Key BI Technologies and Tools to Enhance Business Competitiveness in 2019
Any company, small or large, generates a huge amount of business information. Without the right approach for storing and processing data, all the info that you collected during the years of work will turn into a burden to carry. But as soon as you adopt a properly designed business intelligence system, you’ll get the possibility to make your data work on you. A custom-made BI solution can significantly increase business performance by systematizing the data you have and representing it as an informative and interactive dashboard.
To shed some light on how software development companies can make it possible, we’ve created this brief review of key business intelligence technologies. Moreover, we’ll consider the most important business intelligence tendencies in 2018 to help you to keep up with the market.
An Overview of Must Have BI Technologies For Better Data Insight
First and foremost, you have to implement a reliable technology for information storing and analysis. If you work in a big company, you most probably face the necessity to use multiple sources. Such info as orders, sales, client profiles, and performance indicators may be located on different storages. If you want to review all this info from the past several years, exporting lists of records and sifting through them may become a very time-consuming task.
Data warehouses are systems that companies use for information analysis or with reporting software. They allow integrating info from multiple sources and provide access to a centralized repository. As a result, you can use a single query to view the information you need despite its exact location. You can always get a big picture of your organization by reviewing historical info on different indicators combined from different sources.
For companies that work with large databases, optimizing database performance is a crucial task. Among other performance-oriented technologies and tools, one that is widely used for business intelligence solutions is Online analytical processing or OLAP. OLAP tools allow analyzing large volumes of information from different perspectives by providing such functions as filtering, drilling and visualizing key insights and KPIs. Company staff and management can analyze information quickly and discover trends with minimum efforts. Adopting OLAP tools you can save time on analysis, improve financial performance, and increase customer satisfaction.