Gartner predicts that by 2018, most business users and analysts will have access to self-service tools to prepare data for analysis as part of the shift to deploying modern BI platforms. Gartner defines Business Intelligence (BI) as an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance. BI tools can be used to support operational and strategic decisions, laying out a great visual and statistical basis for them.
Business intelligence and business analytics are sometimes used interchangeably, but there are differing definitions. Business analytics is used by software vendors to indicate some level of vertical/horizontal domain knowledge tied in with statistical or predictive analytics and comparison. The shift in the BI and analytics market and the corresponding opportunity that it has created for new and innovative approaches to BI has drawn considerable attention from a diverse range of vendors. A crowded market of business information tools with rapid evolution and constant innovation creates a difficult environment for vendors to stand out. However, these market conditions also create an opportunity for buyers to be at the leading edge of new technology innovations in BI. We compiled a list of business intelligence tools which were popular in 2016 and are expected to perform even better in 2017.
Oracle Hyperion Planning
Oracle Hyperion Planning is a popular centralized planning, budgeting and forecasting solution that integrates financial and operational planning processes and improves business predictability. Hyperion supports and enables enterprise-wide planning, budgeting and forecasting – mission-critical processes a company needs to develop accurate financial forecasts and generate cost-effective enterprise alignment.
It is possible to deploy Hyperion independently, either in the cloud or on-site. You can also use Hyperion with other Oracle tools to create a robust and overarching solution for your business. Oracle Hyperion is proven to reduce budgeting and planning by days, weeks or even months, depending on the process.
Pentaho Business Intelligence is another one of the popular tools used for business intelligence. It provides your business with the tools to make better, more accurate and faster decisions to boost profits. The tool integrates information from almost any source to create comprehensive analytics, turning big data into visualized insights. It can be easily used on-site or in the cloud.
Pentaho Business Intelligence is a great way to embed and integrate analytics into your framework. Private and public sectors have been leveraging Pentaho’s intuitive and interactive analytics. It is able to employ lasso filtering, zooming, attribute highlighting and drill-down features to provide better insights.
Jaspersoft is one of the top business intelligence tools on the market. It empowers your organization with tools for better analytics and decision-making. This is a self-service product, which means that it requires little IT intervention to generate powerful data insights that help your organization create actionable answers to any question.
Jaspersoft can be integrated into any app or mobile device, and scaled architecture makes the app available to anyone. It is deployable on-premises or in the cloud.
The Intelex Business Performance Management Software System is a user-friendly, effective and very powerful BI software tool that integrates several solutions into one solid and effective package. Among the solution’s various functions, this software suite combines tools for document control, records management, training management, management review, permit management, license management, monitoring and measurement, communications management, qualifications management, audit management, NCRs and CAPA, and operational control. Intelex is included in our BI tools list for great operational control activity with automated task assignment and scheduling, easy tracking, management and real-time reporting of a company’s key metrics.
Microsoft Power BI
Power BI is a great example of business intelligence tools provided by Microsoft. It provides interactive visualizations with self-service business intelligence capabilities, where end users can create reports and dashboards by themselves, without having to depend on any information technology staff or database administrator. Power BI is included in the top BI tools list for its warehouse capabilities including data preparation, data discovery and interactive dashboards. In March 2016, Microsoft released an additional service called Power BI Embedded on its Azure cloud platform.
The above-mentioned Gartner’s study also predicts that the market for BI will expand and mature in the future, creating new opportunities for organizations to buy and sell analytic capabilities. Solutions built on top of their platforms are expected to be sold into their customer channels or partner networks. The end-user organization will benefit greatly, gaining access to an almost limitless array of capabilities that can be leveraged in their own internally developed solutions. The increased need for governance will be a driving force for renewed IT engagement as business-user-led deployments expand.
There are clear benefits for BI tools and the market is too big to cover it in any business intelligence tools list. We have discussed the most popular BI tools, but there are many different alternatives to choose from on the market. The development of these applications is driven by the market’s demands for big data and deep analytics. There is a need for well-designed BI solutions that give management visibility and control over measures that otherwise would not exist, and provide businesses with key business data not available anywhere else in the organization.
Big Data’s impact on data management places a greater premium on analytics and BI while reinforcing the swift, relatively easy-to-use analytics provided by third-party sources. Thus, a convergence of important factors related to the enterprise is functioning as the collective impetus for the consumerization of both IT and BI. These factors are also contributing to the growing climate in data management in which data is readily used in the decision-making process for everyday activities and to further business objectives.
The number of service providers offering cloud-based BI and analytics is increasing due to the realization that it is frequently more cost-effective to obtain these insights from third-parties than to procure and maintain specialized hardware and in-house trained professionals. These on-demand analytics providers are accessible at the pace of the business and reduce the need for time-consuming internal delays traditionally associated with BI.