5 Features of a Business Intelligence Solution to Look for

Having a business intelligence (BI) solution is essential for firms to keep ahead of the competition in the ever-evolving business climate of today. A full BI solution includes sophisticated features that may help firms analyze, interpret, and use their data in a strategic manner. Although many ERP packages come with basic reporting and dashboard capabilities. In this essay, we'll talk about five features of a BI solution should have.

Pre-built Analytics

One of the main benefits of a pre-built BI system is that it may greatly decrease the setup time and effort necessary to begin utilizing the solution. Key performance indicators (KPIs), reports, and metrics that are tailored to your industry and company demands should be included in a pre-built system. This enables you to get started fast and begin experiencing a return on investment (ROI) sooner.

Connecting Several Data Sources

You must be able to access and evaluate data from a variety of sources, including internal systems like ERP, CRM, and financial systems, as well as external sources like third-party apps and legacy systems, in order to acquire a thorough picture of your organization. A strong BI system should be able to quickly integrate and aggregate data from these many sources, giving you a holistic view of your company's activities.

Support for the Storage and Analysis of Historical Data

Making data-driven choices and identifying opportunities for development in your company may be made possible by analyzing data patterns over time. You may better comprehend your company's performance over long time periods with the use of a BI solution that allows for the storing of historical data and trend analysis. This feature makes it simpler to carry out more thorough historical studies by allowing you to save a lot of historical data from many sources.

Opportunities for Advanced Analytics

The capacity to undertake trend analysis to find statistical outliers, such as identifying fraudulent transactions, should be a feature of a sophisticated BI system. Moreover, the system should let you put up machine learning and sophisticated analytics algorithms to predict outcomes based on intricate, extensive data sets. You may use these sophisticated analytics to find insights that might not be seen using conventional analytical techniques, empowering you to make wise choices.

Near-Real-Time Analytics

For firms that need to react fast to environmental changes, having access to near-real-time information is crucial. The best BI systems should let you refresh data as regularly as every few minutes, however others only allow for nightly data refreshes. This function makes sure you are constantly up to speed with the most recent information, allowing you to make wise judgments as things happen.

Conclusion

A complete BI system needs to include pre-built analyses, the ability to link various data sources, support for historical data storage and trend analysis, allow for advanced analytics, and support for near-real-time analytics. You may acquire useful insights into your company's operations and make wise choices that can keep you one step ahead of the competition by choosing a solution that delivers these features.

Ricky is a graduate of computer science engineering, a writer and marketing consultant. he continues to study on Nano technology and its resulting benefits to achieving almost there.