Best Business Intelligence Platform: A Comprehensive Review

In the ever-evolving world of business, information is power. And when it comes to harnessing that power, there’s no better tool than a Business Intelligence Platform. A good business intelligence platform transforms data into clear, concise dashboards that empower decision-making.

But let’s face it: not all business intelligence platforms are created equal. Some are as dry as a desert, leaving you parched for meaningful insights. Others are as confusing as a Rubik’s cube, leaving you scratching your head in frustration. Looking for a business intelligence tool that’s lined up with your goals, business and budget?

But with so many options, how do you find the Best software for business intelligence?

It’s all about features: intuitive user interfaces, customizable dashboards, real-time data updates, and powerful visualization tools.

This best-in-class platform allows you to analyze, visualize, and explore your data like never before. You’ll uncover hidden patterns, identify trends, and make data-driven decisions with ease.

The journey to data nirvana starts here with the Best software for business intelligence.

Table of Contents:

1. What is the Best Business Intelligence Platform?
2. Understanding BI Tools from Microsoft
3. How Microsoft Business Intelligence Works?
4. Why Use Business Intelligence Analytics Tools For Business Purposes?
5. Top 5 Business Intelligence (BI) Analytics Tools
6. Which Business Intelligence Platform is Best For You?
7. Criteria For Choosing a Business Intelligence Analytics Tool
8. Benefits of Using the Best Business Intelligence Platforms
9. Steps For Reporting in Business Intelligence Analytics Software
10. Wrap Up

What is the Best Business Intelligence Platform?

Definition: Selecting the best business intelligence platform hinges on individual needs and preferences. Each platform has a distinct array of functionalities, encompassing dynamic visualizations, comprehensive data analysis, and user-friendly interfaces for the dashboard. Therefore, it is crucial to consider various factors like automation capabilities, data management proficiency, integration options, and usability.

A prudent approach involves carefully evaluating these aspects and conducting a comparative analysis of the available platforms. Doing so lets you ascertain the most suitable fit that aligns with your requirements and objectives.

When exploring the diverse landscape of business intelligence solutions, such as Looker vs Power BI, prioritize the features and capabilities that matter most to you. Ensure that the chosen business analytics software meets and exceeds your expectations.

Understanding BI Tools from Microsoft

Business Intelligence (BI) Analytics Tools are modern software applications and stages intended to accumulate, investigate, and visually represent data, empowering associations to remove significant experiences for data-driven decision-making. These tools are vital in transforming raw data into noteworthy data, cultivating an information-driven way to deal with forming business strategies.

The core features of BI analytics tools include consistent coordination of data from different sources, advanced abilities for information examination, easy-to-understand representation utilizing charts, predictive analysis for future projections, self-service analytics capabilities that empower non-technical users, adaptable responsiveness, robust security controls, and collaborative features for team engagement.

Striking instances of BI functionalities instruments incorporate:

1. Microsoft Power BI
2. Scene
3. QlikView
4. Looker
5. IBM Cognos
6. SAP Business Objects
7. Domo
8. Google Data Studio

These tools are flexible, taking care of many ventures and areas, helping associations outfit information to acquire an upper hand and encourage business achievement.

How Microsoft Business Intelligence Works?

Business intelligence involves collecting data from multiple resources and presenting it using visualizations like charts and dashboards. Power BI For Mac utilizes technologies that enable the processing of large datasets and data analysis, ensuring data integrity and consistency.

The derived insights can be used for business decisions as they’re based on accurate data. Here is a breakdown of how business intelligence works:

• Data Collection

Data is imported from various relevant data sources. Some of the data sources include databases, web analytics, spreadsheets, ERP systems, financial data, and sales data.

• Data Transformation

The collected data is then transformed and incorporated into a consistent format. This provides consistency and compatibility across several sources. This stage also involves data cleaning, validation, and transformation. This helps to maintain consistency, accuracy, and compatibility across several data sources.

• Data Analysis

Once the data is transformed, it is analyzed to discover patterns, trends, relationships, and inconsistencies.BI techniques that may be used include statistical analysis, data visualization, and other analytical tools.

• Data Visualization

The analysis results are then presented in an understandable format, such as charts, graphs, dashboards, and reports. This enables users to identify key insights at a glance.

• Data Reporting and Interpretation

Here, trends, patterns, inconsistencies, and gaps are identified. The insights and analysis are shared with the appropriate parties via reports and dashboards. This provides insights to decision makers who then come up with solutions based on the data.

• Decision Making

Decision-makers use the provided insights to make informed business decisions, develop strategies, and drive organizational success.

• Monitoring and Evaluation

This involves implementing and monitoring the decisions made. It is necessary to have monitoring and feedback mechanisms to track Key Performance Indicators (KPIs). This shows whether the solutions proposed are effective and leaves room for future adjustments.

Why Use Business Intelligence Analytics Tools For Business Purposes?

The best Business Intelligence (BI) analytics tools offer many advantages that make them indispensable for modern businesses. Here are some reasons why using BI analytics tools is crucial:

1. Data-driven decision-making: BI analytics tools enable you to base decisions on accurate and up-to-date information rather than intuition or assumptions. This leads to better strategic planning, improved resource allocation, and more informed choices.
2. Enhanced visibility: BI analytics tools provide a comprehensive view of business operations by consolidating data from various sources. This visibility helps in trend analysis, outliers, and areas needing attention, fostering proactive management.
3. Performance monitoring:  Business Intelligence Program allow real-time monitoring of key performance indicators (KPIs) and metrics across departments. This helps in tracking progress towards goals and promptly addressing deviations.
4. Resource optimization: Analytics tools enable efficient allocation of resources by identifying areas of excess or shortage. Consequently, it helps with cost savings, improved productivity, and streamlined processes, including the cost of living comparison method.
5. Predictive analytics:  Business Intelligence analytics tools can predict future trends and outcomes by analyzing historical data. This aids in forecasting demand, identifying potential risks, and exploiting opportunities before they arise.
6. Competitive edge: Businesses that use Business Intelligence can swiftly adapt to market changes and emerging trends, gaining a competitive advantage. This agility ensures that decisions are aligned with the current business landscape.
7. Data visualization: These analytics tools transform complex data into easy-to-understand visual formats like graphs, charts, and dashboards. Visual representation makes it simpler for non-technical users to comprehend and interpret data.
8. Collaboration:  Business Intelligence analytics tools facilitate data sharing and collaboration across departments. This promotes cross-functional insights, enabling teams to work together towards common objectives.
9. Long-term strategy: These tools help formulate long-term strategies by analyzing historical data and predicting future trends. Consequently, it aids in aligning business plans with long-term financial goals.

Top 5 Business Intelligence (BI) Analytics Tools

Here are five best business intelligence software that have gained significant traction in the industry:

1. Tableau: Tableau has gained widespread recognition due to its impressive data visualization functionalities. It helps to establish connections with diverse data sources and produce enlightening reports. Its robust analytical tools, such as calculated fields and forecasting, empower businesses to uncover trends and patterns.
2. Power BI: Developed by Microsoft, Power BI is a user-friendly tool that integrates seamlessly with other Microsoft products. It enables you to create interactive visualizations, reports, and dashboards. Moreover, Power BI also supports natural language queries and offers AI-driven insights.
3. QlikView/Qlik Sense: QlikView and Qlik Sense by Qlik are known for their associative data model. This feature enables you to explore data from multiple perspectives. Moreover, these tools offer potent data discovery and visualization capabilities. Consequently, it makes it easy to uncover insights and relationships in data.
4. Looker: Acquired by Google, Looker is a modern BI tool focusing on data exploration and collaboration. It allows you to create custom data models and provides a platform for sharing insights with non-technical stakeholders.
5. Domo: Domo offers a cloud-based BI platform with real-time data visualization and collaboration features, providing comprehensive data and analytics services. It’s handy for businesses looking for agile and flexible data analytics solutions.

Which Business Intelligence Platform is Best For You?

Determining the best business intelligence platform depends on your specific needs, goals, and budget. Conduct thorough research, evaluate features, consider scalability, and test usability to find the platform that aligns best with your requirements.

Steps For Reporting in Business Intelligence Analytics Software

Follow the steps below to learn about the use of a business intelligence platform. We will divide the process into five stages to ensure ease of understanding.

Stage 1: Logging in to Power BI

• Log in to Power BI.
• Enter your email. Click the “Submit” button.

• You are redirected to your Microsoft account.
• Enter your password and click “Sign in”.

• Choose whether to stay signed in.

Stage 2: Creating a Data Set and Selecting the Data Set to Use in Your Sankey Chart

• Go to the left-side menu and click the “Create” button.
• Select “Paste or manually enter data“.

• We’ll use the following cash flow data for this example.

Locations	Revenue	Profit & Cost	Details	Amount
North America	Revenue	Expenses	Cost of Sales	132000
North America	Revenue	Expenses	Salaries	159000
North America	Revenue	Expenses	Cost of Marketing	170000
North America	Revenue	Profit	Tax	182000
North America	Revenue	Profit	Profit After Tax	834000
International	Revenue	Expenses	Cost of Sales	162000
International	Revenue	Expenses	Salaries	158000
International	Revenue	Expenses	Cost of Marketing	145000
International	Revenue	Profit	Tax	171000
International	Revenue	Profit	Profit After Tax	753000
Middle East	Revenue	Expenses	Cost of Sales	155000
Middle East	Revenue	Expenses	Salaries	166000
Middle East	Revenue	Expenses	Cost of Marketing	199000
Middle East	Revenue	Profit	Tax	151000
Middle East	Revenue	Profit	Profit After Tax	685000

• Paste the above data table in the Power Query Window.
• Select the “Create a dataset only” option.

• On the left-side menu, click “Data Hub“.
• Power BI populates the data set list. (If you have not created a data set, refer to the Error! Reference source not found section).

• Choose a data set for the Sankey chart.
• PBI populates the screen as shown below:

• A Report Canvas screen appears as below:

Stage 3: Adding the Power BI Sankey Diagram Extension by ChartExpo

• Creating the Sankey Diagram requires us to use an add-in or Power BI visual from AppSource.
• Navigate to the right side of the Power BI dashboard.
• Open the Power BI Visualizations panel.
• Click the ellipsis symbol (…) as highlighted in the diagram below. This will import the Power BI Sankey Diagram extension by ChartExpo.

• The following menu opens:
• Select the “Get more visuals” option.

• The following window opens.
• Enter “Sankey Diagram for Power BI by ChartExpo” in the highlighted search box.
• You should see the “Sankey Diagram for Power BI by ChartExpo”, as shown in the image below.

• Click the highlighted “Add” button.

• Power BI will add the “Sankey Diagram for Power BI by ChartExpo” icon in the visualization panel.

Stage 4: Drawing a Sankey Diagram with ChartExpo’s Power BI extension

• Select the “Sankey Diagram for Power BI by ChartExpo” icon in the visualization panel.
• The following window opens in the report section of your dashboard:

• You can resize the visual as needed.
• Navigate to the right side of your Power BI dashboard.
• You should see “Fields” next to “Visualizations“.

• You’ll select the fields to use in your Sankey chart here.
• The ChartExpo visual needs to be selected, though. Select the field in the following sequence:
  • Locations
  • Revenue
  • Profit & Cost
  • Details
  • Amount

• You’ll be asked for a ChartExpo license key or email address.

Stage 5: Activate your ChartExpo Trial or Apply a Subscription Key

• Select the ChartExpo visual.
• You should see three icons below “Build Visual” in the Visualizations panel.

• Select the middle icon, “Format visual“. The visual properties will be populated as shown below.

• To begin using ChartExpo as a new user;
  • Enter your email address in the textbox under the “Trial Mode” section. ChartExpo will send the License key to this email upon subscribing to the add-in.
  • Ensure you provide an accurate and up-to-date email address.
  • Toggle “Enable Trial” to activate your 7-day trial.

• You should receive a welcome email from ChartExpo.
• If you do not find the email in your inbox, kindly check your spam folder.
• The Sankey Diagram you create under the 7-day trial contains the ChartExpo watermark.

• If you have obtained a license key:
  • Enter your license key in the “ChartExpo License Key” textbox in the “License Settings” section (see below).
  • Slide the toggle switch next to “Enable License” to “On“.

• Your Sankey Diagram will then appear without a watermark.

• Automatically all changes will be saved.

Insights

Regional Performance Comparison

• North America boasts the highest profit after tax (PAT) at an impressive $834,000, making it the most profitable region.
• Regarding revenue and profit, the International region closely follows North America.
• The Middle East exhibits the lowest revenue and profit among the regions.

Cost Analysis

• In all regions, the highest expense category is “Cost of Marketing”.
• “Salaries” are also significant, especially in North America and the Middle East.
• The “Cost of Sales” expense differs across regions, with the International region having the highest sales expenses.

Profit and Taxation

• North America has the highest tax and profit values.
• Following North America, the international region has the second-highest profit and tax values.
• The Middle East region has the lowest profit and tax values.

FAQs

Is business intelligence better than business analytics?

Business intelligence (BI) and business analytics (BA) serve different purposes. BI focuses on reporting and historical data, while BA involves advanced statistical analysis and predictive modeling. The choice depends on specific business needs; neither is inherently “better” than the other.

What is a business intelligence system?

A business intelligence system is a software-driven solution that gathers, processes, and analyzes data from various sources. It provides insights through reports, dashboards, and data visualization, aiding in informed decision-making and improved performance.

Wrap Up

Information is power; the business intelligence platforms are the conduits to harness that power. They transform raw data into actionable insights, enabling informed decision-making to drive growth, efficiency, and competitiveness.

In the quest for the Best Business Intelligence Software, we’ve uncovered a powerful ally Power BI. With Power BI, you’re not merely deciphering numbers; you’re deciphering the future.

Like a virtuoso conductor, Power BI harmonizes disparate data sources into a symphony of insights. Its data transformation, modeling, and visualization prowess transforms mundane numbers into actionable wisdom.

We’ve witnessed how it catalyzes decision-making, offering real-time insights that empower organizations to adapt swiftly to ever-changing landscapes. Efficiency soars and productivity flourishes as manual data wrangling yields to automated precision.

Power BI’s ability to forecast and predict paves the way for proactive strategies. Moreover, its robust security and compliance features ensure data integrity and peace of mind.

Don’t miss out on data delight. Get started with ChartExpo and Power BI today and make data magic happen with the Best Business Intelligence Platform.