A shrewd corporate leader or marketer is the one who realizes the scheme of things, visualizes the big picture as well as future trends, and takes business decisions based on his/her judgment. However, given the continuous big-data explosion and bombarding of information, it has become quite a challenging task for business decision makers to take decisions without the assistance of big-data and business intelligent (BI) tools. Right decisions at the right time can make or break a fortune for enterprises, and that’s why it is of utmost importance to select the right BI tools as per the existing corporate requirements.
BI tools have been designed to assist global enterprises to glean valuable insights from their business sensitive data. An efficient and smart BI tool does not dump data in the face of an enterprise; instead it provides thorough guidance to an enterprise to take it to the next level. Following section highlights smart BI parameters or attributes that will enable enterprises in making the right choice when it comes to implementing BI tools.
Visualization is the prime attribute that enterprises are looking from their BI tool. For enterprises that are self-serving in nature, the ability to represent visual data becomes highly effective attribute as it greatly assists in minimizing IT dependency. Many infographic oriented BI tools enable businesses in extracting meaningful information in a visually appealing way from data chaos. Such representations (infographic-based) provide a welcome relief from confusing Excel sheets and charts. Ultimately, they lead to quicker decision making process.
2. Suggestive Intelligence
Suggestive intelligence points to the attribute of a BI tool to suggest enterprises the way forward. The suggestive attribute acts as an enterprise’s personal search engine, a smart and intelligent search engine; it can be used to suggest solutions and analyze patterns based on existing organizational data.
For example, if an enterprise wishes to analyze the reason behind the dismal sales performance for a specific month or specific time duration, the tool can suggest an enterprise with the names of people that can provide them with required answers or solutions.
Smarter BI tools enable organizations to reach out to the right people that can provide them with effective solutions without sending them on a goose chase or organizing meetings and conferences with their internal teams. For example, an infographic representing dismal or below expected sales in a particular region or country directs an enterprise to specific people in their organization having answers or solutions for the dismal sales performance.
Furthermore, an ideal BI tool delivers advanced collaboration features to speed up decision making. Whether an enterprise wishes to see any team member’s dashboard, analyze data, or discuss data infographic, it will be able to collaborate with their internal teams from within the system. Not only it provides quantitative and qualitative insights, but it also ensures that every team members are on the same page.
4. Drill-down data
An efficient BI tool must also have the ability to delve deep into an organization’s data and provide an organization with required information by applying source based, location based, time based, or other relevant filters. As the pressure to take real-time decisions is building up on global enterprises to remain ahead with respect to their competitors, the drill-down ability of a BI tool acts as a panacea for numerous data challenges. More advanced a BI tool is, more low level of information it can drill-down from data chaos.
5. Predictive Intelligence
The nature of majority of businesses is to change with time; businesses have always remained unpredictable. The nature of unpredictability throws surprises every now and then forcing enterprises to take a quick decision before it is too late. That is why the most efficient of BI tools incorporate the attribute of predictive intelligence. It helps organizations to predict future trends to take decisions faster than their competitors.
For instance, the feature assist data focused organizations such as call centers to search through silos of conversations in order to assign predictive score. It enables organizations to develop a personalized experience to their target audience, minimize customer churn, and enhance operational performance.
So which is an ideal tool to select?
Different BI tools possess different attributes mentioned above; the number of attributes provided by a particular BI tool varies from one service provider to another. Before opting out for any BI tools, organizations must prioritize first on business aspects that are highly important for them and their existing challenges.
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