5 Best Business Intelligence Applications and Examples

Best Business Intelligence Applications and Examples

Don’t you want to have tools that can help you make data-driven business decisions in your company? 

Maybe yes 😀, and who doesn’t want it if possible? Right?

Business Intelligence (BI) makes this possible. It is a technology-driven process for analyzing data and providing practical information from which workers and managers can make good business decisions.

All the tools or software that use business intelligence for improving their business works are Business Intelligence Applications. 

In this blog, we will discuss every aspect of Business intelligence applications, including their definition, why it is important, their benefits, and the top BI applications for your business. 

Let’s get started 🚀

🔑KEY HIGHLIGHTS: 

  • Business intelligence applications are the use of business intelligence tools or software to improve business operations. 
  • Business intelligence applications enable businesses to evaluate their performance, analyze trends, and determine which factors benefit them most. 
  • Some top BI applications include Microsft Power BI, Tableau, SAP Business Objects, Qlik Sense, and IBM Cognos Analytics. 
  • Business must identify their requirements and search for BI applications that can fulfill them.

What are Business Intelligence (BI) Applications

Business Intelligence (BI) applications are the business intelligence tools or software that are used to improve business operations. These tools are helpful for business representatives in decision-making.

This software specifically collects, organizes, and analyzes data from different sources to provide an overview of business activity. BI applications cover overall data usage, from monitoring data to reporting. 

Why are Business Intelligence Applications important for organizations?

Business Intelligence applications in any organization help observe the performance of the business and make the right decisions. It extracts the needed information from datas that can be used in decision-making. This enables them to evaluate their performance, analyze trends, and determine the factors that benefit them or not. 

Real-time data aware the business of possible threats and alerts for new opportunities in the market. With this, your business can have proper analytics of customer engagement. Often, customers are likely to expect the organizations to know what they need. So, this results in increasing customer satisfaction. 

Benefits of Business Intelligence Applications

Business intelligence applications are essential for any business that wants to gain a competitive edge by making efficient and wise decisions. 

Here are some of the benefits of Business Intelligence Applications: 

  • Improved efficiency: With BI tools, you can avoid complicated processes of data collection and minimize time and effort, which increases overall efficiency. 
  • Customer satisfaction: Business intelligence tools play a crucial role in assisting businesses in gaining insights into customer preferences. This leads to making strategies accordingly, improving customer satisfaction. 
  • Increased revenue: When businesses have the proper analytics of customer preferences and market trends, they can generate a higher sales rate and revenues. 
  • Effective decision-making: All the data collected by organizations helps analyze and make effective decisions for business growth. 
  • Competitive advantage: Real-time data are helpful in responding according to the changes and new market trends which gives your business a competitive advantage over others. 

Top BI Applications

Business intelligence applications are useful for any organization wanting data-driven, efficient decision-making, which is crucial for business growth. Multiple business intelligence applications are in the market; here, we list some top BI applications. 

Here are the top BI applications based on their features and capabilities: 

1. Microsoft Power BI

Microsoft Power BI is a powerful business analytics software that provides a desktop application and a web service for reporting and sharing dashboards. It diligently provides complete data transformation and monitoring options with predictive modeling. This makes it unique from other BI solutions.

Key Features

  • Easy to use interface that allows drag and drop feature for designing reports. 
  • Easy sharing of reports and creating designs through internet connectivity. 
  • Deals with multiple data sources. 
  • Possibility of creating a query in natural language.

2. Tableau

Tableau is a complete business intelligence tool that allows users to explore, analyze, and share insights from complex datas. This BI tool enables users to create interactive monitoring from graphs, charts, and other dashboards without requiring technical expertise and detailed coding. With a strong connectivity option, users can connect to various data sources lke spreadsheets, cloud services, and other data platforms. 

Key Features

  • Allowing users to create visualizations without coding. 
  • Automatically updating real-time interactive dashboards.
  • Capable of connecting with databases, spreadsheets, and cloud services.
  • Analytical features like trend analysis and forecasting. 

3. SAP Business Objects

SAP Business Objects offers a suite of comprehensive Business Intelligence tools that improve the organization’s overall growth. It provides features like analytics, reporting, and visualization. This business intelligence application is helpful in integrating with Systems, Applications, and Products in Data Processing (SAP) and non-SAP data sources

Key Features

  • Offers comprehensive BI suite such as visualization, analytics and reporting.
  • Integrates with SAP, which makes it a good choice for businesses using SAP applications. 
  • Enables users to access and analyze data themselves. 
  • Supports mobile with the application; users can view and interact with reports. 

4. Qlik Sense

Qlik Sense is a business intelligence application that provides interactive data analysis, which allows users to analyze data freely. It supports data discovery, dashboards, and collaborating features that make it one of the best business intelligence applications.

Key Features

  • Its associative data model enables flexibility while exploring and analysis of datas. 
  • Powerful interactive data visualization capabilities. 
  • Automatically suggests the visualization based on datas.
  • Enabling users to create and customize interactive dashboards. 

5. IBM Cognos Analytics

IBM Cognos Analytics is a business intelligence application that provides AI-powered automation and data insights that make data-driven decision-making easier. With this business tool, businesses can move to a new generation of BI using AI. This will increase accuracy and improve trust and the overall business image with effective business analytics. 

Key Features

  • Making confident data decisions.
  • Mobile support is available.
  • Useful for uncovering hidden patterns and predicting seasonal trends.
  • Creating and providing personalized reports.

Also Read: Best Free Document Management Software in 2024

Factors to Consider When Choosing a BI Application

Choosing the best Business intelligence application for your organizations or brands is equally important as using BI tools. Numerous factors must be considered before making a decision. 

Here are the factors to be considered when choosing a BI application: 

  • Data sources: When choosing a BI application, you need to consider data sources because the ability to combine data using multiple sources is directly connected with the effectiveness of data analysis. BI applications that support diverse data allow you to access a complete overview of business operations. 
  • User requirements: Businesses must look if the BI tools properly align with business needs or not. When a business understands their preferences, and requirements, choosing BI tools that can match with can be more easier. As a BI tool, it must contain important features like data visualization, self-help services, and mobile support. 
  • Mobility: A business intelligence solution that provides mobile support can be a better choice. With this, businesses can use it from anywhere and allow everyone to be connected. This provides mobility to the business and helps it make data-driven decisions. 
  • Integration with existing systems: Before choosing a BI application, you need to determine if the BI solution has powerful integration capabilities. Businesses must consider whether the BI solution can integrate with their business’s existing systems and choose a fully integrated solution instead of a partial one. 
  • Vendor support and training: Training licenses, courses, and vendor support differ from service provider to service provider. This is crucial when choosing BI applications, which give insights into the resources and ensure the software is well-updated and ready for use. 

Conclusion

Business Intelligence Applications are important for businesses looking to scale and grow by making the right decisions with data-driven analysis. These applications help evaluate the business’s performance and analyze market trends, which leads to providing a competitive edge among others. 

Some of the top BI applications such as Microsfot Power BI, Tableau, SAP Business Objects, Qlik Sense and IBM Cognos Analytics provides easy interface and deals with multiple data sources. With all these capabilities of business intelligence applications, choosing the best one can depend upon your business requirements and the preferences. 

FAQs

What are the main benefits of using business intelligence applications?

The main benefits of using business intelligence applications include:

  • Increased revenue
  • Improved efficiency and 
  • Effective decision making

What types of data sources can be integrated into BI applications?

BI applications can be integrated with SAP, Non-SAP, Hybrid, Multi-Cloud, Traditional, and Modern Integration patterns. However, the integration capabilities depend on the service provider. 

How do BI applications differ from traditional reporting?

BI applications differ from traditional reporting by automating tasks like data collection and analysis, providing much higher flexibility. Traditional methods are comparatively time-consuming. 

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