NEWSORZO
No Result
View All Result
Thursday, January 28, 2021
  • Home
  • Business
  • Tech
  • Startups
  • News
Subscribe
NEWSORZO
  • Home
  • Business
  • Tech
  • Startups
  • News
No Result
View All Result
NEWSORZO
No Result
View All Result
Home News

5 Types of Business Intelligence Tools You Didn’t Know You Needed

by news
March 2, 2020
in News
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

5 Types of Business Intelligence Tools You Didn’t Know You Needed

Better business intelligence leads to smarter business decisions, yet many companies continue to rely on outdated equipment and practices. Some do it because they can’t find room in the budget. Others don’t even realize they have options. With a new year on the calendar and more intelligence tools on the market than ever, company leaders can’t afford to enter battle in the 2020s using last decade’s weapons.

Types of Business Intelligence Tools

Check out these critical types of intelligence tools every business needs in the new decade:

1. Reporting

You may know where to find your data, but do you know what that data says? With smarter reporting tools, you can understand the insights lying hidden in your activities and use that knowledge to make better decisions for your company.

For example, many businesses rely on a group purchasing organization (GPO) to get access to discounts for supplies and services. The savings make a big difference, but businesses can save more by using business intelligence reporting tools to evaluate their spending patterns and see where they may be spending more than the industry average. GPO and software company Una offers a great spend visibility and procurement strategy tool to replace spreadsheets and make it easier for businesses to understand their financial positions.

2. Dashboards

Dashboards identify relevant information and present data in clean, easy-to-understand formats. For business owners and executives who spend hours poring over spreadsheets, a good dashboard tool can dramatically accelerate the decision-making process by highlighting the most relevant data points.

Because not all business leaders know how to code, Domo offers an excellent dashboard tool to connect to hundreds of data sources with no coding required. Users of Domo can drag and drop dashboard widgets to customize their views and use built-in tools to generate quick visualizations for presentations. The best business intelligence tools take away the manual labor of strategy so business leaders can focus on big goals instead of small headaches.

3. Predictive Analytics

Speaking of strategy, predictive analytics tools help businesses anticipate potential shifts and make proactive moves before the rest of the market responds. SAP, a major provider of business intelligence tools, offers predictive analytics software that can help leadership teams test theories before they try them in real life.

All businesses take risks, but smart businesses know how to minimize their exposure to fallout before they make a move. With predictive analytics, companies can let predictive models take thousands of shots at a new idea before implementing that idea across the business. Greater understanding of the risks, rewards, and challenges likely to arise along the way empowers companies to move quickly and confidently.

4. Data Exploration

Even the smartest business intelligence tools leave a few things to chance. Some tools extract helpful data but don’t know how to categorize it. Others may not handle data sourcing with as much power as the competition, but they can turn chaotic pools of data into more digestible chunks. In the era of business intelligence self-service options, data discovery tools allow businesses to model and examine their data through a smarter lens.

Looker takes a different approach to data exploration. Many business intelligence solutions require companies to staff data analysts. But Looker makes it easy. Anyone can use its in-browser tools and self-service portals. A smart modeling layer beneath the surface ensures that users see exactly what they need to see. This empowers them to drill down into important data sets. They have no need for a specialized education to understand how. Looker integrates with several major databases, such as HP Vertica and Oracle, so companies don’t have to switch up their back ends to use it.

5. Data Cleaning

Companies with no data are better off than companies with bad data. Your business intelligence suite may be smart. But not even the smartest tools can do everything themselves. Say you’re running accurate simulations on opening a new store in Paris, Texas. That won’t help you much when you try to drum up business in Paris, France.

Data cleansing tools prepare data sets for analysis. They get rid of false, incomplete, duplicated, outdated, and otherwise questionable data points. Smart tools can even fill in the gaps in incomplete entries. For example, they add the zip code on an address without one. Sisense is one example of a business intelligence tool with a variety of uses. It urges businesses to clean data thoroughly before relying on insights delivered by business intelligence tools. Sisense’s solution incorporates data cleaning into larger processes. So it generates more helpful suggestions and reports.

The pace of technological advancement continues to accelerate. New types of business intelligence tools will arise to meet new challenges. The tools get smarter. And the greater advantages go to the businesses that use them effectively. Keep an eye out for new types of business intelligence tools. And don’t be afraid to explore your options.

Image: Depositphotos.com

This article, “5 Types of Business Intelligence Tools You Didn’t Know You Needed” was first published on Small Business Trends

  • Trending
  • Comments
  • Latest

Amazon Seller Certifications Highlight Women and Veteran Owned Small Businesses

February 26, 2020
The Changing Role Of Airports IELTS Reading Answers

The Changing Role Of Airports IELTS Reading Answers

October 4, 2020
Techstars launches a digital space tech accelerator with USAF, the Netherlands and Norway

Teeoh’s avatar social platform aims to beat the odds

January 4, 2020
Best Hand Lettering Quotes For Inspiration

Best Hand Lettering Quotes For Inspiration

October 18, 2020
Spotify Ads Targeting Options

Spotify Ads Targeting Options

0
Red Dead Redemption PC is finally fixed, Rockstar promises

Red Dead Redemption PC is finally fixed, Rockstar promises

0
Techstars launches a digital space tech accelerator with USAF, the Netherlands and Norway

Techstars launches a digital space tech accelerator with USAF, the Netherlands and Norway

0
Techstars launches a digital space tech accelerator with USAF, the Netherlands and Norway

Crimson Tiring Redemption 2 PC gets a repair for stuttering – but it no doubt could perchance per chance also approach at a heed

0
Spotify Ads Targeting Options

Spotify Ads Targeting Options

January 28, 2021
Insider Attacks and How to Prevent Them

Insider Attacks and How to Prevent Them

January 27, 2021
Donald Trump Pardons Lil Wayne, Kodak Black, Kwame Kilpatrick, Roc Nation’s Desiree Perez And 139 Others

Donald Trump Pardons Lil Wayne, Kodak Black, Kwame Kilpatrick, Roc Nation’s Desiree Perez And 139 Others

January 27, 2021
More For Your Marketing Dollar

More For Your Marketing Dollar

January 26, 2021

Recent News

Spotify Ads Targeting Options

Spotify Ads Targeting Options

January 28, 2021
Insider Attacks and How to Prevent Them

Insider Attacks and How to Prevent Them

January 27, 2021

Categories

  • Business
  • News
  • Startups
  • Tech

Site Navigation

  • Privacy Policy
  • Disclaimer
  • Contact Us
  • Advertise
NEWSORZO

NEWSORZO is online business journal that focuses on providing news related to the business world, startups, economic developments and more.

© 2020 NEWSORZO - Online business journal that focuses on providing news related to the business world, startups, economic developments and more.

No Result
View All Result
  • Home
  • Business
  • Tech
  • News
  • Startups

© 2020 NEWSORZO - Online business journal that focuses on providing news related to the business world, startups, economic developments and more.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In