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What is Business Intelligence (BI)? What are the Methods and Tools?

Business Intelligence Solutions

Business intelligence (BI) is the whole process and methods of processing data in a way that contributes to the determination of a company’s strategic and tactical decisions. Business intelligence tools access and analyze data sets and present analytical findings with tools such as reports, summaries, and graphics so that companies can base their decisions on more and more meaningful data. With business intelligence, it is aimed to quickly and comprehensively interpret big data of companies, identify strategic risk or opportunity elements, and improve internal services and processes.

Business Intelligence Methods

By combining business intelligence, technology and advanced statistics, it provides fast and effective meaningful results from data analysis for the service and performance of the company. The methods used by business intelligence in this process are as follows:

  • Data Mining: Database, statistics, and machine learning are used to uncover trends and build relationships in large data sets.
  • Reporting: Data analysis is shared with the relevant people in order to reach a conclusion or make a decision.
  • Inquiry: Asking questions about a specific data, the answers or the data itself are requested from the database.
  • Benchmarking: Past data are compared with current business processes and performance measurements.
  • Descriptive Analytics: Preliminary data are interpreted to explain business process and performance differences.
  • Statistical Analysis: Results are collected from descriptive analytics and the conditions and reasons for the realization of the trend are interpreted with statistical data.
  • Data Visualization: Data are presented with visual representations such as charts and graphs to make the analyzed data easier to understand.

Business Intelligence Tools

Business intelligence tools are diversified according to the specific business intelligence methods they provide and their features such as mobile business intelligence, cloud-based business intelligence, and open-source business intelligence. Although almost all business intelligence tools today provide all business intelligence methods, business intelligence tools that offer advanced options and features in certain business intelligence methods manage to stand out. The 8 most prominent business intelligence tools with their features and options are:

  • Microsoft Power BI: This business intelligence tool creates end-to-end and powerful business solutions by connecting to Office 365, Azure, Dynamics 365 and other applications on the Microsoft platform.
  • MicroStrategy: MicroStrategy offers users customized data visualization and real-time dashboard creation in a simple interface.
  • Oracle Analytics Cloud: The Oracle Analytics Cloud tool, which includes machine learning and artificial intelligence in the analytical process, also supports natural language queries and provides fast and clear answers.
  • Qlik: With its associative engine, which has artificial intelligence and machine learning capabilities, Qlik, which stands out with its cognitive engine, automatically correlates data with each other and offers context-sensitive insight suggestions.
  • SAS: SAS offers features such as sensitivity analysis, automatic chart creation, self-service data preparation, which enables data extraction from social media and other text sources.
  • Sisense: Using modern database technologies, Sisense offers all its business intelligence methods, including data preparation as web based.
  • Tableau: Offering special versions for departments and industries, Tableau stands out with its easy analysis and matching features of temporal data.
  • Tibco: Tibco, an AI-powered data visualization platform, offers machine learning-based data preparation to enable complex data models.

Advantages of Business Intelligence Tools

Business intelligence tools enable you to make your company’s strategy and tactical decisions more effectively and easily by presenting meaningful and detailed results from big data in a visualized way in a short time. In addition, these tools enable you to complete certain evaluation processes such as business and performance in a simpler and shorter time by performing business intelligence methods at the same time and increase operational efficiency.

Business intelligence tools bring many more advantages. With the business intelligence tool services and solutions, we offer as the expert Omreon team with 15 years of experience, you can immediately start taking advantage of the business intelligence tools your company needs. You can contact us to have more detailed information about business intelligence tools.