What Are the Primary Features of Business Intelligence Products?
An organization’s decision-making requirements are supported by a combination of tools, procedures, and technologies known as a business intelligence (BI) solution, which is used to collect, store, analyses, and make data accessible. BI systems often contain a variety of data sources, including operational, transactional, and external data. They also provide a number of entry points and analytical tools, including dashboards, reports, and interactive visualizations.
We’ll examine and compile a list of the essential features of a BI solution in this post. The essential features of a business intelligence solution are listed below.
The Interactive Reports
Their main job is to reduce enormous amounts of data to information that is simple to understand and can then be better interpreted. Users can have different perspectives to identify business trends and process irregularities for efficient company operations. They are assisted in this by features like report drill-down, conditional formatting, time-series zooming, etc.
Operational reports and ad-hoc reports are also included in the previously mentioned criteria. Business intelligence solutions also include essential features like open integration, metadata layer, user-specific security, etc.
forming a partnership with an honest business intelligence service supplier. Businesses may use data to improve workflow, boost revenue, and expand operations. These suppliers also assist their customers in developing tactical business plans and in making data-driven choices for greater commercial success.
Place-Based Intelligence
Business intelligence service providers assist their customers in developing business strategies for focusing on certain regions using geospatial mapping. It explains in detail why the company is succeeding in particular regions. while suffering failures in certain others. If the treatment is tailored to each geographic region, there is a chance for better interaction with end users and customers.
Dashboards with interactivity
Business executives may make future decisions with the aid of comprehensive, real-time overviews of all key aspects provided by interactive business intelligence dashboards. KPIs may be easily set up and tracked using executive dashboards to keep an eye on the status of any project or process. Dashboards may be used by users to identify process bottlenecks and take action to fix them. Dashboards speed up reaction times, provide data filtering, and encourage immediate action.
What-If Analysis
What-If analysis is a useful technique for forecasting the possible effects of future business decisions, as well as the risks and benefits associated with them. So, in a sense, it’s a critical exercise in the business’s strategy-forming process. Businesses may avoid the “trial and error” technique and save a significant amount of time and money by properly using this feature.
Pivot Tables
With the use of pivot tables, data may be organized in a way that will allow for the extraction of useful business insights. computations and data sorting functions. As a consequence, the overview includes a few pivot tables’ typical features. These are thus used by corporations to forecast market trends and evaluate corporate data.