on these tools to conclude.
Insights are drawn after the tactical gathering, structuring, and analysis of data from diverse sources. The results are presented in the form of reports, graphs, tables, maps, etc. for easy interpretation and quick actions. A few of the tools and features included in Business Intelligence Solutions are data warehousing, dashboards, and data visualization tool.
Here is a list of the key features of a Business Intelligence Solution
Interactive dashboards of Business Intelligence Solutions provide a holistic and real-time overview of all important factors to help business leaders decide on their future moves. With executive dashboards, it’s easy to set and track KPIs for monitoring the progress of any project or process. Users can also use dashboards to spot process bottlenecks and work on eliminating those. Dashboards cut down the response time and facilitate data filtration and prompt actions.
What-If Analysis: Business Intelligence Features
What-If analysis is a handy method to predict the potential impacts of future business moves along with the risks and rewards involved. So, in a way, it’s a crucial exercise in the strategy-forming process of the business. With a proper application of this feature, businesses can avoid the ‘trial and error’ method and save substantial time and resources.
With geospatial mapping, Business Intelligence service providers help their clients to devise business strategies for targeting specific geographies. It gives a clear idea of why the business is doing well in some areas. While making losses in a few others. Better engagement with end-users and consumers is possible if the treatment as per their geographical location.
Business Intelligence Features: Ranking Reports
This feature helps users to generate category-specific reports that help in identifying factors such as the best and the worst-performing product, campaigns, locations, individuals, teams, and the like. The filtering and sorting options enable users to include multiple dimensions and business criteria for a deeper analysis.
Pivot tables help in data structuring that is necessary for drawing relevant business insights. Functions like data sorting, calculations. As a result, the summary is some of the common features of pivot tables. As a result, these are in use on organizations to predict market trends and analyze business information.
Their primary function is to condense massive volumes of data to easily comprehensible information for better interpretation. Moreover, users get multiple views to detect business trends and process anomalies for the smooth conduct of the business. Features like report drill-down, conditional formatting, time-series zooming, etc. help them to this end.
In addition to the above-listed points, operational reports, ad-hoc reports. In addition, open integration, metadata layer, user-specific security, etc. are also integral features of Business Intelligence Solutions.
Partnering with a reliable Business Intelligence service provider. Businesses can harness data to achieve process efficiency, increase profits, and scale operations. Such vendors also help their clients to create tactical business strategies and make data-driven decisions for higher business gains.