Contemporary business cannot thrive without business analytics, one can risk saying that there’s no business without data analytics these days. Given numerous Business Intelligence solutions available on the market, finding the right BI fit that will live up to your enterprise’s expectation is definitely not a no-brainer. So how to choose a suitable Business Intelligence tool that will allow you to single out the most business-relevant and meaningful data on a daily basis?
BI solutions support businesses in the analytics of market segments, sales volumes, products & services. BI offers a wide spectrum of insightful data regarding e.g. particular product or customer behaviour. It goes without saying that the more data we have at our disposal, the better product management and business results we achieve. BI represents the voice of clients, hereby allowing companies to swiftly answer clients’ needs.
BI is not only about product research and sales monitoring. Business Intelligence tools come in handy for competition overview or initial situation analysis e.g. while preparing the product launch. Current business data is crucial, but historical data is also of key importance. Relevant BI solutions use data repositories which provide access to data from a couple of last years. By analysing changes which take place over a longer period of time, it is much easier to forecast future trends.
With a Business Intelligence system users can define their own business rules which are applied while creating reports. By means of interactive dashboard it is possible to download filtered data as per current needs. Contemporary BI reports provide clear, easily understandable presentation of data.
Many BI solutions enable users to modify categories which are used to interpret data. After all, sometimes we’re looking for some general information, sometimes we need to drill it down. In other words, the level of data generality is at user’s discretion.
What other features should you have in mind while looking for a suitable BI solution? Stay tuned for geomarketing and report automation features, since they provide useful knowledge regarding clients and sales opportunities of a particular area (e.g. country, state, region). It is also recommended to opt for a Business Intelligence system which offers alerts – this way a user is always in the know when certain, initially defined conditions are met. With BI alerts companies can react much faster to any changes, market shifts or other unexpected circumstances as well as make informed decisions using hard data.