We live in a data-driven economy, where informed business decisions are made after careful data analysis and critical evaluation and the success of any business big or small depends on this. This is why every organization relies on large amounts of data collection and analysis and to do this effectively it requires Business Intelligence Tools.
It is through a combination of business intelligence tools and business intelligence techniques, that a company can make informed decisions about its future and nowadays thanks to advancements in artificial intelligence and machine learning this has been made much easier. We now have tools that can transform raw data into actionable information that is deduced after careful analysis and can be used to make strategic decisions.
If you don’t know what business intelligence tools are or want to learn more about them then you are in the right place, as not only will we tell you about them, but also share our list of best BI tools for 2024 and with them, we will also share some effective business intelligence techniques.
What are Business Intelligence Tools?
A BI tool is a software platform that is designed to collect vast amounts of data through various resources, process and analyze it, and then convert it into an intelligible form that can be used by an organization to make informed decisions. BI tools utilize visualization tools and dashboards to present the data, so it can be more easily understood by the human operator.
Some of their key features include:
- Data visualization: Visual representation of data through graphs and flowcharts.
- Data mining and reporting: Extracting data and creating reports.
- Data warehousing: Organizing and storing the large volumes of data collected.
- Data querying: Allowing the operator to manipulate the data and make queries.
- Predictive analytics: Utilizing historical data to make future predictions.
Best BI Tools for 2024
New and improved business intelligence tools are introduced in the market every day and a lot of progress and innovation has been made in this sector, since the introduction of AI. So, choosing the right BI tool from such a variety can be difficult, but we have made this choice easier with the following suggestions.
Microsoft Power BI
Microsoft has really outdone itself with its Power BI tool and it still remains one of the top BI tools in 2024. It gets this edge over its competitors, thanks to its data visualization capabilities and of course, it doesn’t hurt that it can easily integrate with all other Microsoft tools.
Its key features include.
- Interactive drag-and-drop interface.
- Cloud computing capabilities.
- Real-time analysis and update feature.
- Integration capability with other Microsoft applications.
Tableau
Tableau is another effective BI tool that is known for its interactive dashboards. Especially since the augmentation of AI, it can provide insight into data, unlike most other business intelligence tools. Best of all its interface is easy enough to be used by most nontechnical users.
Its key features include.
- Strong AI-powered analysis and decision-making capabilities.
- Robust community support is available at all times.
- Easy Integration and data visualization abilities.
Qlik Sense
Qlik Sense is one of the most recommended BI Tools for 2024 and this is thanks to its associative data engine. This key feature allows you to analyze the data, without needing to use predefined queries, and similar to Tableau it has also integrated AI into its data analysis process.
Its key features include.
- Ability to generate own reports and dashboards.
- Flexibility in data exploration and modeling.
- Strong mobile support and responsive dashboards.
Sisense
Sisense is another great BI tool to look at thanks to its ability to handle large data sets and integrated analysis abilities. This allows users to directly embed Sisense into their applications. Sisense is also known for its strong security features, which is necessary considering the large amounts of data being handled.
Its key features include.
- Seamless integration into other applications.
- Strong security features for sensitive data handling.
- Scalable architecture for big data.
Domo
Domo as a business intelligence tool is known for its cloud-based computing capabilities, which is especially useful for businesses that require data on the go. This mobile-first approach has made it really popular with fast-paced, data-driven individuals and organizations.
Its key features include.
- Cloud-based real-time data analysis and updates.
- Notifications and alert features in its mobile-first model.
- Strong security features and user-friendly interface.
Best Business Intelligence Techniques
Business intelligence tools can take you only so far and for real progress and success in business, you need to utilize effective business techniques in combination with your tools. Here is our list of some key business intelligence techniques that you should consider using.
- Predictive Analytics: This technique involves using the collected historical data to make future predictions. In the past, this may have been a difficult prospect with plenty of loopholes but now AI and MI algorithms have bridged this gap and predictive analysis is the key to long-term success.
- Data Visualization: To understand and make sense of large amounts of data is an ability that is not in everyone’s wheelhouse. But before an informed decision can be made, information must be analyzed and it can be done more easily through visualization, like charts and graphs.
- Augmented Analytics: Here again we use business intelligence tools, as without AI and ML augmented analytics is next to impossible or at least very time-consuming. However, it is necessary for easier decision-making as it gives organizations insight and helps non-technical users make sense of the data.
- Real-Time Analytics: As mentioned, before we live in a fast-paced data-driven economy and the speedy availability of analyzed data is almost as important as the analyzed data. That is why most of the analytics is done in real-time for timely decision-making and faster response.
- Data Governance: It is simply not enough to gather large amounts of data; it also needs to be handled responsibly. Moreover, organizations also have to take privacy and security concerns into account and that is why responsible data governance is an important principle in any business.
