To support the operations of a company, you may need a business intelligence (BI) tool. So, it is important to know about business intelligence tool functions.
For your information, a BI tool allows a company to make guided decisions. It means, the decision is based on the complete data picture.
Business Intelligence Tool Functions
A successful BI strategy needs a strong company of how the company uses the data. At least, there are 4 functions of business intelligence tools:
1. Data Collection
We all know that a company has to understand where it can gather data from customers & visitors.
Besides that, a company should understand how it can organize the data into an analyzable form.
2. Data Storage
There are so many data that are relevant to a business and they often come in a large scope. To make it useful, you have to store the data in an accessible stakeholder.
Then, the solution of storage must always be updated. So, a company will be able to act on the changes of data fast.
3. Data Analysis
The BI’s core focuses on diagnostic & descriptive analytics that explain where your business has been as well as why everything is the way it is now.
When it comes to business intelligence tool functions, it must be able to grab from the storage of data to conduct various analyses.
4. Data Reporting
Your data & analyses are useless if they don’t reach the decision maker or other stakeholders.
In addition, a business intelligence must convey insights & data where those who have less context are still able to understand fast & use them for making decisions.
To do these steps, you may need to use multiple products & tools. So, your company will get the business intelligence features and benefits.
How a Business Intelligence Tool Supports Your Business
Overall, the BI objective is to let a business make an informed decision. So, a company that has a working strategy of business intelligence will have organized, complete & accurate data.
Then, you can use a BI to show the display a historic pattern so that it can help the stakeholder to gauge the company’s health.
Moreover, it alerts them to issues and potential business improvements. Furthermore, a BI is helpful for team organization.
After you understand the business intelligence tool functions, make sure that you choose and use the best tool. In fact, BI tools or software come with different features.