Business Intelligence Solutions are applicable business insights, taken and analyzed from business data of relevance. These insights are important for a business to make efficient decisions. The companies that provide such services are called as Business intelligence utility providers. These companies tactically gather, structure and analyse data from various sources to conclude and collate the insights. Finally, the end results are given out in the mode of maps, tables, graphs, reports, etc. for easier interpretation. Data visualization, dashboards and data warehousing are the few tools that are incorporated in Business Intelligence Solutions.
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The following are the important hallmarks of Business Intelligence Solutions:
Through the What-If-analysis feature, the possible influence of subsequent business decisions can be predicted. It is also a method to analyse the rewards and risks involved in pursuing future business resolutions. This feature saves time and resources for the clients, since proper implementation of this technique helps avoid ‘trial and error’. Thus, by applying this method effectively, better business strategies can be formulated.
Interactive dashboard is the feature that provides a real-time holistic overview of all the necessary factors that could help a firm conclude their future decisions. Through these executive dashboards, it becomes simpler to set and track all the key performance indicators to monitor the progress of all the processes integral to a business. Such dashboards help to identify the bottlenecks in processes thereby making it possible to nip problems in the bud. These dashboards also enable data filtration and rapid actions by cutting down the response time.
This feature makes it possible for the users to generate reports based on specific categories. These reports help in identifying elements such as the finest and the worst performing campaigns, teams, products, locations, individuals and such. The well-defined options allow the users to incorporate various business dimensions and criteria for in-depth analysis.
Business Intelligence service providers can target specific geographies through geospatial mapping. This helps their clients take better business decisions. Knowing the geographical location will help enhance the clients’ engagement with their end- users in improved and more effective ways. This feature gives a thorough insight into the areas of rewards and losses to the business.
These reports condense huge amount of data into easy, interpretable and comprehensible details. This is the primary function of interactive reports. The users can easily detect any process anomalies or business trends for ensuring better business outcomes. Other features present in these interactive reports include time-series zooming, report drill-down, conditional formatting etc. which help the firms to conduct their business smoothly.
Relevant business insights can be drawn through pivot tables which help in structuring data. They enable various functions such as calculations, data sorting, result summary etc. These features help firms to better analyse their business information and predict trends in the market.
Apart from the above-mentioned features, user-specific security, metadata layer, ad-hoc reports, operational reports, open integration and the like are also the hallmarks of these Business Intelligence Solutions. By teaming up with well-established Business Intelligence service providers, businesses can obtain data to scale their business operations, raise profits and attain process efficiency.