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key features of business intelligence functionality

Scrum, Inc., a corporate training company, was facing challenges managing its siloed data; management was finding it difficult to track operations, marketing, and finance metrics in one place using the existing analytics systems. Data visualization software. They let you work with dynamic real-time data and offer a wider range of data visualization options, including heat maps, sparklines, geographical mapping, and spider charts. Exploring and visualizing data sets based on spatial elements enables organizations to understand their business operations from new perspectives, such as sales per region. We didn’t want to have to rebuild everything, but rather just take the data as it was.”. Ranking Reports. Fiverr adopted Sisense, which helped the company create interactive dashboards that automatically refreshed to provide real-time data on changing market conditions, as opposed to static dashboards. Modern Business Intelligence platforms offer lots of interesting features inside, all of which are aimed at providing users with the tools they need to produce actionable insights. The most common features are listed at the bottom, and the more niche ones are listed at the top. Enables users to predict customer behavior, forecast demand, and prepare strategies using modeling, statistics, machine learning, and data mining tools. Follow her on Quora. They operate as standalone tools … Data mining, ETL, online analytical processing (OLAP) and drill-down functionality were also top advanced analytics features. Complete solution: Explore, report, and share all in a single, integrated offering 2. But many buyers also expressed interest in more advanced analytic capabilities, e.g. Cloud services. Learn how key features of SAP BusinessObjects Business Intelligence suite can give business users anytime, anywhere insights to improve decision-making. Note: Based on Capterra’s feature checklist and secondary research. Let us discuss some of the key features. If you’re thinking of buying business intelligence (BI) software, you may be unsure of which features you need and which ones you don’t. If you’re curious about how a future decision will affect your business, you can run a “what-if” analysis using past data to predict the potential impacts. PLUS... Access to our online selection platform for free. Having the option to “drill down” into data, which involves delving into the details of a data set, is a feature that was mentioned in 10 percent of responses. The desire for a tool that can transform data from numbers on a spreadsheet to insightful visualizations is a common motivating factor for beginning the search for BI software, so the feature’s popularity is understandable. Most buyers do not have a deployment method preference. For example, instead of only providing your internal sales data, your BI platform could accompany that information with reviews and comments about your products. Dundas BI is a very robust BI tool from Dundas Data Visualization. Data has become vital to the business model in many ways, and as a result, organizations are digging deeper into their data than ever before. Fiverr, an eCommerce marketplace was having difficulty managing scattered data from multiple sources. Although reporting was not as popular of a response (48 percent of buyers reported a need for this feature), it is still considered as a standard feature for business intelligence software. Their existing systems took about 30 minutes to get the data. Businesses can harness data to achieve process efficiency, increase profits, and scale operations. Easily shortlist the best BI vendors now. Compare BI Pricing & Costs with our Pricing Guide. Enterprise reporting. So which products offer the features you need? Match up these critical BI software features within your BI requirements template to ensure you are researching and selecting the ideal BI platform for your organization. Published Jul. Save my name, email, and website in this browser for the next time I comment. Applications using location intelligence can take your information and transform it into graphical and cartographic representations, simplifying your geographical data. Manage sales processes and information, such as quotes, orders, returns, and customer accounts, and make drop shipments. SAS Enterprise BI for Midsize Business helped BGF Industries create an early warning system to monitor data and production trends in real time. High Level Features – These are the broad holistic features that are present in BI tools. If you’ve reached that point, now may be the right time to move to a dedicated analytics solution such as QlikView, Tableau, SAS, or Domo. With so many data formats and so many applications to pull from, it’s important that your BI platform is able to integrate as many different types of data as possible under a single roof, seamlessly combining disparate forms of information into an actionable report. Big Brothers Big Sisters of America, a nonprofit organization, was using a combination of manual methods and patched-up old systems to analyze funding data. Depending on your needs, you may opt for something that’s no-frills with basic capabilities, or you might choose an advanced platform with more specialized functions. The platform’s data analysis and dashboard capabilities helped the organization unify data sources, improve analysis, and receive alerts about errors. It is important to optimize processes, increase operational efficiency, drive new revenue and improve the decision-making of the company. You may even find that your Excel sheets get hung up as your data grows in volume. If you are looking for standard features in BI software, make sure you read the Basic BI Features Checklist below, before purchasing. Data analysis. OLAP. Comment by Titty William on Aug. 11, 2017 at 5:56 am. Supply chain analytics. Here are examples of a few advanced analytics features and how small and midsize organizations benefited from them: Predictive analytics. Top 20 Most Popular BI products, as listed on Capterra. But with the explosive growth of data volumes, aggressive competition in the market for customer acquisition and retention, and growing availability of a variety of BI tools, some smaller businesses have started using advanced analytics functions. They also work much more quickly than the simpler tools. Various trademarks held by their respective owners. Required fields are marked *. Overall, a majority of respondents want basic functions from their business intelligence software — dashboards, visualizations and reporting. In the present, users can generate financial reports, spot financial anomalies and monitor funds. Tools for what-if analyses give you an objective view of the risks and rewards involved in each potential decision, and allow you to plan better for the future. Of our survey respondents, 90 percent named dashboarding as a key feature when searching for business intelligence software. This enables management to decide whether a greater investment in marketing may be required, by predicting whether they are on target to fill the classes. Executive dashboards give your organization’s leaders a real-time overview of your business in the form of graphs, charts, summaries and other information reports. 1. The need to view data in an easy-to-understand medium is considered essential for most users of BI. The reporting features in Sisense enabled employees to easily create reports using drag-and-drop options. Of those respondents, 10 percent expressed a preference toward cloud-based deployment (although still undecided) and an equal number of buyers expressed a preference for on-premise deployment. Business Intelligence Tools – Features of Dundas BI Their answers provided us with data on the features most desired by those in the market for a business intelligence system. Key Features To Look For When Choosing A BI System. A full portrait of features in the industry can lead to a choice in vendor that heightens data from one-dimensional information into an insightful business tool. A government collections agency in the U.S. used Microsoft SQL Server’s OLAP technology to improve its performance reporting. 3. The reasons for such investments are different based on the specific circumstances and industry verticals. Dashboards. Deployment preferences of survey respondents were overwhelmingly on the fence, with 69 percent saying they were open to both methods of deployment. The reluctance towards immediately investing in predictive analytics may also stem from unfamiliarity with business intelligence software and a desire to become acquainted with the basics before delving into more intricate functions. Filtering and transforming data. All rights reserved. Staff for analytic success. This data is used to group entries with similar characteristics, such as customers, regions, products, and salesperson, and … Our respondents represented a number of different industries, ranging from government entities and law firms to guitar retailers and aerospace electronic manufacturers. 2. Bobby Hull, Corporate Quality Assurance Manager at BGF, acknowledges that the software has helped them “spot trends, improve quality in our products and better serve our customers.”. At a glance, judging which regions are performing better than others — and which ones need particular attention — becomes much easier. It has an open API (Application Programming Interface) which enables the user to modify and customize the tool. Some other key features identified by survey respondents include data warehousing with five percent of buyers identifying a want for the feature, drag-and-drop functions at two percent and AI/machine learning at one percent. 3. Another of BI’s capabilities comes in the form of promoting sec… 5. Once you know which features you need, the next step is to select a BI platform that most closely aligns with your needs. The Dimensions functionality plays an important role in business intelligence. Partnering with a reliable Business Intelligence service provider. 1. Open architecture A widely ignored feature, architecture remains one of the most critical aspects of Business Intelligence. The uncertainty found in deployment-focused responses could possibly be another awareness issue, as so many buyers did not favor either method and seemed unsure of the advantages one method has over the other. A desire for mobile capabilities, shareability and employee self-service were overarching themes as well. In addition, open integration, metadata layer, user-specific security, etc. In-memory analysis. BGF Industries, a textile manufacturing firm, uses trend indicators to monitor their products and prevent potential errors. The scale and usability of these functions is much greater in a dedicated BI software platform; BI tools are capable of handling huge data volumes without errors. Business intelligence can help users develop strategies for financial health and growth by predicting future scenarios based on gathered data. One of the key features of business intelligence functionality is the ability to turn data into knowledge and profit. These niche features are much different from the capabilities offered by Excel, making it possible to build complex models for forecasting and reporting. Ad hoc analysis. 5. When choosing business intelligence software, buyers tend to gravitate to features they know, hoping to streamline the decision-making process. Some of the notable ActiveBatch features include workflow monitoring, alerting tools, business intelligence features, operational and developer views, and SLA monitoring. It provides data analytics tools, visualization tools and reporting tools. The most common features—data analysis and ad hoc reports—are offered by every product on Capterra’s list of the 20 most popular and are required by more users. You probably started your business intelligence journey using Excel spreadsheets. Domo BI helped Scrum, Inc. set up a predictive model to monitor how quickly their courses were filling up. Data mining, which involves the exploration and analysis of large data sets, was named as a key feature by 32 percent of survey respondents. Use Advanced Analytics Features. Key Business Intelligence Features and BI Tools That Provide Them. Here’s our recommended list of the 10 key features of business intelligence tools that will help any organization improve their business strategies. Different types of BI tools perform various pieces of the overall BI process, and function according to different standards. Domo’s data analysis features helped Xactly save 20 to 30 hours a quarter, allowing the organization to concentrate on more high-value tasks. Or will you require one or more of the advanced options along with the common features? Screenshot of Domo’s BI dashboard feature. At the end of each day, business intelligence features like these can provide your organization’s executives with a detailed summary of the daily events, giving them the information they need to make critical decisions. Power BI is a cloud-based business analytics service that gives you a single view of your most critical business data. One percent expressed their need to share reports. Vendors may also charge extra for add-ons such as predictive analytics and OLAP support. Compares and contrasts different information systems and technologies that can be used to support to support organizations at operational, tactical and strategic levels. We’re also looking at a few real-world examples to demonstrate how these different BI features could help your business. Smart BI platforms will be able to access not only your organization’s own data, but information from email, social media, websites and more. Find a use case that works for your business Explore the latest use cases for SAP Data Intelligence and how your company can benefit from our innovative data solution. The report template can be populated with data from a variety of data sources and report elements may have JavaScript associated with them to allow for more dynamic interaction. They can perform calculations such as sorting, counting or averaging the data stored in one table, and show the summarized results in another table. It appears the needs of buyers are generally basic, or the discrepancy could be awareness-based. Pivot tables can automatically extract significant features from a large, messy set of data. They allow your company’s executives to make smarter, faster and better decisions. OLAP functionality was considered a key feature by 14 percent of survey respondents. The idea of adopting a “hybrid” model was mentioned in two percent of responses that expressed interest in both deployment methods, demonstrating buyers’ attraction toward the virtues of both. After incorporating SAS Enterprise BI into their production process, BGF took half the time to retrieve data. But how do you differentiate the basics from the more niche offerings and avoid buying features you don’t need—or missing out on the ones you do? Data mining, ETL, OLAP and drill-down functionality are generally Big Data functions and may not be needed by small businesses, or the perception of these features could turn away small businesses. Predictive analytics, on the other hand, is offered by 55% of the products on the list, and would most likely only be required by more advanced users. Your email address will not be published. With its cohesive, consolidated approach, industry powerhouse SAP BusinessObjects gives organizations a full set of tools to manage and optimize Business Intelligence. Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. For example, strategic planning will find better resonance with higher level management teams, while OLAP requires some knowledge of programming languages. It turned out the nonprofit could perform faster and more accurate data analysis using QlikView. And, at the time, spreadsheets were likely sufficient for building simple dashboards and charts to give management an overall view of business metrics such as sales, revenue, costs, and headcount. They are more often associated with larger enterprises and advanced technical expertise. Your email address will not be published. Trend indicators. KPIs and data analysis. Based on the features offered by the products included in Capterra’s Top 20 Most Popular report, we’ve created a BI Software Features Tree, which identifies the most commonly needed features, as well as the more specialized ones. The most important business intelligence features include: Ranking reports let you easily view the best- and worst-performing facets of your business, from products to marketing campaigns to salespeople. Online analytical processing. This often led to errors and wasted volunteer time. © 2020 SelectHub. Business intelligence is key to monitor business trends, detect significant events and get the full picture of what is happening inside your organization thanks to data. Allow users to create high-level financial and operational plans based on past performances and future goals. There are many different types of business intelligence software packages on the market today, and all are very diverse in scope. The need to view data visualizations and other important information in a centralized location was seen as crucial. What-If Analysis. predictive analysis, data mining, ETL, OLAP and drill-down functions. But as you grow in size and revenue, so does your data. Overall, as users’ dat a sources become more extensive, their preferences for BI are changing. Should you want to learn more about this product be sure to try the ActiveBatch free trial. These features are not as widely used as the common features, but we can’t classify them as niche features either, as many firms embrace these functions, though they may seek separate tools for them. Business Intelligence Technologies: Some Common Functions. Sales. Location Intelligence is the ability to map and visualize data in geographical formats. See the Price/User for the top Business Analytics Software... plus the most important considerations and questions to ask. While some of the above features may sound similar to the capabilities of an Excel sheet, they differ in some important ways, for example: Let’s look at some examples of these more common BI software features and how some real-life small businesses moved from Excel spreadsheets or manual methods to an analytics tool to take advantage of them: Reports and dashboards. Helps users view a data slice from different viewpoints and improves reporting capabilities. Data filtering involves reorganizing, transforming, summarizing, aggregating, and dis-aggregating data. Pivot tables are essential tools for analyzing information and uncovering hidden trends. Gitanjali is a researcher for Capterra, a website that connects buyers and sellers of business software. Justifies the key features of business intelligence functionality with reference to specific examples. Gitanjali Maria in Business Intelligence. Sales Cloud Einstein by Salesforce gives you a comprehensive set of CRM features to speed up business processes and improve effectiveness and productivity. The reporting and dashboard capabilities of BI solutions are far more interactive than those of MS Excel. The first section starts with a list of broad, high-level features found in good Business Intelligence solutions: Image Credit: PublicDomainPictures via pixabay cc . Efficient business intelligence requires the right tools. According to Brian Moffo, director of business intelligence for Big Brothers Big Sisters of America, “Our input systems didn’t talk to one another. Performance scorecards. Jump-start your selection project with a free, pre-built, customizable BI Tools requirements template. OLAP. In this article, we’re breaking it all down for you. Rather than develop in house, by purchasing a dashboard connected to your business intelligence software, you are enabled to make decisions anywhere, at any time. Common motivation behind purchasing BI software is often a need to process and organize data into an easily digestible format. Key capabilities of Business Intelligence Software. Similar to predictive analytics, these features were seen as bonuses that may be put in place in the future, or would be beneficial now but not necessary. Learn about the features and capabilities that SAP Data Intelligence has to offer. Get our BI Software Requirements Template. Basic features are the most desired, with dashboarding being the most-mentioned feature. The ability to create reports was another top response, considered a basic BI feature along with dashboards and visualizations. If you’re in the market for BI software, it’s vital to know the essential business intelligence features to look for. Business Intelligence. Here’s an overview of how some of the more advanced BI features work: Unlike the more common features, which all members across teams can use on a daily basis, niche features are generally used only by select teams or individuals. However, there may not have been as much of a need for these features because of their association with large data sets. This signifies a need among buyers for more in-depth exploration into feature options, so educated decisions regarding BI software can be made. Collecting and preparing data is an important step to beginning deeper analysis. So you don’t have to go hopping from one page to another to compare BI software, we’ve also provided a BI Features Checklist with a graphical view of features offered by the Top 20 Most Popular BI products, as listed on Capterra. For a look at the basics, we’ve provided highlights from our own reviews of Tableau and Cognos.Tableau: Tableau provides intuitive BI tools to enhance data discovery and understanding for all types of companies and business users.With simple drag-and-drop features, a user is able to easily access and analyze key data, create innovative reports and visualizations, and share critical insights across the company.Cognos: IBM Cognos … Check out our Privacy Policy. Key Features of Business Intelligence Software. Sales Cloud tools help reps reduce redundancies, optimize processes, prioritize actions, communicate better, and access information to close deals. A dimension is data that you can add to an entry as a kind of marker. You can use our BI Features Checklist below to shortlist the products that best suit your needs. Painting a black-and-white distinction of “common versus niche” features is difficult, because features such as budgeting and forecasting, profitability analysis, and benchmarking fall toward the middle of the tree. The Advanced BI Features Checklist helps you find products with features that are not always found in more basic BI software. Executive Dashboards. Viewed as a more advanced feature, predictive analytics is still one of the top needs of BI software buyers, with 42 percent of respondents expressing interest in predictive analytics. Get insight to the performance of your business activities through budgets, account schedules, and analysis views. The company needed to monitor between 4.5 and 5 million data points. All original content is copyrighted by SelectHub and any copying or reproduction (without references to SelectHub) is strictly prohibited. Our BI Features Tree presents software features based on how common they are in the BI products we’re looking at. 1. Advanced analytics tools can handle complex queries, identify patterns, and provide better insights by looking at multiple pieces of data from different viewpoints. Pricing, Ratings, and Reviews for each Vendor. If multiple tools isn’t in your budget, but you want to add on one or more of the midrange features, prioritize the features you do need, and go with the solution that most closely fits your needs and budget. Using Microsoft SQL Server, the firm converted its old CARE reports into an OLAP cube. 10, 2017 by Using the OLAP cube, the agency developed a flexible performance report for clients and saved $200k in accounting software expenses. OLAP runs the gamut of data preparation, processing and delivering outcomes for reporting. It seems many buyers are interested in predictive analytics, but may be unsure of how the feature can benefit their business currently. First, some BI systems offer a financial managementmodule for tracking and visualizing your organization’s funds. In-memory analysis allows line of business users to analyse data themselves with no special skills and without having to rely on IT specialists. 3 High-level features 1. Preparing reports & dashboards. In-memory analysis can be one of the most important business intelligence features in terms of functionality that is powerful yet easy to use. What potential drawbacks do … Monitor the health of your business using a live dashboard, create rich interactive reports with Power BI Desktop and access your data on the go with native Power BI … So let’s have a look at the four major feature categories of a good business intelligence solution: 1. Based on responses from representatives of over 600 businesses, we’ve compiled a list of the top features business intelligence software buyers are looking for in 2018. Dashboards satisfy this need for simplified data presentation, and are therefore a requirement by an overwhelming majority of buyers. Well, it definitely must be packed with novel features, have a user-friendly interface and be up to date! Try out ActiveBatch with their free trial Business Intelligence Features - InetSoft provides a Report Designer which allows a developer to visually create a report template, which is saved as an xml file. The company’s existing tools couldn’t process real-time website data, and its report building functions depended on IT developers. The software’s ad hoc query feature helped Fiverr handle multiple concurrent queries on large complex data sets and reduce refresh rate times. The feature was mentioned in 81 percent of responses. In addition, most of the common features offered by BI solutions are easy to use and do not require any specialized IT expertise. These BI tools provide the most common features, including: data analysis, data visualization, ad hoc analysis, dashboards, ad hoc query tools, ad hoc reports, KPIs, and performance metrics. Help users spot patterns in production, sales, and distribution lines and identifies anomalies. The OLAP reports also helped the firm reduce the time to close its accounting books by five days. In her free time, she enjoys reading, writing, traveling, or playing badminton. The consideration of data mining, ETL, OLAP and drill-down functionality as less popular features may, like predictive analytics, be due to lack of awareness or a need to begin the adoption of BI software with basic features. The terms “self-service,” “user-friendly” or “ease of use” were found in 28 percent of responses. When comparing, try matching the main features of a business intelligence software, which should include all or at least some the following: Online analytical processing (OLAP) or business analytics. A trend towards prioritizing familiarity is apparent. Database access software is a core component of InetSoft's business intelligence software platform. This is a lesser-known business intelligence capability that can really pack a punch. ETL was considered “nice to have” by six percent of respondents with interest in the feature, and buyers said the same of OLAP in 12 percent of responses. Geospatial Mapping. Also, don’t forget to tell us about your experiences using different BI software in the comments section below. Finance. After reviewing the key features of business intelligence and business analytics, why do you think firms are increasing the use of these tools? What do you see as the benefits of firms utilizing business intelligence and business analytics? Enables users to predict customer behavior, forecast demand, and prepare strategies using modeling, statistics, machine learning, and data mining tools. The software can access multiple, disparate databases, any via a JDBC connector as well as OLAP cubes, flat files, Web services and other databases. Do you think that the more common BI features will be enough to meet your requirements? are also integral features of Business Intelligence Solutions. She covers topics in a variety of markets including construction, rental, analytics, and others. Some solutions provide user-specific data sources, where a single application pulls from different sources of data depending on who’s using the application. The CARE reports were bulky, inflexible, and did not allow users to filter data or do any further analysis on it. Key Features of Business Intelligence System Business Intelligence (BI) is a modern age technological concept where organizations irrespective of whether big or small invests in these types of solutions.

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