Business Intelligence is a fast-growing trend in the Software Industry. In 2020, the business intelligence market was valued at $21 billion and it is expected to grow to $41 billion by 2026 at a CAGR of 12%. A report published earlier this year suggests that BI is swiftly becoming a mainstream tool, with 41% of vendors in business intelligence reporting an increase in customer requests for adopting data and analytics software. This article is all about the importance of business intelligence and the top BI tools that help you to elevate your business.
What is Business Intelligence? And why is it important?
Business Intelligence (BI) helps businesses and organizations to make data-driven decisions by combining business analytics, data visualization, data mining, reporting, statistical analysis, and other strategies and practices. Using it, you will get a comprehensive view of your business’s past & present data so that you can be more productive and adapt quickly to market or supply changes. Other ways that BI can help your business is,
- Detect inefficiencies and problematic areas and improve
- Understand customer behavior
- Identify market trends
- Track the performance
- Recognize ways to increase profit
- Improved visibility
- Sales insight
- Can compare your data with that of your competitors
- BI helps sales, finance, marketing, and a multitude of other areas and departments.
Top BI tools to consider in 2022:
1. Microsoft Power BI:
Power BI is a cloud-based business intelligence tool that is a part of the Microsoft Power Platform. According to Microsoft, “Power BI is a business analytics solution that lets you visualize your data and share insights across your organization, or embed them in your app or website.” It comes with a simple interface so that users can create interactive reports and dashboards on their own. Integration with other Microsoft products and services is an advantage of using Power BI. Using Power BI Desktop users can Easily upload data into Power BI from an Excel sheet, Create charts and graphs, Transform and model the data to create reports and dashboards, connect to more than 70 on-premises and cloud data sources, and share reports with others.
- Ad-hoc data visualization and reporting
- Affordable pricing
- Personalized dashboards
- supports five programming languages, including DAX, Power Query, SQL, R, and Python.
- Interactive Power BI desktop is free to download
- The user interface is often crowded and bulky
- Power BI might not handle well if there is more than one link between tables
- The free version can only process 2GBs of data at a time.
Tableau is one of the top Business intelligence and data visualization tools. It also has an easy interface loaded with user-friendly features that helps even non-professional users get meaningful insights at a detailed level. Key features include informative dashboards, easy drag-and-drop functionality, instant and easy collaboration and sharing data from on-cloud, on-premise, hybrid data sources, a wide range of advanced visualizations, a fool-proof security system, customized mobile layouts, etc.
- Simple, drag-and-drop feature, users can easily create reports by analyzing data and sharing them with various departments.
- Easy to learn and use.
- real-time interaction with the user
- Supports numerous third-party sources like MS Excel, MS SQL, Google Analytics, Oracle, etc.
- Expensive for small businesses
- Offer only a few options for editing
- Difficulty to incorporate many views, and daily data extracts can be slow depending on the data source.
Domo is the “World’s first business management cloud-based BI platform” that provides a variety of visualizations with lower pricing. It analyzes and cleanses data from any source. They have over 1000 customers including eBay, MasterCard, National Geographic, etc. It allows its users to connect data with more than 1000+ prebuilt connectors. It aims at various roles (CEOs, sales, BI professionals, and IT workers) and various industries(financial services, education, manufacturing, and health care)
- Ability to connect to more than 1000+ prebuilt connectors
- provides mobile access anytime, from anywhere
- Its text bots understand and answer questions in natural languages.
- Load heaps of data through a single click.
- Difficulty in extracting data.
- Expensive for small businesses
- On-premise deployment isn’t offered.
4. Oracle Analytics Cloud (OAC):
Launched in 2014, OAS is a user-friendly and intuitive cloud offering. Key features are advanced visualizations, can connect to any data source and start querying the data immediately, Self Service workforce, Easy Integration with Autonomous Data Warehouse (ADW), powerful reporting, and machine learning.
- With a single click, you can load a large amount of data.
- The ML models come with predictive analytics capabilities.
- seamless collaboration
- The platform is simple to use. Hence small and medium businesses can use it perfectly.
- Natural Language Processing (NLP) and cloud/Desktop/Mobile accessibility
- Time-consuming and slow when generating reports according to Capterra and G2Crowd reviewers
- Not good Customer support
Qlik Sense is an easy-to-use self-service data analytics software. Users can access Qlik applications from anywhere and it is mobile friendly. It is customizable, can use extensions and add plug-ins and also embed in other applications. Other features include smart visualizations, self-service which is enhanced by drag-and-drop feature, centralized hub for sharing and collaboration, data storytelling feature, etc.
- Easy to learn
- The data load editor has both advanced and basic functionality depending on your skill level and business needs.
- Security and compliance certificate.
- API integration and end-to-end cloud data integration.
- Can customize
- provides personal consulting, training, and several support programs.
- Auto-saving not available
- The software’s support model is worse
6. Dundas BI:
Dundas is a browser-based business intelligence tool that allows users to create interactive dashboards, build reports, customize their visualizations, and drill down into data. It is a fully customized solution best for medium to enterprise organizations. The main advantages of using Dundas are users can predict trends by analyzing data, can create a wide range of reports, make data-driven decisions, autosave options and quickly restore accidentally deleted data, easily format emails, and it is completely web-based.
- You can use sample data and Excel data.
- Drag and drop interface
- Free 45 day trial
- some of their features are still not fully developed and have partial bugs.
- There is no “undo” button if made a mistake.
- Pricing not transparent
7. Zoho Analytics:
Zoho Analytics is a self-service business analytics platform and features an AI-powered assistant that allows users to ask questions and get meaningful reports as an answer.
It has more than 10 000 customers worldwide, and 4.3 stars rating on Capterra and 4.2 on G2Crowd.
- Intelligent assistant Zia reacts to questions asked in natural language.
- Geo visualization
- Dashboard view of various reports.
- Takes time to get familiar with it
- Needs additional knowledge to use advanced tasks
- Troublesome Customization.