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Business Intelligence Reports For Data-Driven Decision Making.

Posted by Errin O'Connor on Apr, 09, 2021 08:04

These days, big data plays an important role in intelligent reporting, business information, and online data analysis. Organizations should adapt to the data’s ambiguity and act correspondingly. Spreadsheets no longer offer enough solutions for a serious business to assess and use all the business data collected. That’s where Business Intelligence Report comes to the rescue. It’s proving how it can empower companies to gather data efficiently and convert insight into action. 

However, what are Business Intelligence Reports really? This post aims to unveil all the important information you need to know about this subject. Are you ready? Without further ado, let’s dive in! 

Business Intelligence Reports is collecting data by using various tools and software to mine applicable insights. It offers observations and suggestions on business trends and encourages decision-makers using predictive analytics

You see, online business intelligence and reporting are connected. Once you collect information, you should evaluate and report it in whatever sector or industry you work in. It allows you to create a more strategic approach to your company decisions and collect insights that would otherwise stay ignored.

  • Natural language processing

NLP has been around for quite a while. However, it hasn’t done well and adhered to as there’s no huge demand for text-based queries. Professionals in the field assume the new trend for NLQ would become a voice demand. It’s simpler to mix with mobile Business Intelligence and will have better efficiency and adhesion. 

  • Data governance

The IT sector should have data governance. That’s a strong BI trend. Industries and organizations with clear governance have greater rankings and run data management and Business Intelligence more efficiently. 

  • Storytelling

Businesses need their data to be contextualized and interpreted. Hence, they make a specialized function for that. That is where analysts should be eager and qualified to do what we call storytelling. 

Some organizations have developed this ability internally. For instance, we’re noticing some startups presenting storytelling tools to promote that tell long-form data narratives. Nonetheless, most of these are a specific-niche, and no substantial player within the sector has a data storytelling product or module. 

  • Automation of human tasks

The demand for BI analytics is always massive, and there aren’t enough qualified individuals to meet it. Hence, automating processes have been integral to the flawless running of any corporation’s productivity stages. 

  • AI 

More and more organizations have some form of AI automation, and a bigger percentage have projects underway for development. The usage of chatbots is a great example. This is a strong trend. Thus its flawless operation is on the agenda of enhancements for every company that adopts AI in any field. 

Top 5 Benefits of Business Intelligence reports and how it is shaping industries

Here are the key benefits of BI:

  • Performance management

With BI reports, you can input data-based objectives like target delivery time or sales goals and monitor progress regularly. That tracking system is called performance management, offering some of the most efficient and easily done goal management accessible. 

  • Develop benchmark

Using BI reports is like having an inclusive research project in progress, collecting data for revolutionary decision-making.

  • Data mining

BI analytics tools are well-fitted for data mining—the process of getting patterns to determine trends and get insights. Several BI platforms can do all of those steps for a business, even though it needs support from big data analytics and other tools. 

  • Get critical insights into your organization 

BI reports benefits and functionality collect and assess data to present actionable insights for your organization. Specialists can create reports on different data sets like customer service, operations processes, expenses, and more. 

What are the top features BI reporting tools should have? 

Are you currently looking for a good BI reporting tool you can use for your organization? Below are the key features you need to look at:

Data connectivityData managementPredictive analyticsData lineageIntelligent data monitoring & cleansingEmbedded analyticsVisualizations
Automated alertsIntegrated user securityMobileNo hardware softwareAutomation Publication 

Introducing Microsoft Power BI as a business intelligence reporting tool for big data 

One of the best Business Intelligence tools you can use today is Microsoft Power BI. 

Microsoft Power BI is a collection of BI tools like data connectors, apps, and software services. It’s a cloud-based platform utilized to consolidate data from different sources into a single data set. Those data sets are utilized for data visualization, evaluation, and analysis through making shareable apps, dashboards, and Power BI reports

The unique features of Microsoft Power BI are as follows: 

  • Variety of beautiful visualizations
  • Get Data
  • Dataset filtration
  • Tailored and customizable dashboards
  • Flexible tiles
  • Informative reports
  • Navigation pane 
  • DAX data analysis function
  • Natural language Q&A question box 

Further, Microsoft Power BI’s automation feature allows users to do management tasks on Power BI objects like workspaces, datasets, and reports. 

Are you still not convinced of Power BI? Here are more reasons to persuade you! 

  • Stream analytics in real-time
  • Boost big data prep with Azure
  • Receive unsurpassed Excel integration 
  • Enhance publishing accuracy and efficiency of BI content
  • Get answers immediately with AI 
  • Receive fast, user-driven innovation 

Currently, Power BI offers three pricing plans:

  1. Power BI Premium – It starts at $4,995 per month 
  2. Power BI Pro – It is available at $9.99 per month 
  3. Lastly, Power BI Desktop – It’s free to any single user 

Setting up goals for BI reports

Are you trying to set up goals for your BI reports? To help you get an efficient BI program started, you should strive to address and follow these goals:

  • Data should function as the foundation for enhanced decision making
  • Information should be safe and secure
  • Information should come from a reliable truth source
  • Business Intelligence tools should be simple to use
  • Information should be easy to comprehend
  • Information should be easily available 

Predictive technologies and market trends have become a sought-after concept, along with interest continuously growing over the past five years. The idea of these two has been connected to business intelligence. However, are these connected? If so, what benefits are organizations seeing by combing their BI initiatives with predictive technologies and market trends? 

  • It helps determine customers who are more likely to abandon a product or service
  • Also, it enhances customer service by planning accordingly
  • It sends marketing campaigns to consumers who are highly likely to purchase 

Benefits of automated business intelligence reports in Power BI

There’s no doubt that Power BI is a strong analytics tool that helps organizations of all sizes assess data and share insights. With such technology, companies can track their business and get immediate answers with rich dashboards accessible for each device.

Some of the benefits of automated business intelligence reports in Power BI are as follows: 

  • Ongoing innovation
  • Quick turnarounds and low costs
  • Very minimal engineering resources are required to use Power BI
  • Connect to nearly any data source or application 
  • Easily embed BI and analytics in the app 

Best practices for business intelligence reports creation

When you begin with your BI report, collecting the functional business needs is your initial step. What are the reports needed? Which measures should be presented, and against what dimensions to people like to assess such measures? 

Here are some tips you can use when making your BI reports:

  • Arrange one-on-one discussions – Send out interview questions ahead so people can think of good answers before getting there, allowing you to receive more thoughtful responses.
  • Provide surveys – Surveys are an excellent way to get solid feedback. 
  • Envision workflows through process mapping – A BI solution is a network to shed light on one or more business processes. 
  • Reverse engineer – You can potentially get 60% to 80% of the dimensions, attributes, and metrics for a new report or dashboard in operational systems or existing reports. There’s no need to reinvent the wheel. 
  • Create prototypes – A good way to polish your requirements is by making a prototype based on the actual data. That enables users to view and engage with the system before going into production. 

EPCGroup approach for business intelligence solution implementation

Implementing a BI solution can reinvent your business by offering comprehensive insights into your data sets and letting you bring your business to the next level. However, getting there is no simple task. From beginning to end, there will be concerns and complications. 

By concentrating on the successful and efficient implementation of BI tools across your business, you can be certain your team is ready to reap the rewards of your data. At EPCGroup, we provide personalized Microsoft Business Intelligence Consulting that effortlessly incorporate into your existing systems for faster time to promote and improved productivity. Feel free to learn more about our solutions by getting in touch with us. 

Conclusion

To sum up, all the insights mentioned in this post are not complete requirements engineering methodology. However, those options will certainly get you going. As you move on to execution, new requirements will come. Therefore, the vital thing is to remain agile and eager to learn.

Do you have queries about your Business Intelligence reports? We are always happy to help!

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