While companies are awash in data, their data can only truly become a strategic asset once it’s been transformed into actionable insights. If only a few technical people can access and use it, its real value fails to be realized. The newest generation of BI solution makes it possible for business users of all skill levels and leanings to harness the power of data.
An essential tool for business analysis, for smarter decision-making and strategy development, modern BI solutions help firms turn their vast stores of data into actionable insights. Letting users quickly and easily load, combine, and work with different types of data from a wide range of sources, BI solutions are now used as a front end for analyzing all types of data, including big data analysis. They offer users a unified view of diverse data and support for advanced analytics use cases including predictive and prescriptive analytics. They are a critical tool for organizations that want to use their data to better understand the forces shaping their business, eliminate inefficiencies, drive innovation, and stay agile and competitive.
To support a wide range of business use cases, industry-leading BI solutions offer firms a variety of capabilities for data preparation, data analysis, and presentation. These may include tools for data warehousing, data integration, data management, data visualization, dashboards, data mining, predictive analytics, embedded analytics, mobile analytics and reporting. And the potential benefits of using a BI solution are many. Firms that use business intelligence software find that they can:
It’s important to mention that the latest generation of BI solutions is vastly different from what BI software used to be. Traditional BI tools were complex, cumbersome technology stacks and generally the province of IT and BI specialists. Today’s BI solutions are more agile and user-friendly and agile, allowing more users to prepare, load, and interact with data and get answers fast.
Now the de-facto standard, self-service oriented BI has helped establish a data-driven culture at competitive organizations around the world. And the newest generation of BI solution is further revolutionizing the way business users work with data. Leveraging AI and machine learning for business data analysis, these solutions make data analytics more approachable and accessible for users that have shied away from technically complicated tool sets. AI can help generate important insights for users, automate and accelerate processes, and provide natural-language conversational experiences for less sophisticated users. Advanced analytics can also now be put into the hands of non-technical business users, enabling them to explore predictive analytics using interactive dashboards. With AI-powered analytics, everyone in the organization can now make game-changing discoveries in data.
For those interested in this newest generation of BI solution, here are some features you may want to consider when comparison shopping:
Qlik Sense® is a robust data analytics platform that sets the benchmark for a new generation of user-driven BI solution. It supports a wide range of reporting and analytics use cases for the enterprise, including visualization, dashboards, conversational analytics, mobile analytics, embedded analytics and reporting. Featuring a unique associative analytics engine, sophisticated AI, and a scalable multi-cloud architecture, Qlik Sense was designed to deliver scale and flexibility to your company while empowering everyone in your organization to tackle complex analytical challenges.
Qlik’s Associative Engine brings together all your data, indexing and understanding every relationship in your data to surface hidden insights and let users explore freely—without the limitations of query-based BI solutions. Users of all skill levels can combine and load data, create smart visualizations and compelling reports, and drag and drop to build interactive dashboards and other powerful analytics applications. And now with AI-powered conversational analytics in the mix, executives and other time-strapped users can ask questions directly within Qlik Sense or via a digital personal assistant to get instant access to the charts and insights they need to make the right decision.
BI, or business intelligence, refers to processes and technology used to aggregate and analyze data from internal and external sources and extract information from that data to inform decision-making and strategy development efforts. It is important because it enables business leaders and other business users to make smarter, data-driven decisions.
These include data warehousing, data integration, online analytics processing (OLAP), data visualization, data mining, data modeling, predictive analytics, process mining, embedded analytics, dashboards, and reporting.
Business analytics software might be considered a more sophisticated version of BI software and more applicable for predictive and prescriptive use cases of data analysis—as opposed to BI, which is more descriptive and explanatory. However, in recent years, BI solutions have come to incorporate more complex analytical processes and algorithms, leading to a blurring of the distinction between BI and business analytics software.
It is used across industries for a variety of solutions such as to analyze customer behavior, segment audiences, optimize marketing campaigns, detect emerging market trends, identify new revenue opportunities, track and predict sales, inventory, and financial performance, improve operational efficiency, automate reporting to stakeholders, and provide executives with a comprehensive view of business performance and the factors affecting it.