If you’re looking to make your business smarter, look no further than business intelligence tools. These software options give you the chance to learn more about where your company is and where it going. There are a number of business intelligence options for you to consider when looking for the best solution for your needs.
Types of Business Intelligence Tools
There are three basic types of tools you can choose from. First, business intelligence tools help clean your existing data by acting as data management systems. These tools index and archive your information so you have clean data to make better comparisons. Second, you can choose tools to help you discover data. You usually use data discovery tools to mine for data. This means your data is processed so you can find trends and make predictions about what will happen in the future.
Third, business intelligence platforms help you report information. People you work with that don’t have technical experience can still understand conclusions made from large data sets. By creating dashboards or writing customer reports, business intelligence tools can help you communicate information even if it’s really complex.
Reasons to Invest in Business Intelligence
There are plenty of reasons to think about using business intelligence software. These tools give you information about the future. You learn about sales opportunities, where the market is going, and what your customers are looking for. Business intelligence also helps you address current issues. You can avert crises by tracking risky areas of your business. For example, you can get real-time updates about the cash balance in your bank account. If your cash dips below a certain level, you get receive a notification.
Business intelligence tools also give you a full view of your company. Dashboards and scorecards pull data from across your business. You can draft specific reports for other owners, or you can create reports from specific staff members. You can also set recurring periodic reports to be run at specific times, so your employees are informed, held accountable, and don’t have to work hard to get data.
Features You Should Think About
There’s a ton of features for you to consider. If you need access to the most up-to-date information, your business intelligence tools can use real-time data. Use of OLAP tools gives you access to specific and current information. There are also plenty of ways to share your information through collaboration tools. You can share dashboards, scorecards, widgets, templates, and custom metrics if you need. Business intelligence tools can also integrate across operating systems, CRM systems, or ERP systems. This puts all your information into one place and makes it easier to filter, sort, and research.
Business Intelligence Solutions Pricing
When shopping for business intelligence systems, be prepared to pay a monthly fee. These tools are like other types of software-as-a-service (Saas) packages. Instead of you paying a one-time fee upfront, typical business intelligence tools require an ongoing subscription. Business intelligence software such as Sisense, GoodData, or Looker requires personalized quotes. Other tools like Tableau start at less than $50 per month. Larger tools such as Domo cost closer to $175 per month.
As you think about what business intelligence tools you need, start with what information could help your company. There are tons of tools and software features to consider. All of these features aim to help you grow your business, keep it healthy, and be smarter.