These tools can also connect data across an organization much faster than other tools. BI tools can present data in real time, while analog tools often result in delays. Reporting and dashboarding allow businesses to see data trends in real time. Most BI software can do things like KPIs, scorecarding, budgeting and forecasting, benchmarking, and data cleansing. Anything that an Excel spreadsheet can do, a BI tool can do faster and simpler. With that said, here are a few features that are common among BI tools.ĭata analytics allow businesses to replace bloated, poorly optimized Excel spreadsheets with clean, fast, intuitive tools. Trying to use a BI tool that’s a bad fit for a use case can be more disruptive than having no BI tool at all. It’s important to ensure the BI tool a business selects will actually work for the tasks they need it for. What features should I look for in business intelligence software? Most BI tools are designed to be simple, intuitive, and user-friendly the average business user can use them without wasting too much time or experiencing too many headaches. With BI software, much of this process can be automated or streamlined. In addition, sifting through all this data takes time and requires the experience of data professionals. Less-complicated statistical analysis tools like Microsoft Excel may not be able to handle such large data sets, especially as the size grows to the millions and often billions of rows. BI software then can take the data from all the services that they monitor, and put it all in one place.Īs businesses get larger and integrate software with more of their operation, they start to collect massive amounts of data. These tools can connect to many types of software, including spreadsheets, accounting tools, ERP systems, CRMs such as Salesforce, and marketing automation tools. Business intelligence is software that tracks, analyzes, and visualizes all of a business’s data.
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