The Importance of Business Intelligence (BI)
Business Intelligence (BI) is data visualization, analysis, and reporting software that provides a central platform for bringing data together and performing valuable analytics to boost business performance. While data visualization and data warehouse have a lot of reliable software solutions to choose from, BI Analytics depends on your existing business systems and infrastructure. In order for business analytics to provide deep and effective insights, it is important that the data is clean, transformed, understood, and correlated.
Choosing the right analysis tools to fit your business strategy is crucial. Entrepreneurs, startups, and businesses should not hesitate to find the right data analysis platform that suits their size and budget. A large number of SMBs are eager to take advantage of big data analysis tools because the value created by such software puts them on a level playing field with larger companies and creates a level playing field. Moreover, by utilizing Think Data Group insights, these businesses can accurately utilize available data optimally.
The big data market reaching an estimated value of $103 billion by 2023 | Saasscout.com
Getting Started with Power BI
Products like Microsoft’s Power BI offer good data visualization, data analysis, mobile accessibility, and analytical reporting, but are not designed to extract, transform and load data. Microsoft Power BI enables startups and small businesses to collect, analyze, and visualize data to gain actionable insights. A growing number of SMBs use Power BI and Microsoft Connect models to visualize and share data across companies.
Power BI from Microsoft is a set of business analytics tools for analyzing data and exchanging information. Power BI dashboards provide a 360-degree view to business users and have all of a company’s key metrics in one place, updated in real-time, and available on all devices. Dashboards make it easier to find answers with intuitive experiences such as automated information and queries in natural language.
Microsoft Power BI is a web-based business analytics tool suite for Excel and data visualization. It includes Power Query and Power Map to combine Big Data Analytics with the Office 365 suite. Creating panels is easy with hundreds of connections to popular business applications, and comes with pre-designed panels to help you get started quickly.
Users can receive real-time data feeds to intuitive dashboards and reports. Quick Insights is a great feature of Power BI that enables end-users and employees to search quickly for information in any data set or report. The tool has several BI features, including mining data, sending alerts, and more. The direct query mode allows you to access the data set in real-time to see how business processes are handled. The data can be used to develop interactive visual reports that change in real-time.
Fig1: Big Data Market Share by Countries
Advantages of Big Data
Big data can help reduce operating costs, increase productivity, develop new products, create a better atmosphere for decision-making, and fight fraud. Big data software makes a significant contribution to improving the delivery process for customer services. It helps to increase overall effectiveness and, as a result, companies benefit from cost reductions.
In a recent survey by NewVantage and Syncsort, Big Data analytics helped cut spending by 59.4%. A full 66.7% of companies confirmed that they use Big Data analytics for meetings and operations to reduce costs. These tools have high-speed operating capabilities that enable companies to make quick decisions. In a study by Syncsort, 59.9% of companies use reliable software such as Hadoop to increase production. With Big Data statistics contributing to increasing the overall effectiveness of operations and personal productivity.
In 116 companies, executives use big data tools to find new ways to innovate. Keeping up with market trends and developing innovative products is the primary advantage of Big Data. This helps companies understand their customer’s purchasing habits and develop production plans and continuous product innovations. Big Data analytics can also be used to understand changing market conditions. A better understanding of data helps companies to match and beat their competitors. A study of 362 companies carried out by NewVantage confirms the effectiveness of this tool in decision-making.
This provides important input for understanding patterns of fraudulent activity and developing different algorithms based on machine learning. Big data plays an important role in the financial industry as a possible standard for detecting fraud. It enables financial institutions to act quickly and effectively to prevent possible fraudulent activity before it occurs.
BI Reporting
BI tools include financial dashboards, report templates, and notifications to help SMBs understand the mountain of unstructured data they collect. The self-service Business Intelligence Platform is an independent software solution for enterprise users that enables analysis, visualization and sharing of valuable data and insights in real-time. In particular, the Power BI offers reporting, analysis, data visualization, analysis applications, office integration, and mobile analytics.
Power BI is a self-service business analytics service that enables you to connect and visualize data in a unified and scalable platform to make informed decisions about your business. With simple-to-use dashboards, interactive reports, and visualizations, it connects users to a wide range of data to bring it to life.
It’s estimated 97.2% of companies are starting to invest in big data technology | Saasscout.com
Final Thoughts
Power BI makes it possible to visualize and analyze data faster, more efficiently, and in a more understandable way. It has numerous ready-made visualizations that allow you to add more custom visualizations and presents real-time data reports in attractive formats. BI tools also help with budgeting, forecasting, and predictive analysis and give SMBs the opportunity to grow and expand. Power BI is one of the best business intelligence tools, providing automated data integration, supply chain analytics, and visualization in one solution, making it a convenient option for supply chain management. In all, BI tools cover a variety of different solutions including intensive analysis, data mining, text mining, predictive analysis, and of course big data analytics.
