What are BI Tools or Business Intelligence Software?

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What are BI Tools?

Business Intelligence Tools (BI Tools) are also sometimes referred to as Business Intelligence Software. It’s a piece of software that helps organizations, 

  • Collect or amass data from various sources like databases, excel sheets, etc,
  • Process and, 
  • Present them in a meaningful way so that, 
  • Employees & decision makers can analyze and make right decisions. 

BI Software can be hosted on-premise or on cloud. On-premise is the best option if the organization has concerns about keeping it’s valuable data outside the organization (may be due to government regulations: for example, in Sri Lanka, Banks are not allowed to keep their data in the Internet cloud).

Alternatively, cloud option is best for an organization if it’s driving a cloud based strategy for IT infrastructure.

What is data visualization?

This simply means, presentation of data through dashboards, charts, graphs and reports. Data visualization is an important part of a BI tool. Ability to interact with visualized data is a main aspect of data visualization. End users should be able to generate the visual data and later interact with the dashboard or chart to make it personalized.

What are the benefits of data visualization and (therefore) BI tools?

With properly presented visualized data, employees or managers of an organizations are able to, 

  • See the BIG PICTURE of an organization easily with many data points in one place (for ex. dashboard)
  • Guarantee the accuracy of dashboards, charts and reports (because it removes the human errors in report preparation)
  • See the trends easily via charts or graphs which is difficult to ascertain from just raw data such as numbers
  • Make informed and quick decisions
  • Improved employee efficiency leading to, 
  • Improved organizational efficiency and
  • Improved customer satisfaction

Who should use BI tools?

Whichever the company in Sri Lanka, if you are from Finance, Marketing, Sales, Operational or any other department which has an amount of data that you cannot process in your brain or on a piece of paper and if you want your business or department to run on accurate information, you should be using a Business Intelligence Tool.

What are different BI tools?

Irrespective of the size of the company, if you are driving business growth, then you should have data visualized infront of you so that you, employees and all the managers can make correct decisions.

Today the BI Tools market is dominated by few industry giants such as Microsoft Power BI and Tableau which many see as expensive solutions even for a larger organization in Sri Lanka. However they are not the only good players in the market.

There are plenty of other powerful open BI tools (Superset, Grafana, Pentaho, etc) which are being used even by top fortune 500 companies in the world.

Need help with your BI Tool implementation or simply need your data to be visualized with the best open tool with the most affordability in Sri Lanka? Give us a shout.

Contact us on

info@premiumsoftware.biz

+94 777 701 338

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