With 2021 upon us, businesses are looking for new ways to stay competitive. One of the best ways to compete is by using business intelligence tools.
As business intelligence is a new concept, many companies have failed to embrace it fully. In simple words, it refers to the management of a specific subset of data that enables companies to generate meaningful insights.
Data is king in the world of today. However, data in itself is not useful. It all comes down to how you make use of it. This post takes a close look at business intelligence and how you can use business intelligence tools to stand out in 2021.
What is Business Intelligence?
Business intelligence is the process through which an organization collects, organizes, and contextualizes data to make sense. Although the term was first coined in the 1960s, it has only become popular today.
When it comes to business intelligence, it involves a diverse range of data-relate activities such as querying, visualization, reporting, and data mining.
The fact is that business intelligence means something different for every company. However, at its core, it focuses on the collection, management, and analysis of data to derive business insights. To take advantage of business intelligence, you have to use business intelligence tools.
What Are Business Intelligence Tools?
Business intelligence tools are applications used for gathering, processing, analyzing, and visualizing a large volume of past, present, and future data to drive actionable business insights and simplify decision-making.
These tools consist of key features like data centralization, data management, visualizations, and automation to refresh the data and distribute dashboards. You can also use the tools to utilize predictive analytics and automated reporting features.
To better understand the power of business intelligence tools, you have to consider their benefits.
Benefits of Using Business Intelligence Tools
1. Compile All Relevant Data
Whether you are running a software company or any other business type, you are most likely to use different portals, databases, APIs, flat files, CRMs, and ERPs to collect data.
To manage data from all these sources, you must have a high level of data intelligence to better understand the information collected.
A higher understanding of the data is where business intelligence tools come into place. It allows you to compile all relevant information to centralize the information.
2. Help Unlock Data Access
With business intelligence tools, each person at the organization would be able to explore the data without requiring an expert’s help.
This feature would help reduce the dependence on the IT department. Thus, the company would save valuable time and resources.
3. Take Decisions Based on Predictions
Even though you might think that you should follow your intuition, it is always better to make decisions based on predictions.
Business intelligence tools offer predictive analytics, which you use for generating insights into the future. This benefit would make it easier for you to make decisions.
4. Eliminate Manual Tasks
When you use business intelligence tools, you get to eliminate manual tasks. For instance, you would not need to prepare the report on your own as the process will be automated, which makes the tools very useful.
How Can You Use Business Intelligence Tools?
Now that you have a better idea about business intelligence tools, you will find it a lot easier to understand how you can use them to remain competitive in 2021.
1. To Stay Notified of Targets and Anomalies
To compete in 2021, you need to bring your A-game, which is only possible by using BI platforms like ClciDaat to stay notified of targets and anomalies. This highly-rated tool allows you to connect the data from different sources to utilize advanced analytics features and stay ahead of the pack.
The best thing about the business intelligence tool is that it is designed for various platforms, functions, and industries. You can enter the desired values and create powerful dashboards and charts for staying alert about the latest updates.
To remain competitive, you need to be aware of whenever your targets are achieved and if anomalies appear. With ClicData, you get to drag your KPIs to see how your graphs and charts transform.
The business intelligence tool leverages artificial intelligence to alert businesses when an anomaly occurs.
By staying notified, you will be able to capitalize on opportunities before anyone else, which would allow you to establish your presence in the market.
2. To Learn About the Latest Trends
If you want to thrive in 2021, you need to keep up with the latest trends. To know about the emerging trends in your industry, you need to use SAS Business Intelligence. It is the ultimate business intelligence tool that focuses on easy analytics and visual data exploration.
Through data exploration supported by machine learning, you can use the business intelligence tool to learn more about the latest trends. The software provides you with meaningful insights that you can use for staying in the game.
As you do not have the time to sit around for another company to take advantage of the most recent trends and drive you out of business, you have to use the tool. It is very easy to use.
Dive deeper with visual data exploration. It takes a close look at trends that you might have otherwise overlooked.
3. To Come Up with New Products or Services
Customers today are impatient. They are always on the lookout for the next best product or service.
If you want to become a market leader in your industry, you need to give Clear Analytics a try. It is a powerful business intelligence tool that consolidates data to help you identify a new niche.
As the tool consolidates data from both internal and external systems, it allows you to develop new products and services. This feature makes it an incredibly useful software application.
You can use it to keep an eye on the market and to determine if there is a missing product or service that you can provide.
Clear Analytics offers a full audit trail that enables you to learn everything about the data, which provides you with information to launch products before your competition. It does not get better than this. There is a lot that you can do with this business intelligence tool.
Identifying new products and services that you can develop for your target audience just got easier with Clear Analytics. The tool does everything for you. All you have to do is run analytics.
4. To Boost Investment Opportunities
To succeed in 2021, you need to keep investments flowing. If investments run out, you will end up suffering from liquidity issues. To ensure the continuity of capital, you need to continue to attract new investors to boost investment opportunities.
A powerful business intelligence tool that will help you gain investment is SAP Business Objects. It is the perfect tool for data visualization, analysis, and reporting. Thus, you should have no trouble creating live presentations and convincing investors to take an interest in your endeavors.
One can even use hybrid analytics for connecting to on-premise systems. Leverage data from HR, IT, customer support, digital supply chain, and CRM to attract more investors and boost investment.
There is a reason why millions of people use SAP. Hence, it should be reason enough to give SAP Business Objects a try.
To keep funds flowing, you have to cater to potential investors and encourage existing investors to invest in your business venture actively, which is possible with SAP Business Objects.
5. To Develop an Effective Business Strategy
Finally, you can also use business intelligence to stay competitive by using Domo to develop an effective business strategy.
Domo is a powerful business intelligence solution that consists of multiple systems. It can be used for your ETL tools, warehouses, and data lakes to prepare predictive modeling.
The tool connects all the data across the enterprise and utilizes artificial intelligence capabilities for helping users develop new strategies.
If you are struggling with business strategy development and want to make sure that you develop the most effective strategy, you can use Domo to simplify the process.
With the software’s complex business intelligence enterprise reporting system, you can count on Domo to help you with the overall company strategy.
The self-service dashboards allow you to build the perfect dashboard to assess risks and determine what would work best for you.
If you have a few business ideas, you can enter them into the business intelligence tool to visualize the possible results. This feature would enable you to decide which business idea would be most likely to be successful.
Takeaway – Use Business Intelligence Tools to Beat Competition in 2021
Business intelligence is the future. It is here to stay. If you want to come out strong in 2021, you must use business intelligence to its full potential. From staying updated to developing effective business strategies, you can use business intelligence tools to experience explosive growth in 2021.