How can you choose the right BI tool for your organization? Here are 10 tips for selecting the right business intelligence for your business.
Business intelligence (BI) is something that you can’t miss in this competitive worldwide marketplace. If your question is why BI is essential now? Then you would be surprised to know that- It helps businesses or enterprises make effective decisions based on rich data analytics and insights.
Its other advantages are cost-effectiveness and lower resource utilization for data handling. The companies are leveraging business intelligence technology or platforms such as PowerBI, Tableau, etc., in a real sense.
But whenever it comes to BI technology & tools, a common question is asked: How can you choose the right BI tool? Before diving deep into the blog to know the answer first, I would like to draw your attention to another vital question, and it is necessary to know before selecting a tool, and that is-
When to Choose A BI Tool?
If you are seriously looking for BI tools for small businesses, it is crucial to know the conditions in which you must choose BI.
So, in the following conditions, you can choose a BI tool.
- When you need cost reductions
Suppose you are searching for cost reduction to handle your business data professionally. Then BI tools such as Power BI can help you to reduce the overhead cost of data collection, analytics, visualization, reporting, and data training.
- When you want to access reliable info in real-time
For better reporting and analytics, reliable data is required to extract valuable information. The BI tools facilitate the organizations to have structured data to make strategic decisions that can benefit.
- When you need to identify key business opportunities
ROI is the sole objective of any business, and to improve it, Business intelligence works fantastic. You can have competitive advantages using these tools. Across all departments, you can use it to have data insights.
- When you need self-sufficiency in data
Your enterprise data is not limited to the IT team; it is also available for other departments such as finance, HR, and others. So, employees from different departments can easily access the data without having tech expertise.
- When you need predictions
BI tools can help in generating service or product-based insights. If there are any modifications or changes, these tools will automatically help you to identify the areas where you need to work.
How To Choose the Best BI Tool?
Although multiple BI tools are available and have their specialties, the question is how to choose the best Power BI tool or any other BI tool available. So, here are the ten pointers for selecting the right business intelligence tool.
#1. The Core Features & Functionalities
Some core features and functionalities make a BI tool the best among others. These are required to address the challenges like usability, security, scalability, and others. The core features you need to look at are:
- Security and management
- Metadata management
- Pre-built and third-party connectors
- Data profiling
- Data preparation
- Interactive dashboard
- Complex visualizations
- Advanced analytics.
#2. Ownership Cost
Their free and paid tools are available in the market. Free tools come with limited functionality. Conversely, paid tools are expensive, but spending on those can be a fine investment. Still, if you want an optimized cost, choose as per your specific needs instead of purchasing the complete suite. For example, if you want to implement Power BI in your business, you can initially use a free Power BI desktop; later, you can move to advanced versions such as Power BI Pro, Power BI Premium, or others.
#3. Data Volume
Do not go with the attractive showcasing or box demos. While choosing the BI tool, it would be best to enquire about the data volume handling capacity of the particular tool. If you choose these without knowing, it may create issues in the long run.
#4. Performance With Scalability
For a BI tool, performance and scalability are both essential, as you are going to use them for your business. The tool you will choose must be able to help you for business growth without compromising performance.
#5. Fine Analytics
One of the key objectives of using a business intelligence tool is reporting and analytics, so it must help you to make data analytics meaningful; if it facilitates data manipulation and analytics to generate insightful reports, it is a perfect option. The users must have rich business data insights.
Usually, the business tools remain complex while implemented, and it is optional that all businesses have the expertise to implement them. Although you can take the help of Power BI consulting companies, and they will guide you through implementing BI it would be best if you choose a less complex
#7. Easy Migration
It would be best to choose the tool that supports easy migration or support departments to migrate to the BI environment effortlessly easily. It would help if you found it convenient for quick migration to have future growth with data-rich insights.
#8. Mobile Device Support
The BI tool must also support mobile devices to enhance usability. Although most organizations use PCs or servers, mobile devices facilitate users to keep an eye on the data from anywhere and at any time.
#9. Third-Party Integration
Third-party integration extends the functionality and capability of the BI tool. So, be sure before making any decision about the tool whether it supports third-party integrations. However, you must also check whether any third-party API or app is safe while integrating.
#10. Tech Support
Most BI tool companies provide tech support, but terms and conditions differ. So, while investing in a BI tool, go through with all the terms of tech support and ensure it suits your requirements.
Tons of data transactions take place every day, especially business data. If you want to excel in your business, data analytics, dashboarding, reporting, and deep insights can help you grow. Business intelligence is the ultimate solution to it. With the help of the right BI tool, you can have the best results. If you are looking for the same right now, this blog can guide you to choose the suitable one.