In this blog, we’ll explore BI features that are invaluable in the context of business growth. First, it’s important to define what BI technology is so you can determine if it’s the right fit for your company.
A BI platform utilises software that gathers and processes vast quantities of unstructured data from internal and external sources. This includes documents, images, videos, journals and much more.
Once this data has been gathered, BI tools help to analyse it and present data in reports, dashboards and visualisation charts. Thus, the data can be transformed into actionable insights and used to improve decision-making, speed up employee productivity, identify new market trends and increase revenue.
A key BI feature to be aware of is a dashboard, which allows data from a wide variety of sources to be viewed in a single location. A dashboard works through important data being collected via artificial intelligence (AI) automation and then being shown in an easy-to-understand format.
There are several advantages to having a data centralisation tool like a BI dashboard:
Reporting tools are another useful feature of modern BI systems. There are several types of reports within a BI platform, such as ranking, interactive and ad-hoc reports.
To be more specific, ranking reports let you quickly see the best and worst performing parts of your company, showcasing information such as products or marketing campaigns. Interactive reports may help to condense a huge quantity of information into a range of possible views.
It all depends on your preferences and there are many benefits to using reports:
In the context of BI, predictive analytics refers to using historical data and AI to predict what will happen in the future. The historical data is placed into a maths-based model that considers patterns and trends and is then applied to current data to see what could happen next.
BI systems have the power to set up these predictive analytic models through a combination of AI and machine learning. Once you’ve established the right controls and parameters for your models, you can train the software to continually grow and look to the future.
Other benefits of predictive analytics include:
These features are just a glimpse of the kind of capabilities BI software has. To see how these components work in real time, book a free Panintelligence demo today.