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Maximizing the Power of Business Intelligence Tools: Functions You Need to Know
When it comes to supporting business operations, a reliable business intelligence (BI) tool is essential. To fully harness the power of these tools, it’s important to understand their functions and capabilities.
Business Intelligence Tool Functions
A successful BI strategy requires a clear understanding of how a company uses its data. At a minimum, there are four key functions of business intelligence tools:
1. Data Collection
A company must know where to gather data from customers and visitors and how to organize it in a way that can be easily analyzed.
2. Data Storage
With so much relevant data available, it’s crucial to store it in a way that’s accessible to stakeholders. Storage solutions must be updated to reflect changes in data so that a company can quickly act on insights.
3. Data Analysis
The core of BI is diagnostic and descriptive analytics, which explain where a business has been and why things are the way they are. Effective BI tools must be able to draw on stored data to perform various analyses.
4. Data Reporting
Data and analyses are only useful if they reach decision makers and other stakeholders. BI tools must convey insights and data in a way that’s easy to understand and act on.
Using multiple products and tools can be necessary to complete these steps and achieve the full benefits of business intelligence.
How a Business Intelligence Tool Supports Your Business
The ultimate goal of BI is to enable informed decision making. A company with a working BI strategy will have organized, complete, and accurate data that can be used to display historic patterns and assess the company’s overall health. BI tools can also identify issues and opportunities for improvement, and facilitate team organization.
With an understanding of the functions of business intelligence tools, it’s crucial to choose the right tool to maximize their benefits. Different BI tools and software come with a variety of features, so careful evaluation and selection is essential.