The United States has the world’s largest economy, making it one of the best countries to be a small business owner. If you have a great business idea, a strong work ethic, and the right tools, you can accomplish amazing things in the business world. Commerce happens at the speed of light these days, but we have tools that enable business users to understand customer behavior, business processes, supply chains, and effective marketing techniques better than ever before. Why is this? It’s all because of business intelligence (BI).
So, what is business intelligence, and why does it matter? Business intelligence is a blanket term for the best practices and tech tools companies use for advanced analytics and other vital data management processes. In recent years, more companies have come to realize the importance of data to improve their business operations, making BI a multibillion-dollar industry that’s growing more every day. Indeed, the right BI tools can help elevate your company to new heights, give it a significant competitive advantage, and facilitate growth. Continue reading to learn about some things you should look for in the best BI software.
Business intelligence software should power faster, smarter business decisions.
As you know, changes happen at the speed of light in the business world these days, and business owners need software tools that enable them to keep up with real-time changes. One of the most critical functions of BI software is making data analytics more accessible to business users so they can make better and faster business decisions. The best business intelligence software provides real-time data discovery and data preparation to make data analysis quicker and deliver business users the insights they need to make critical decisions promptly.
Comprehensive business intelligence tools offer data visualization capabilities.
If a data analyst handed you a sheet of analytics and challenged you to find the anomalies, patterns, and correlations in the data set and tell them what they mean, you’d probably be lost. Indeed, data analytics is complicated for anyone who isn’t a data scientist or analyst, so don’t feel bad. That’s why BI platforms come with data visualization tools that make data easier to interpret for business users so they don’t have to become data scientists to understand their business data. Data visualization enables analysts to turn statistical data into compelling visuals that tell the story behind the metrics.
The best business intelligence tools employ machine learning to enable automation.
Something else you should look for when trying to find the best BI tools is a BI platform that utilizes machine learning and artificial intelligence for data integration. TIBCO offers a robust data virtualization tool that makes data integration simpler and more time- and cost-efficient than ever before. Traditional extract, transfer, and load (ETL) data integration processes can take months, but data virtualization works in a fraction of the time and is more secure than ETL processes. Furthermore, with a virtualization platform, you can create a logical data warehouse for storing your analytics, making it easy to find them when you need them.
Robust business intelligence platforms provide CRM integration.
As you know, a high customer satisfaction rate is one of the key features of a successful business. After all, have you ever heard of a successful business that everyone hated? Customer relationship management (CRM) software is one of the most vital tools for growing small businesses, which is why they need a BI platform that provides CRM integration. CRM provides insights from historic customer data that enable business users to get to know their customers and create personalized customer experiences.
As you can see, there are many reasons to invest in a robust business intelligence platform. The best BI solutions enable small businesses to become more efficient and secure and empower them to make better decisions in less time. So, are you ready to upgrade your business’s intelligence?