A Guide to Business Intelligence Tools

Business intelligence is a growing sector expected to reach a market volume of $34.16 billion by 2028 [1]. And for good reason. 

Business intelligence (BI) tools offer businesses a way to stay competitive by collecting and analyzing data to make decisions and inform business processes. Many different types of business intelligence tools are available, depending on what you want to find out and whether you are collecting, storing, or analyzing data. 

Learn what business intelligence is, the different types of tools available and their uses, and how to choose the best BI tool for you. 

What is business intelligence (BI)?

Business intelligence refers to collecting and analyzing data for use in a business environment. This includes understanding competition, tracking performance, and finding ways to reduce costs or improve processes. Business intelligence has benefits for various businesses and areas within each company, such as marketing, sales, operations, and finance.

What are business intelligence tools used for?

These tools make the process of business intelligence, including data collection, analysis, and storage, more accessible, more efficient, and simpler to track. You’ll find three main types of business analysis, with business intelligence tools available for each:

• Predictive analytics: Use data to foresee outcomes and make forecasts

• Descriptive analytics: Use historical data to analyze trends

• Prescriptive analytics: Use data to predict future outcomes and drive decisions 

Types of BI tools

Examples of business intelligence tools you might use to form your strategies and inform your business processes include tools as simple as spreadsheets or more complex software systems for data mining. Learn about different tools below. 

Dashboard software

Dashboards make viewing data a simple process as it is all stored in one place. It’s easy to access, manage, use, and share. You may customize dashboards to whatever you need them for, or they can have multiple functions, including storing, analyzing, and reporting. 

Reporting software

Reporting software organizes data to make it easy to process reports on whatever you are working on. It allows you to visualize and analyze information on trends and patterns, income, and customer satisfaction, for example. This works by taking data from several sources, including the cloud, to produce charts, graphs, spreadsheets, and forecasting models.

Reporting software effectively supports decision-making processes by providing data to solve problems and back up essential proposals. 

Unified Modeling Language (UML) tools

Unified Modeling Language (UML) is a standardized visual interpretation and design of software systems’ boundaries, structure, and behavior. You can use it in business intelligence to monitor processes and growth. You will also use the results to make improvements.

Business continuity management  (BCM) tools

BCM tools help you see the connections between processes and applications. With these, you document procedures and phases of the BCM life cycle so everyone knows what happens, in what order, and who is responsible for each stage.

Embedded analytics software

This software integrates with other systems and applications so businesses can collect and store data automatically as customers use applications. You then analyze the data held within these applications. 

ETL software

ETL software extracts, scrubs, and consolidates data, preparing it for reporting and analysis. With the vast volume of data that some larger companies collect, ETL software simplifies working with data, improves management processes, and ensures high data quality.

Examples of BI tools

As you’ve seen above, an abundance of BI tools are available to choose from for various tasks and outcomes. Deciding which to opt for can be a bit overwhelming. Below, you’ll find some examples of business intelligence tools to make the process a bit easier.  

SAP BusinessObjects

SAP BusinessObjects is a centralized dashboard business intelligence tool you can use for data reporting and turning data into charts and graphs. It takes data from a variety of sources, simplifying it by storing it all in one place. It uses real-time data and is user-friendly.

RIB BI+

RIB BI+ is another dashboard that allows businesses to access data at any time. It’s designed with user-friendly functions so business leaders can quickly make data-driven decisions without relying on a technical team member. 

SAS Business Intelligence

SAS Business Intelligence is a set of business intelligence apps using augmented technology to provide users with data-driven insights through automation. You can use these apps in a variety of sectors, from banking to security.

QlikSense

QlikSense is a data visualization tool. It helps you turn data into graphs, charts, and graphics, making data more accessible and transparent for reporting or sharing and allowing you to spot trends more easily. Its design is easy to use and helps leaders make business decisions.

How to choose the right BI tools for you

You’ll see that you have many options when choosing BI tools, so finding the right one for you might require some research. Consider your business goals and match the type of BI tool to your needs. It’s a good idea to look at reviews of tools and their features to ensure you find one that fits your business intelligence goals. For example, you may be looking for a data mining tool, a data visualization tool, a dashboard, a reporting tool, or something else.

Also, give some thought to who maintains your BI tool. Do you need it to be business user-focused, and therefore, not too technical in nature once you implement it? Are you looking for an analyst-focused tool for someone technically trained to use and maintain?

Next steps

Business intelligence tools can streamline processes and help you communicate changes in your organization. They can also guide your decision-making and allow you to identify growth opportunities. 

To discover more about business intelligence tools and understand what they can do for your business, take a look at the Google Business Intelligence Professional Certificate. This two-month course gives you what you need to learn data visualization, modeling, dashboarding, and reporting. Alternatively, consider the Google Advanced Data Analytics Professional Certificate, which offers statistical analysis, regression models, Python, and machine learning training. You’ll find both (and more) on Coursera.