Do you know that 50% of teams and customers are more likely to employ business intelligence solutions after the epidemic than they were before? Yes, by 2025, this will be the case.
You might be thinking right now that you have no idea what tools you need to expand your business! Right? Today, I’ll go through the top seven business intelligence technologies to master and apply in 2022. But first, let me provide you some statistical information on business intelligence technologies.
5 interesting statistics about business intelligence tools
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Only 27% of CEOs stated that their data and analytics activities yield actionable information. (Accenture, 2020)
The organisation uses a total of 3.8 different business intelligence systems. (360Suite, 2021)
60% to 73 percent of all company data is never looked at. (Accenture, 2020)
The business intelligence industry is anticipated to be valued $39.35 billion by 2027. (Fortune Business Insights, 2019)
Microsoft Power BI will be the most popular BI software in 2021, with 36% market share. TrustRadius (2021)
Why should we utilise business intelligence software?
For instance, data discovery, which was previously only available to advanced analytics professionals, is now possible for anyone with these technologies. Furthermore, these tools give you with the information you require to succeed. These include things like expanding your business, forecasting future results, dealing with pressing difficulties, centralising all of your data, and much more.
Are there any restrictions to business intelligence tools?
They have, in fact. The top concern with BI tools is identified by 46 percent of vendors in the image below. It’s also adaptable. It indicates that the tools aren’t adaptable enough to work with.
Apart from that, it is evident that security vendors pose fewer problems. It implies that the instruments provide company security.
Problematic facts about business intelligence software:
Poor data quality, according to 34% of BI companies, is a major worry for their clients. Only 11% of BI customers agree with this. (2021, Bi-Survey.com)
Only 39% of consumers claimed their BI software has serious flaws. According to 22% of providers, users should have no severe worries. (2021, Bi-Survey.com)
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What will business intelligence tools’ market share be in 2021?
In terms of BI tools in 2021, there is one noteworthy issue to consider. That means, Microsoft Power BI was the most popular business intelligence software in 2021. It is also the most widely used BI software, accounting for 36% of the market. In addition, Tableau Desktop only has a 20% share of the BI industry in 2021.
As a result, we cannot deny that Microsoft Power BI will be one of the most popular tools in 2022. (Don’t worry; the reason for this is explained in the section below.)
The top seven business intelligence tools to utilise in 2022 are shown below.
Power BI by Microsoft
Microsoft Power BI is a company-provided business analytics product. It allows users to convert data into visuals and graphics, as well as examine and analyse data graphically. It also collaborates on interactive dashboards and reports and extends its company with built-in governance and security.
- There is no charge for the initial setup, and no training is required.
- It is possible to share reports and datasets.
- Real-time updates on dashboards
- Excel spreadsheets, web services, streaming data, on-premise databases, and other data sources might all be linked.
- Remote access is an option.
- Have natural language processing data visualisation technology.
- You can publish data directly from the service using the publish-to-web feature.
- Collaboration framework.
- Most apps and services use the REST API for integration.
Tableau Desktop is designed to assist people in making confident data-driven decisions. It is feasible to respond to queries more quickly, solve more difficult problems more quickly, and gain fresh insights more frequently.
With just a few clicks, Tableau Desktop connects to hundreds of data sources, both on-premises and in the cloud. This also makes getting started with analysis go more quickly. Interactive dashboards, drag-and-drop tools, and natural language searches enable users of all skill levels to quickly uncover actionable insights, all from a simple and appealing interface.
By swiftly creating sophisticated equations, reading statistical summaries, or grouping data to identify correlations, users may ask deeper questions.
Tableau’s purpose is to help people and companies become more data-driven. With an integrated platform, it promises to support the whole analytics journey, from data preparation to deep analysis to shared insights that propel the organisation forward.
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The Sisense data and analytics platform was created to make mashing data from many data systems straightforward. And then turn it into useful analytics tools that you can use everywhere.
It is also used by innovative startups and huge corporations such as GE, Nasdaq, and Philips, as well as organisations all across the world. By incorporating Sisense into their processes, they are able to expedite innovation and drive digital transformation.
Sisense gives users everything they need to successfully implement an analytics application strategy today. And whether the data is in the cloud, on-premises, or a hybrid of the two.
- Build a single storage for your data by securely connecting to cloud data warehouses and ingesting data.
- Combine live and cached data models to optimise speed and resource use.
- Compile data from a variety of sources to gain a complete picture of your business.
- A complete set of APIs and developer toolkits make it simple to construct and white-label.
- Attractive visualisations and interactive application components are created using a vast library of integrated widgets and approved add-ons.
- Set yourself apart from the competition with fully integrated, white-labeled analytics for on-the-go customers in the office or on mobile devices.
The MicroStrategy platform lacks a data warehouse when compared to other business intelligence solutions. The platform, on the other hand, connects to a number of third-party data warehouses. MicroStrategy Analytics Desktop is a free discovery and visualisation tool from MicroStrategy. It’s also not completely integrated with the rest of the platform.
MicroStrategy’s mobile and cloud features are important platform differentiators. Cloud services are unique in that they host the software in their own data centres and allow clients to maintain their data on-premise to minimise security risks.
Analytics is a business intelligence (BI) and self-service analytics solution. It assists businesses all over the world in evaluating huge amounts of data held throughout their organisations in order to make better business decisions.
Cloud SAP Analytics
It’s a cloud-based platform that combines planning, business intelligence, and predictive analytics into one app. It also provides for visualisation, planning, and forecasting. It connects to on-premise apps and data and is extremely fast. It was created using the SAP Cloud Platform.
Data connections to SAP Business Warehouse, SAP BusinessObjects BI Platform, SAP Business Planning and Consolidation, SAP SuccessFactors, Salesforce, and other data sources are available. The SAP HANA engine has an in-memory calculation engine that can perform many computations in real time, and geo-enriched data enhances visualisation possibilities.
Also see Tableau vs. Qlikview: Which Data Analytics Tool Is Better?
Analytics by Cognos
It’s an artificial intelligence-powered business intelligence platform that guides you through the whole analytics process, from discovery to execution. This BI tool provides new capabilities to all users, whether they are data scientists, business analysts, or non-specialists. It is also to carry out useful analysis that is linked to organisational objectives.
Actionable data insights can be seen, analysed, and shared by anybody in the company. It simplifies the transition from basic to sophisticated analytics for each user. As a result, they can utilise data to identify new connections, better understand results, and challenge the status quo.
Sense from Qlik
It’s a visual analytics and business intelligence (BI) platform with a wide range of analytic applications. Self-service analytics, conversational analytics, mobile analytics, interactive dashboards, customised and embedded analytics, and reporting enable a diverse set of users and use-cases throughout the data-to-insight lifecycle. The three versions of Qlik Sense are Enterprise, Business, and Team. It can be used locally or in the cloud.
The Qlik Sense analytics platforms aim to make data-driven decisions available to everyone in the organisation. People of all skill levels gain analytical skills through associative exploration and search, AI-powered insight suggestions, AI-accelerated production and data prep, analytics integration, and natural-language conversational engagement.
What businesses genuinely require these business intelligence tools?
Though business intelligence can be beneficial to any company, there are a handful that demand in-depth study to be competitive:
- Banking sector
- Financial industry
These companies are looking for data on trends, customer behaviour, and ways to strengthen their market position.
What types of people utilise business intelligence and analytics software the most? Business intelligence technologies are frequently used by upper management, such as the CFO, CEO, and CMO.
All relevant data is collected by business analytics and provided to the department’s leader. This is also useful for determining how and why the company’s strategy affects revenue and competition outcomes. These studies aid in the discovery of new markets, methods, or sales opportunities, as well as the identification of issues.
Decisions based on data-driven insights result in a 23 times higher possibility of client acquisition, a 6 times higher likelihood of customer retention, and a 19 times higher likelihood of profitability, according to McKinsey’s latest research.
Also see: The 5 Best Business Analytics Tools
“What Business Intelligence Tools Do You Need?” is the question of the day. This is, however, a strategic decision that must be made based on your company’s goals and skills.