Multiple organizations have invested in Business Intelligence solutions depending upon their agenda or as per their industry norms. No matter what your agenda is or which circumstances you are working in, here are some essential elements you should include in your Business Intelligence solution to optimize your business.
Business Intelligence Tools:
Data analysis and Ad-hoc reports are the most common features any Business Intelligence package has. At the start of your business, probably excel sheets would have done the job but with a growing business and the amount of data generated, you need to move to a dedicated analytics solution such as Tableau, SAS, QlikView, or Domo. These tools provide features like
- data analysis,
- data visualization,
- ad hoc analysis,
- dashboards,
- ad hoc query tools,
- ad hoc reports,
- KPIs,
- and performance metrics
Executive Dashboards:
Personalised dashboards help decision makers with insights enabling faster response time and providing a more real-time understanding of internal and external events. Helps deliver an easy understanding of KPIs and summarised information regularly.
Interactive reports:
Reporting is one of the major features you need to focus on, the wide variety of views should be customized as per the business requirement. Taking advantage of features like regression, and statistical analysis to gain insights about trends and forecast on the basic data. Also, there should be a facility for report scheduling; there is no use if the created reports don't reach the exact people who will benefit from them. Hence using an email scheduler for mailing the reports in exact format will help employees draw out pixel-perfect inferences.
In-memory analysis:
Your Business intelligence solution must have this fascinating feature of in-memory analysis which is powerful and easy to use. While other analyses require expertise or IT knowledge this in-memory analysis helps in drill down, group filters or pivots can be easily applied to compare performance over some time, customer segment, or different geo without any complex queries.
OLAP
Online analytical processing is a database technology that organizes data hierarchically and stores it in cubes. This functionality makes OLAP one of the must-haves in your business intelligence solution.
Conclusion:
No matter which industry you are working in these are some essentials you need to include in your business intelligence solution.
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