What Does Business Intelligence Reporting (BI Reporting) Mean?
Business intelligence reporting (BI reporting) is referred to the process ofreceiving /providing information or reports to end -users/ organizations/applications through a BI software /solution. It is typically part of BI software for delivering summarized and structuredreports for the analysis or operations performed one or more set of data.
Techopedia Explains Business Intelligence Reporting (BI Reporting)
BI reporting primarily enables in receiving output or results from a BIsoftware/ solution. Typically, BI reporting is a preconfigured function/feature /component within a BI software/ solution. Based on the parametersset, BI reporting is generally an automated process that captures and reporton analyzed data. These reports can be in form of statistical data, visualcharts and/or standard textual content. The results/ content of BI reporting are generally in the form of actionableresults that help the organization / individual in short term, long termtactical and/or strategic decision making. It is also integrated with otherapplication that takes the results/ data to perform any further operation/process. Best Business Intelligence Tools 2021Table of ContentsEvery day, 2.5 quintillion bytes of data are created. In the last two yearsalone, 90% of the data was generated.This big data refers to large data sets that are too complex and unorganizedfor traditional data processing and data management applications.Business intelligence software, also known as BI software, is a set ofapplications that helps in sourcing, sorting, analyzing, and presentingcomplex data into actionable insights.BI tools can present analytical findings in summaries, reports, graphs,dashboards, charts, and maps.It helps businesses better understand an organization’s strengths andweaknesses.The first comprehensive business intelligence systems were developed in theperiod between 1970 and 1990 by IBM and Siebel.Today, it is typically used by business owners, managers, senior executives,and frontline staff like sales, support, and purchasing.People often ask this question, “Why should I use BI tools? How will itbenefit my organizations?”Here are a few benefits that a business intelligence tool has to offer.
4. Sales Intelligence
Companies can’t take advantage of when they are not aware of the future. Butnow, with business intelligence software, organizations can identifyopportunities and try to make the most of it.The best business intelligence systems offer predictive analytics andforecasting that enable you to anticipate future outcomes.These applications study patterns — historical, recurring, and current toforecast future market demands. Those insights can help identify customerpreferences. You can then use them to your advantage to maximize your sales.In fact, these insights can be useful in convincing your stakeholders aboutyour company’s products and services.This ability to anticipate the market’s future reaction adds to companyflexibility. And it can be quite beneficial for highly disruptive industrieslike retail, tech, and entertainment.
1. Data Visualisation
Data visualization allows companies to break down complex information intovisually appealing graphical forms. It becomes easy for users to quicklyunderstand the report in a more simplified manner.It can be presented in charts, map, or table format, which ensures thatinformation is efficiently communicated across different levels of thebusiness.Thus, data visualization is one of the important components in making businessintelligence widely accessible.
2. Accuracy of Reporting Tools
Even though the accuracy of data largely depends on the raw data, how the datais processed equally matters.Not every BI solution is created equally. That’s why you should check out thesoftware’s OLAP capabilities. The more comprehensive the OLAP tools, the moreis the accuracy of data.Your business success depends on the accuracy of the data.
1) Integration of Information
Good business intelligence software will have the ability to get the data outof the silos, where they are stored under different databases, programs orunconnected departments, and successfully integrate them at one place for theteam to sort through. This removal of barrier between various silos providesthe groundwork for more accurate pictures of the past, present and future ofthe business.Many business intelligence tools are ranked by collaboration. Collaborationmakes it easier to compare data from different levels, providing multipleinsights. Collaboration in broader terms also refers to how well-connected thestaff can be within the program, whether they’re information sharing,chatting, or viewing the same files and reports at once.
2) Tapping into Multiple Data Resources
Any software you use must have the capability to support multiple datasources. As a business owner, you appreciate the flexibility in every piece ofsoftware you integrate into everyday operations. To provide actionableintelligence, it’s essential to have a tool that integrates data fromdifferent sources. For example, you might want data from your legacy databasecoupled with data from Hadoop and Data Mart. With business intelligencesoftware, you have the ability to congregate each of them to help move towardsthe business transformation you were looking for.
4) Business Intelligence on Mobile Phones
In today’s high-paced world, it’s important to have access to data anytime,anywhere. With mobile business intelligence, it’s simple to leveragedashboards and reports on the go. Any executive member can make decisionsbased on software analysis, no matter how far they are from the office. Thisis critical for businesses because dealing with time-sensitive issues likescoring a deal, responding to an inquiry from a big client, or making anupsell. Timely responses to these matters can all have huge impacts on thebottom line. It also affects the reputation of the business: being quick tocommunicate and make on-the-fly decisions is important. Other great mobile-optimized business intelligence features include the ability to zoom into thevisualizations, sort or filter the graphs on the app, highlight certain areas,and much more.
5) Data Visualizations
The primary purpose of using business intelligence software is to make senseof the data in the easiest manner possible. Visualizations help facilitate theprocess of understanding and analyzing reports Otherwise, you’d see longparagraphs with endless numbers, and being able to crunch those numbers intosomething meaningful and easy to comprehend is difficult.Business intelligence software has progressed throughout the years. Now itfeatures interactive dashboards that allow you to create both standard andadvanced graphs for the huge amount of data stored. When shopping for yourbusiness intelligence software, consider the visualization options availableand the design principles they follow to create better dashboards.5 Benefits of Using a Business Intelligence SoftwareBusinessPublished on March 5th, 2020 | by Bibhuranjan
5 Benefits of Using a Business Intelligence Software
While business intelligence (BI) has always been a useful tool, a number ofrecent developments have allowed it to become a more accessible, versatile andpowerful resource than ever before. Each successive generation of consumer-grade computer systems has provided greater processing power for less overallcost. Greater access to raw processing power combined with the ubiquitousnature of smart devices and other digital tools that serve to automate theprocess of data generation have turned data analytics and BI intoindispensable assets that even small businesses and new startups can no longerafford to be without. From customer profiling to more versatile revenueintelligence software, the latest BI tools, resources and solutions have muchto offer.
About the Author
Bibhuranjan Editorial Officer, technofaq.org I’m an avid tech enthusiast atheart. I like to mug up on new and exciting developments on science and techand have a deep love for PC gaming. Other hobbies include writing blog posts,music and DIY projects. Ten Benefits of Business Intelligence Software
Ten Benefits of Business Intelligence Software
ByDrew Robb FeedbackBusiness intelligence software benefits companies in many ways, 10 of whichare detailed here.Over the last decade, many companies have invested in business intelligence(BI) software to help them gain a better understanding of key business andsales metrics, and to predict future performance.The sector continues to grow as companies are eager to make the most oflimited resources with a business intelligence solution that can help them bemore efficient, spot areas ripe for cost savings and identify new businessopportunities.
Business Intelligence Benefits
Here are 10 ways business intelligence software can help your business:1. Actionable Intelligence: A big reason BI is gaining so much ground is itsability to provide actionable intelligence.”It is increasingly important to give business users tools that can providesimple and easy access to both the data in their legacy databases and themountains of new data from geolocation coordinates, click-streams, apps anddevices, server logs and so on via Hadoop,” said Scott Gnau, CTO ofHortonworks. “These modern applications are key to uncovering actionableintelligence which ultimately drives business transformation.”2. Information Integration: Data tends to be spread around, trapped invarious silos. The latest wave of BI tools is attempting to remove thebarriers between those silos so that a holistic picture is formed based onmultiple data sources. This provides much more accurate forecasts.”Companies need to think in terms of data layers that are always connected;from the database, to the lake, data mart or warehouse, right up to the edgeof the network,” said Gnau.Hortonworks Connected Data Platforms, for example, integrates Hadoop with BItools so that business analysts can access the billions or trillions ofobjects of data in Hadoop directly from their favorite business intelligenceapplications without requiring data movement.3. Sales Personalization: The contribution that business intelligence makesto the overall success of an enterprise cannot be overstated in today’sdigital economy, said Robin Schumacher, vice president of Products, DataStax.”The personalized and targeted online experience a business delivers to itscustomers is one of the reasons — along with cost savings — online retailersaverage four-and-a-half times the sales per employee versus traditional brick-and-mortar companies that don’t possess a strong digital presence,” saidSchumacher.4. Speedy Answers: Traditional BI platforms have come a long way over thepast decade. In the past, they used to glean intelligence from a relativelysmall subset of data overseen by specialists who were the only ones who couldaccess and interpret the information. The business would ask a question andthe specialist would get back to them a few days later with a response.But the business intelligence and analytics used today is not the legacy BI ofGUIs, RDBMS data warehouses and human analyst involvement. Instead, it isoften machine-initiated and involves combining online transactionalinteractions with analytics and search operations at lightning-fast machinespeeds.”This is the type of BI sometimes referred to as hybrid transaction analyticalprocessing (HTAP) or translytics,” said Schumacher. “It enables businesses toeffectively customize their customer’s online experience with eachinteraction, which positively influences the buying process and enables themto win over their competition who isn’t using modern BI methods.”This article was last updated on September 16, 2016Page 1 of 2 |1 2|NextWhat Are the Benefits of MicroStrategy?MicroStrategy is business intelligence software used to generate reports andorganize information. The software is beneficial to any business that has toevaluate lots of data and needs reports and analysis to make businessdecisions. The software’s combined abilities are especially good for userslike IT workers, who need to work with a wide range of information, accordingto Business Software.”