Do you know that after the pandemic, 50% of teams and customers are more inclined to use business intelligence tools than previously? Yes, this will be going to happen by 2025.
Now, you might be thinking that you are unaware of what tools you need to use to grow your business! Right? Today, I will discuss the top 7 BI tools to learn and use in 2022. But before that, let me familiarise you with some statistical facts about business intelligence tools.
5 Cool statistical facts about business intelligence tools
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Only 27% of CEOs claimed their data and analytics efforts result in actionable insights. (2020 Accenture)
The specific company employs 3.8 distinct business intelligence solutions. (2021, 360Suite)
60-73% of all business data is never examined. (2020 Accenture)
By 2027, the BI market is expected to be worth $39.35 billion. (2019, Fortune Business Insights)
In 2021, Microsoft Power BI will be the most used BI software, with 36% of the market share. (2021 TrustRadius)
| Why do we need to use business intelligence tools? For starters, data discovery, which was previously limited to advanced analytics professionals’ ability, is now something that anybody can perform using these tools. Not only that, but these tools provide you with the information you need to achieve things. And these are like growth, estimating future results, handling pressing issues, centralising all of your data, and much more. |
Do business intelligence tools have any limitations?
Yes, they do have. In the below image, you can see that 46% of vendors face the top problem with the BI tools. And it is flexible. It means the tools are not flexible enough to work with.
Apart from this, it is clear that the fewer problem vendors are security. It means the tools offer security to the business.
Highlighting problematic facts of business intelligence tools:
According to 34% of BI organisations, poor data quality is a big concern for their clients. Only 11% of BI clients agree with this. (Bi-Survey.com, 2021)
39% of users said their BI software has no severe faults. Users should have no serious concerns, according to 22% of suppliers. (Bi-Survey.com, 2021)
What about the market share of the business intelligence tools in 2021?
Well, there is a highlighting point to consider about BI tools in 2021. That is, in 2021, Microsoft Power BI was the most popular BI software. And it is the most used BI software, with 36% of the market share. Along with this, in 2021, Tableau Desktop only has a 20% share of the BI market.
That is why we can not deny the fact that the Microsoft Power BI tool is one of the most preferred tools in 2022. (Do not worry, we have explained the reason for this in the below section).
List of top 7 business intelligence tools to use in 2022
Microsoft Power BI
Microsoft Power BI is a business analytics solution provided by the company. It enables users to turn data into visuals and graphics and graphically study and analyse data. Moreover, it collaborates on interactive dashboards and reports and expands with built-in governance and security across its company. As a Microsoft product there is a well established supply chain of support and training providers if you would like to attend a training course to boost your skills.
Characteristics
- Initial setup is free, and no training is necessary.
- Reports and datasets are possible to share.
- Dashboards with real-time updates.
- Excel spreadsheets, online services, streaming data, on-premise databases, and more may all be connected.
- Remote access is possible.
- Have data visualisation technologies that use natural language processing.
- With the publish-to-web capability, you may publish data straight from the service.
- Framework for collaboration.
- REST API is used to integrate with most apps and services.
Tableau Desktop
Tableau Desktop aims to help individuals make confident data-driven choices. It is possible to answer questions faster, solve more difficult issues more readily, and discover new insights more often.
Moreover, Tableau Desktop links directly to hundreds of data sources, both on-premises and in the cloud, using just a few clicks. This also makes it quicker to get started with analysis. Users of all skill levels may immediately uncover actionable insights thanks to interactive dashboards, drag-and-drop features, and natural language searches, all from a simple and attractive interface.
Users may ask deeper questions by quickly generating complex computations, reading statistical summaries, or grouping data to uncover correlations.
Tableau’s mission is to assist individuals and businesses in becoming more data-driven. It intends to enable the complete analytics journey, from data preparation to deep analysis to shared insights that move the business ahead, with an integrated platform.
Sisense
The Sisense data and analytics platform is designed to make it simple to mashup data from all across the data platforms. And turn it into meaningful analytics apps that can deploy anywhere.
Moreover, it is being used by innovative startups and large companies such as GE, Nasdaq, and Philips and organisations worldwide. And it uses to accelerate innovation and drive digital transformation by integrating Sisense into their operations.
Sisense provides users everything they need to execute an analytics application strategy today successfully. And it would be whether data is in the cloud, on-prem, or a combination of both.
- Securely connect to cloud data warehouses and ingest data to build single storage for your data.
- To improve speed and control resource use, use a combination of live and cached data models.
- Combine data from various sources to get a comprehensive picture of your company.
- You can easily build and white-label with a comprehensive set of APIs and developer toolkits.
- The extensive library of integrated widgets and approved add-ons create attractive visualisations and interactive application components.
- Differentiate your goods and services with completely integrated, white-labelled analytics for on-the-go consumers at the office or on mobile devices.
MicroStrategy
Compared to Other business intelligence tools, the MicroStrategy platform does not have a data warehouse. However, the platform interfaces with a variety of third-party data warehouses. MicroStrategy has created MicroStrategy Analytics Desktop, a free discovery/visualisation tool. And it isn’t fully connected with the rest of the platform.
MicroStrategy offers significant mobile and cloud capabilities, both platform differentiators. The cloud services are unusual because they host the software in their own data centres and allow clients to keep their data on-premise to reduce security risks.
Analytics is a self-service analytics and Business Intelligence (BI) tool. It helps businesses worldwide to evaluate massive volumes of data held throughout their companies to make better business decisions.
SAP Analytics Cloud
It is a cloud-based platform that combines planning, business intelligence, and predictive analytics into a single application. Moreover, it allows visualisation, planning, and prediction. This is extremely fast, and it connects with on-premise apps and data. It’s designed on top of the SAP Cloud Platform.
Data connections to various data sources are available, including SAP Business Warehouse, SAP BusinessObjects BI Platform, SAP Business Planning and Consolidation, SAP SuccessFactors, Salesforce, etc. Geo-enriched data enhances visualisation possibilities, and the SAP HANA engine has an in-memory calculation engine that can conduct many computations in real-time.
Cognos Analytics
It is an AI-powered business intelligence platform that helps you through the whole analytics process, from discovery to implementation. Every user, whether a data scientist, a business analyst, or a non-specialist, has the additional ability along with this BI tool. And it is to execute meaningful analysis that is tied to corporate goals.
Anyone in the business can see, analyse, and share actionable data insights. It streamlines each user’s path from basic to advanced analytics. That is why it allows them to use data to discover new linkages, better understand outcomes, and question the status quotations.
Qlik Sense
It is a visual analytics and business intelligence (BI) platform that covers a variety of analytic use cases. Self-service analytics, conversational analytics, mobile analytics, interactive dashboards, bespoke and embedded analytics, and reporting enables a wide range of users and use-cases across the life-cycle from data to insight. Qlik Sense Enterprise, Business, and Team are the three versions of the system. It may be used on-premises or in the cloud.
The Qlik Sense analytics systems strive to make data-driven choices accessible to everyone in businesses. With associative exploration and search, AI-powered insight suggestions, AI-accelerated production and data prep, analytics integration, and natural-language conversational engagement, people of all skill levels gain analytical skills.
What businesses actually need these BI tools?
Though business intelligence may be useful to any industry, there are a few industries where a thorough analysis is required to carry out to be competitive:
- Retail
- Banking industry
- Financial sector
These businesses aim for information on trends, client behaviour, and methods to improve their market position.
Who are the most common users of business intelligence and analytics software? Upper management, such as the CFO, CEO, and CMO, is often the final consumer of Business intelligence tools.
Business analytics collect all necessary data and provide it to the department’s leader. This further uses to understand how and why the company’s strategy affects revenues and the outcomes of competitors. These studies help in the identification of issues as well as the discovery of new markets, methods, or sales prospects.
According to McKinsey’s newest research, decisions based on data-driven insights result in a 23 times higher chance of customer acquisition, a 6 times higher likelihood of customer retention, and a 19 times higher likelihood of profitability.
| Also Check: Top 5 Business Analytics Tools To Prefer |
Final Thought!
Today, the question is, “What Business intelligence tools do your organisation require?” However, this can be a strategic choice that must be based on your company’s needs and capabilities.
Provide a thorough examination and comparison of current products to see if they meet your requirements and have the potential to support other technologies. In any case, if you don’t find the right match for your business, You can contact experts to create it from scratch for you.
