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Understanding Business Intelligence Software Applications

Posted on:  February 3, 2021

Business intelligence software helps companies understand what they’re doing right and where there’s room for improvement. The right applications can help you get a better idea of how and why certain things happen and provide an in-depth glimpse into the inner mechanics of your company. As one of today’s leading business intelligence software manufacturers, the team from Synoptix has gathered some important information for you here. Below you’ll find everything you need to know when it comes to understanding the uses and benefits of business intelligence reporting applications.

The Origins of Business Intelligence (BI) Software

Before getting too involved in the details, understanding a bit more about where business intelligence tools came from and why they’re still important today is key. Believe it or not, the term “business intelligence” was first used as far back as the early 1800’s to describe market knowledge used in business. Nowadays, of course, business intelligence means something quite different. Today it means much more than simply using market intelligence, but also encompasses things like software, technologies, and applications designed to collect, organize, and interpret data. This data is then used to make important short-term or long-term business decisions.

How BI Software Works?

BI software can get pretty complicated and in-depth, but at its basic level, it’s simply a way of interpreting data that’s been collected about your company. It takes the information that’s been collected and then compiles it into visible trends and patterns to help deliver further insight. Based on this information, companies can develop strategies and tactics that target key data verticals that need improvement.

What Are Some Key Components of BI Applications?

When it comes to BI software, there are many different applications out there. So how do you choose the right one? Knowing some of the most important components is a good way to start. Today’s leading BI software and applications will always include:

Visualization

Traditionally, the majority of data collected from your BI software and applications will be presented in the form of visualizations, like easy-to-read charts and graphs. This enables you to monitor a variety of things without getting bogged down in numbers, like productivity, sales, and more. In some cases, you may also be able to specify the parameters of the data you collect to better target the results. Transforming the data collected into visual takeaways is an easy way to process complicated, in-depth information, as our brains process imagery much easier than text and numbers. A BI application that offers quality visualizations will make raw data more concrete.

Sales Intelligence

Arguably the most important aspect of any BI application or software, sales intelligence is the place where your business can address the needs of your customer. It’s no secret that moving leads down the pipeline and converting those leads into sales is one of the key concerns of any company. That’s why BI software applications are designed to provide the analytics and intelligence necessary to better predict what potential customers want from you. With the right software, you can collect key insight on KPIs like conversion rates, customer demographics, and sales metrics, then compile this data into easy-to-read charts and graphs to highlight trends. Through this type of insight, you’ll be able to keep track of customer needs and expectations and never be caught unawares by the competition.

Performance Management

Want to monitor a particular campaign or data set? That’s no problem with BI software, which enables users to set specific parameters, timeframes, or other custom goals. It can also provide predictive suggestions for future goals based on past data. This helps you better determine what gaps remain when it comes to reaching your target, as well as when a particular timeline is approaching completion. These types of essential components help make things much easier for companies, as well as save them time and money, preventing the need for hiring a team to assess and track such campaigns and data.

Reporting

The reporting options for high-quality BI software are comprehensive and can include everything from staffing, expenses, sales, and even IT processes. Reporting is focused on monitoring performance, rather than simply exploring data, to improve practices. In the simplest of terms, reporting demonstrates what’s happening within a corporation and analysis describes why it’s happening. BI tools are best for handling complicated and dynamic data with many different parameters. Additionally, the best software and applications will provide tools for monitoring data sets and delivering updates in real-time.

A Few Tips For Selecting Business Intelligence Software Before You Go

Before you rush out to begin your search for the best business intelligence software, we wanted to also share a few tips to help you choose the best provider for your needs. Always be sure to:
  • Understand Your Requirements: Knowing precisely what you want to get out of a BI software application will help you easily eliminate providers that won’t meet your needs.
  • Compare Applications: Once you’ve determined your needs and expectations, compare the different vendors to see whether they meet your needs, starting from your most-desired feature to the least-desired one.
  • Whittle Down the Shortlist: You can whittle down the list you have of potential software vendors by taking a look at pricing, and not just the cost of the software itself, but also any implementation and training expenses.

Contact us for more information about business intelligence software.

When it comes to tracking the performance of your company, the more tools you have at your disposal, the better your chances for success. To learn more about how Synoptix can help you collect the data and insights you need, contact us online.   Our software solutions cover every aspect of your business, including budgeting and planning insight, financial reporting solutions, operational reporting services, dashboards, and more. Contact us today to schedule a free demo by calling 1 (888) 984-3286.

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