Basic Business Intelligence Tools to Look for in a BI System

Business Intelligence (BI) is a collective term encompassing the vast process of using tools/software in collecting, storing, and analyzing data. BI transforms unstructured, raw data from normal business operations into actionable insights for the benefit of the business.

All business intelligence systems are different, and while there are hundreds of systems available out there, not one comes perfectly fit to every business model. Hence, inculcating business intelligence to your business is like pouring liquid into a container. Which means that it should follow the shape and model of your business.

And while there could be millions of possible BI configurations, there are basic types of business intelligence tools that must be present on any of type of configuration.

Types of Business Intelligence Tools

Let us identify what each one of these tools can do.

1)    Data Visualization and Dashboards

Data visualization, in the field of business intelligence, is converting data (from day-to-day operations of the business) into a visual format to better show correlation between units and identify trends and patterns.

Business intelligence dashboards are tools that pull out and display visualized data of key points relevant to a company, its departments, and business processes. Dashboards also display key performance indicators to measure progress, or distance to a set goal.

All information displayed on the dashboards are real-time and accurate. Therefore, with accurate, real-time data, executives and managers can easily identify trends and opportunities to formulate strategies and take actions.

2)    Predictive Analytics

Predictive analytics in business intelligence solves problems by forecasting probable results of every business decision. It lets businesses make guided decisions by predicting the possible outcome of a certain course of action. Prediction, in this case, is not based on gut feel or guesswork. Rather, it is based on current and historical data stored in the company’s data warehouse. The method of data analysis called machine learning makes predictive analysis porssible.

Other uses of predictive analysis are fraud detection, optimization of marketing campaigns, improvement of business processes, and to minimize risk of failure.

3)    Data Mining

By using data, business intelligence tools are able to provide valuable insights useful for businesses. Hence, data are the fuel of business intelligence. However, data is useless unless it is clean, accurate and standardized. This is where the process of data mining comes in.

Data mining in business intelligence is the process of collecting data from different data- collection programs used by businesses. These programs include ERPs, supply chain management, human resource management, customer relationship management, POS, and other similar application.

Elements of Data Mining

  • Extract, Transform, and Load (ETL). This is the process of extracting information from applications as mentioned above. After extraction, data are transformed or standardized into a uniform format. Lastly, data are loaded into a data warehouse.
  • Data Storage. Using Online Analytical Processing or OLAP, data are stored and analyzed in multi-dimensional databases
  • Access to Business Analysts and IT professionals. Access is granted to end users so they can identify how data should be organized.
  • Data Analysis: corresponding applications organize and analyze data based on how end-users perform queries.
  • Data Visualization. Using another data visualization tool calibrated based on how the end user wants data to be analyzed, information is displayed, using appropriate visual presentations such as charts, bars, and graphs, to the end user.

Final Words

CyberLife Professional Services is experienced in helping businesses grow and flourish with the help of the latest technology. We are experts in making business intelligence tools work to your advantage.

If you are looking to elevate your business, minimize risks, and maximize growth capabilities, you’ve come to the right partner.  Send us an email at sales@cyberlifeweb.com or give us a call at 424.349.3848. We’ll be happy to help and see you grow.

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