business-intelligence | 6 mins read

Business Intelligence Platforms- What They Are and How To Use Them

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Kanika Jain

By Kanika Jain

What are Business Intelligence Platforms?

A business intelligence platform is a machine learning system that provides a set of tools that help an organization make sense of the data it has collected, processed, and combined. A BI platform can be used to support the entire data analytic lifecycle. It can be used to store and manage data, provide business users with access to company data and analytics, and generate reports and visual representations of data.

The Benefits of Using a Business Intelligence Platform

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Sometimes businesses don't know what to do with all the data available to them. BI software helps make sense of it. Some of the key benefits of Business intelligence software are-

Accurate reporting in less time-
Business Intelligence makes sense of large sets of incomprehensible data. BI platforms make reports easy to understand by using visual graphs and easy charts and templates that help a business make the right decisions. BI tools have become increasingly interactive through artificial intelligence, making employees' lives easier.

Useful business insights-
Because BI tools help organizations understand what works and what doesn't, they can reveal their strengths and weaknesses. Setting up alerts is simple and can assist in tracking metrics and helping busy executives stay on top of the KPIs that are most important to their business.

Better market analysis-
Stay ahead of the competition by understanding your data and make path-breaking decisions based off it. Go beyond standard analysis and make the necessary changes to products and services recommended by business intelligence tools.

Increased customer satisfaction-
Most businesses collect customer feedback in real time, and this data can help them retain customers and gain new ones. BI tools may also assist businesses in identifying purchasing patterns, allowing customer service representatives to predict needs and provide better service.

Increased revenue and margins-
Data from BI tools can help businesses find answers to what went wrong and pinpoint the cause of diminishing profits by comparing data across multiple sales points and identifying sales weaknesses. Revenue is more likely to increase when organizations listen to their customers, monitor their competitors, and improve their operations.

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How to Get Started With a Business Intelligence Platform

Business Intelligence has become the bedrock of every business model. The term 'BI' is used as a catch-all phrase, analyzing different business needs. It refers to an analytics platform and the tools and processes it uses to extract information from raw data to guide business decision making. Organizations use this data to stay ahead of the competition and improve overall performance. Such technology is required by BI examiners, but there are also a variety of BI tools available to assist employees from various departments.

Most businesses have data stored in multiple locations, which is difficult to track and unify. BI tools can provide decision-makers with timely and accurate information from a variety of data sources without the need for an IT department to run complex reports. These data sources could be related to employee performance, sales and marketing analytics, operational effectiveness, customer relationship, or supply chain data. BI software can typically combine all of these sources to provide previous, current, and predictive views to aid business planning.

Companies must think about how they operate, they can then define their goals and devise a plan for implementing a new system. BI software can be implemented in phases for customized solutions. Businesses can pick one data set, such as customer data, and then advance to the next one, such as accounting transactions. This process is more manageable for most businesses because it allows them to focus on specific insights at a time rather than being overwhelmed by too much data.

Features to Look for in a Business Intelligence Platform

Key features that companies look for in a cloud based business intelligence platform-

1. Level Reporting-
Know the best performing and worst performing products or marketing campaigns by using a level reporting tool that easily showcases ongoing trends in graph or chart form.

2. Future Analysis-
Make better choices now to improve your future business by using predictive analysis tools. These use historical data to generate insights into future business. They give you an overview of your future business so that you can correct past mistakes and make new plans for better business outcomes.

3. Interactive Dashboards for Managers-
Dashboards give team leaders a real time view of operations through graphs, charts, summaries, and other data visualization formats. They enable your company's executives to make more informed and timely decisions, as well as improve their performance and Business Communication.

4. Geographic information-
Mapping at a glance determines which regions are performing better than others and which require special attention.

5. User-Defined Security
If you need to limit specific users' access to sensitive data sets, your Business Intelligence tool should allow you to tailor your BI features and applications to individuals or groups of users. Some solutions provide user-specific data sources, allowing a single application to pull data from multiple sources, depending on who is using the application. They are password-protected so the chances of infringement are minimal.

How to Use a Business Intelligence Platform Effectively

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3 Effective Business Solutions-

1. Data security breaches and cyber-attacks are two of the most common cyber threats to businesses, so it's critical to invest in BI solutions that include impactful analytics and stringent security tools. Top-tier Business Intelligence software with security features is intended to protect your organization from hackers and viruses.

2. One of the key duties of BI applications is to showcase sales data, which is especially important if you work with multiple sales affiliates. BI platforms help track which sales partners are performing well and which need to put in more effort.

3. Draw up performance indicators that are aligned with your business plan. In most companies, it is seen that there is an intent to achieve greater goals through a strategy, but tasks allotted do not match the goals. This wastes employees' time and the employer's money. To avoid this, you should create metrics that include performance indicators that are aligned with your company's gola. BI tools can assist you by providing metrics that allow you to concentrate on better performance where it truly matters.

Online employee scheduling software that makes shift planning effortless.
Try it free for 14 days.

What are Business Intelligence Platforms?

Business Intelligence platforms are software applications that support a company's decision-making process. It's an umbrella term that includes data visualization, data analysis, data modeling, and data management.

Make Better Decisions with a Business Intelligence Platform

BI tools can help employers at all levels better understand their business needs by taking decisions that are supported by statistical reasoning and data, rather than by gut instinct.

This data can be used by businesses to make decisions, such as whether to enter new markets and what steps to take to manage risks. They can also make decisions about operational processes or restructure certain departments of their business.

Some functions performed by cloud based Business Intelligence platforms are-

1. Create reports with useful insights
2. Use data visualization to understand reports better
3. Raise benchmarking standards with research and planning
4. Unleash the potential of unstructured data
5. Monitor daily progress in real time for better performance management

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