Business Intelligence (BI) refers to any software, technology or application that helps with data analysis and delivers key business insights. The main purpose of a BI tool is to empower business users to take informed business decisions based on the insights derived. Business intelligence solutions use data for predictive analysis.
Data analytics, on the other hand, is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information. The main aim is to convert unstructured data into a comprehensive format. It aids in reporting and quantitative analysis.
BI tools are applied by various organizations to improve their decision-making abilities, perform data-mining tasks, analyze business information, create reports, and enhance operational abilities.A major aspect of business intelligence is data analysis and reporting. Raw and unstructured data is presented in an easy to understand manner in the form of graphs, tables and charts. Almost every leading BI tool in the market offers Self-Service Data Analytics. This removes any dependency on IT professionals or data experts. Users can perform queries and generate reports on their own, with nominal IT support.
In the traditional business setup, preparing data for analysis was a time consuming process that could only be performed by the IT team. Data, extracted and integrated from various sources,needed to be analyzed. In that scenario, the IT team or data analysts took up weeks or even months to integrate all the data sources. With the aid of Self-Service Data Analytics, BI tool users can integrate all data sources on the fly independently. There is no IT assistance required. Users have the access to explore, manipulate and merge data integrated from multiple sources.Organizations can use this data to test theories and hypotheses, analyze changes in consumer buying behavior, anticipate changes in the competitive landscape and otherwise leverage data for analytical purposes.
The main benefits of using business intelligence for data analysis are:
- Understand your data at a glance
BI tools can convert rows and rows of unstructured data into simple graphs and charts. Users can find insights among multiple datasets from different sources. This helps them to quickly identify patterns and trends. A BI tool ensures that everyone in the organization can understand the insights derived from data analysis.
- Identify risks and opportunities
BI tools allow you to view all of your data in a single view. With the help of drill down menu, users can gain a deeper understanding of all information. You can perform “what if” analyses visually, identify trends and react quickly to actual results. Users can discover opportunities for more efficiency and recognize potential risks before they impact your business.
- Make decisions based on data, not opinions
Using a BI solution, users can share reports and dashboards within the team to get everyone on the same page. They can analyze data in a way that allows clear insights to emerge. BI tools can predict the outcome of different options, and use visuals to extract the most relevant solution. This helps in decision making.
EasyReports BI tool is among the leading business intelligence solutions in the market. Thanks to its real-time data integration capabilities with Tally ERP9. Users can select and analyze data to make timely and accurate decisions. It delivers key business insights which help organizations to make informed decisions about future business strategies. EasyReports BI offers affordable analytical and reporting solutions, primarily targeted to small and medium sized companies.
If your organization also wants to adapt a BI tool for data analysis, get more information on www.easyreports.in