Most companies generate a massive amount of data from business operations, that is quite hard to store and analyse. To keep track of this data, the companies use some traditional software applications like Microsoft Excel amongst many others, for different departments in the company. Henceforth, it is hard to retrieve data from multiple software. Thus, for faster processing of data, the companies are now getting their software integrated with a Business Intelligence platform.
Business Intelligence(BI) is a set of technologies and strategies that enterprises use, to identify and analyse business data, like sales, revenue, costs,income,etc. Business Intelligence helps faster decision making, as it transforms all the analytical data into actionable insights.
BI is most effective when external data (data from the market where the company operates) combines with the internal data (financial and operational data) to provide real-time data under a single platform. When such data is combined, intelligence is created, which is not derivable from any single set of data.
Business Intelligence in ERP systems allows an organization to analyse and leverage massive data that is captured by the ERP software running in a company. The BI software uses the data, analyses it, and represents it in an actionable and easy to interpret format.
The critical elements of BI include:
Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors. Here is a 2019 Magic Quadrant representing the analytics and the Business Intelligence platforms.
The programs, software and applications that aim to locate, retrieve, and analyze the data is called the Business Intelligence tools. There is a wide range of business intelligence tools aiding you understand the trends and derive insightsfrom your data to help you make strategic and tactical decisions.
The tools combine a broad set of data analytics applications like ad hoc analysis and querying, enterprise reporting, Online Analytical Processing (OLAP), Mobile BI, real-time BI, operational BI, cloud and software as a service BI, open-source BI, collaborative BI and location intelligence. These applications are mainly made up of charts, widgets, tables, Key Performance Indicators (KPIs), and other types of data components. Ultimately, the main focus is on increasing interactivity and having a visual data of your business, no matter which tool you use.
According to the survey reports from Selecthub, the following graph provides insights into the top BI features the buyers want, based on the responses of over 600 buyers.
Here are a few Business Intelligence tools that will enhance your decision-making capabilities and social collaboration:
Microsoft is the top leading BI tool that offers data preparation, visual-based data discovery, interactive dashboards and augmented analytics via a single product which is the Microsoft Power BI. This tool unifies data from many sources to create interactive, immersive dashboards and reports that provide complete data and also drive business results.
According to the Gartner report, during the initial days, Power BI started as a self-service analytics and BI tool, which Microsoft's reference customers began using it for decentralized analytics (61%) and agile, centralized BI provisioning (54%).
Tableau aims to offer an intuitive, interactive, visual-based exploration experience that enables business users to access, prepare, analyze and present findings in their data without any technical skills or coding. Tableau’s offering is primarily deployed on-premises. It can be either as a stand-alone desktop application or integrated with a server for sharing content.
Tableau also offers three standalone products: Tableau Desktop (for anyone) and Tableau Server (analytics for organisations), which can be run locally and Tableau Online (hosted analytics for organisations). Among which Tableau Online is the cloud-based SaaS offering. According to Tableau’s customer report, they primarily use it for decentralized analytics (70%) and agile, centralized BI provisioning (51%).
The QlikView tool aims to create visualisations, dashboards and apps. QlikView also offers quite exciting features like:
As per the Gartner report, the customers used the tool primarily for decentralized analytics (70%) and agile centralized BI provisioning (66%) use cases. Also, during July 2018, Qlik acquired Podium Data to broaden its data management capabilities. Later, in January 2019, Qlik acquired Crunch Data to provide conversational analytics.
SAS is one of the self-service tools which influences the data and metrics to make informed decisions about their business. One of the most popular offerings of SAS is its advanced predictive analysis. SAS also offers Visual Analytics on SAS Viya. The SAS Visual Analytics is primarily deployed on-premises, while it is also available through various cloud and hosting options.
In4Suite® is the leading ERP software in the real estate and construction industry, that aims to help the real estate developers to ease their day-to-day activities efficiently. To manage your real estate business and have your data come to life, we’ve integrated In4Suite® with Qlikview to discover the hidden insights.
QlikView is a tool that provides your real estate business with fast integration of data coming from various resources, into a single powerful application. We chose QlikView for our software because during our implementation, this tool was quite trending in the market. We also found it UI to be quite simple and effective. Also, it provided us with good presentation of data when compared to others.
The best part of the BI software integrated with the ERP system is that the managers will have a real-time look at the data, that eases their decision-making process.
For example, let’s take a scenario of In4Suite®. If the CEO requires to see the leads generated this month, he can have a direct look at the dashboard which shows the customer count by month, the reason wise points, the lead ageing, the lead interested in project-wise analysis and the total lead conversion. This data will help in a long-term study to identify trends and opportunities for process improvement.
Reporting functions are another area where the BI software can have a transformational effect on the business. In4Suite® aims to create a more dynamic environment for users to manipulate data when necessary. The BI software also allows users to export data behind the charts in real-time to Microsoft Excel. In4Suite® is also helpful to copy the graphs and charts live to a Powerpoint presentation and keep it refreshed in real-time.
There are costs associated with the operation and implementation of BI, and the ROI is significant enough to cope up with the expenses. The BI tool automation eliminates the value of data collection, report generation and programming, and IT training.
Naturally, there are certain risks involved in any business, but the BI reporting tools will help reduce them. The BI tools do so by providing real-time, hyper-accurate reports, and assist the organizations in understanding the information in detail. Eventually, it helps in eliminating the need for guesswork.
While we wonder what will be the future of BI, it is quite important to understand that the Business Intelligence software is widening rapidly. In the near future, the BI tools will become more collaborative, facilitating teamwork. The third-party systems will also be increasingly integrated with BI, simplifying data processing and reacting to actionable insights. The technology infrastructure will expand to large amount of data and will provide better support for business intelligence systems.
Eventually, an ERP System with an integrated BI software will render all the information under a single platform. In4Suite® is a real estate ERP software which comes up with a robust Business Intelligence platform. The software is being used by 400+ clients across ten countries worldwide. If you’re someone who is looking for such a well versed real estate software, then click to find out more: In4Suite® is the best choice.