Business intelligence, or commonly referred to as BI, is changing the way small and medium-sized enterprises are changing the paradigm of business. If you’re an entrepreneur, you know how important is it to have actionable information ready for your business. Industry experts have been talking about ways in which BI tools are becoming essential for all entrepreneurs and decision-makers. Information is the lifeblood of the 21st century.
Many eminent firms like Gartner and Forrester have already talked a lot about the benefits that a business intelligence software can bring in for business owners. Enterprise data is an untapped resource that can be leveraged to uncover hidden opportunities and mitigate risks. Organizations that can use the information to improve existing processes will likely achieve higher revenues and know the exact areas where they can target their focus on.
The following are the few major trends that explain how and what business owners need to know about business analytics software.
Self-service BI tool for every organization of any size and scale
Until recently, big data was a joy for only large organizations. But, with the advent of the BI tool, self-service BI solutions have enabled access to anyone who wants to gain insights at the speed of thought. Many organizations still collect data from multiple places or departments, which makes it arduous to generate insights into the time they want. This is especially challenging for large scale organizations where there are tons of data to process. The result is often data-centric blind spots that open the company to risks.
The self-reliant solution has been on the organization’s wish lists for a long time. The use of BI tools enables users to modify reports and dashboards. Decision-makers can filter or visualize their reports in the most meaningful way. They can derive new insights, address their particular needs and gauge the areas of improvements more closely and this way, self-service functions such as drag and drop interface provide users with a higher level of insights easily.
Creating ad-hoc reports is just as easy as pie
The creation of ad-hoc reports and dashboards no longer has to be a hassle for the IT team. Thanks to intuitive tools and flexibility of Business Intelligence software to bring everything in place with ease. Now, business users can create ad hoc reports and dashboards by themselves. With robust software in place, it becomes easy to answer a specific business question and drill deeper to get details about accounts, transactions or records.
Link and upload any Business Data in BI software
With BI tools such as Tableau, it becomes incredibly easy to securely upload spreadsheets and other tabular data (like CSV, TSV, XLS and HTML files). It also facilitates you to add data directly using a spreadsheet-like interface.
The BI environment is based around helping entrepreneurs and decision-makers to rest analysis at the point of decision. Unlike traditional tabular summaries and columnar reports, BI software provides a virtually unlimited number of ways to ask questions and get answers within specific business areas.