Prime Attributes of BI Tools To Watch For In 2019
Posted By : Anirudh Bhardwaj | 20-Dec-2018
The success of any business depends on how well it manages its resources, predicts future trends and takes fair decisions with calculated risks. A few years back, all these decisions were taken manually by the business managers, directors, and CEOs which not only consumed their time and energy but also didn’t guarantee the intended results. And there have been numerous instances where the companies incurred heavy losses, literally causing the businesses to shut down.
Today, however, the technologies have progressed so tremendously that it’s fairly possible to predict the future outcome of an event with unprecedently high accuracy. Apparently, the business industry is largely influenced by state-of-the-art technologies like Big Data, Machine Learning, Blockchain, IoT and Artificial Intelligence. AI when combined with Business Analytics and Big Data, has given birth to Business Intelligence (BI) which is which is radically changing the way businesses used to work, reducing human efforts and streamlining workflows.
Business Intelligence tools come in all shapes and sizes and allow business users to gain valuable insights from the data sources. These tools also help in extracting useful information from the customer data which the companies can use for targeted marketing, re-marketing and for building healthy customer relations. Given below are some prime attributes of a Business Intelligence system which must be taken into consideration while selecting your vendor in 2019.
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When it comes to Business Intelligence, Visualization is of foremost importance. As a matter of fact, visual data is very beneficial for the business owners who want to reduce IT dependency and embrace automation. For example, a BI tool called Necto 14 automatically arranges the
Suggestive Intelligence is used to explore various patterns in data and come up with a number of solutions to the given problem, each one leading to a slightly different outcome. For example, if your sales of a particular region are suffering due to some reason at a given period of time, SI will find the most eligible person from a group of thousands of employees to answer your question.
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Predictive Intelligence or Analytics
Predictive Intelligence is a smart way of delivering uniquely tailored experiences to a number of users, providing each user a different outcome based on their preferences. It’s a proven and highly effective marketing technique which allows marketers to observe consumer behavior and show them what they are looking for, thereby increasing the chances of conversion. The data obtained through Predictive analytics or recommender engines is further used to deliver content specific to each customer across a wide range of web and mobile channels.
As already mentioned above, BI tools help you find the right people for a particular task so you won’t have to deal with the complications involved in recruiting teams for different projects. A BI tool also streamlines decision making by facilitating seamless collaborations across a wide range of channels. Apart from that, it helps you analyze business data, track performance and activities of your team members from within the system.
Anirudh is a content strategist and marketing head with considerable experience in handling technical projects related to next-gen technologies like ERP, SaaS, business intelligence, IoT, big data, and blockchain.