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Top Business Intelligence Software To Transform Data Into Valuable Insights

Visualize data using interactive dashboards and reporting tools using Sage X3.

What is business intelligence software?

Business intelligence software (BI) is a collection of tools that helps in data discovery, data management, data analysis, and consequently derive actionable insights. Best business intelligence tools consist of interactive dashboards, data warehousing, data visualization, and reporting tools. It’s important to discuss here that there is a significant difference between competitive intelligence and business intelligence. The former relies on gaining information from external sources to understand the changing market condition and customer preferences. On the other hand, the latter depends on analyzing data produced within the organization through an analytics platform to monitor how different departments affect each other. 

The prominence and popularity of business intelligence software tools have increased because of their ability to collect, store, and mine business data. Today, companies produce, track, and compile data in large volumes. But if you cannot make any sense of it, you will not derive any benefit. 

It’s essential for business users to base their decisions on evidence and factual data instead of hearsay to evaluate the changing market trends and customer preferences effectively. ERP software BI tools allow businesses to collect and analyze data from multiple sources that help understand customers better, estimate upcoming market trends, forecast revenue growth, and protect the company from falling into potential pitfalls. 

Traditionally, business intelligence reports are published monthly, quarterly, or annually. But with business intelligence software packages, business users can get notifications instantly at the click of a button. These insights help companies choose a course of action within minutes instead of waiting for months. 

Sage X3 Enterprise Resource Planning (ERP) software provides powerful business intelligence software tools with data and intuitive information analysis that allow users to turn business insights into effective decisions with long-term effects. 

What-is-business-intelligence-software

Valuable features of BI Software to scale your business profits 

Make Intelligent business decisions with Sage X3

Implement a top-notch BI Solutions in your workplace with incredible benefits 

Get actionable insights through interactive dashboards

Sage X3 ERP application consists of a support portal and dashboard that performs data analysis in real-time and provides information through graphical representations. You can view revenues, profits, equipment usage, and key statistical information conveniently. In addition, users can create a personalized management chart for tracking indicators essential for a particular task. You can obtain both generic and specific information in the form of tables, graphs, or organized in a calendar, with links that make it easy to monitor the entire security audit trail. 

Another benefit of the Sage X3 business analytics module is its dashboard that provides instant access to vital company data, allowing senior management to make quick decisions on changing business conditions. Users can get a 360-degree view of the critical parameters that directly impact their job. Then, if they find any anomaly or unusual level of activity, they can click on the particular indicator and move back to make well-informed decisions. 

Get Actionable Business Insights using Business Intelligence Tools

Sage X3 business intelligence software module allows users to access and format information according to their needs with rich data analytics features and a drag-and-drop web interface. In addition, you can customize the zero-footprint web interface to meet specific user segments both outside and inside the company. The best part is that if the user has some knowledge about data structures, they can access and synchronize data from various sources like MS-Excel spreadsheets, .txt files, CSV, and structured or text-based data. Moreover, they can use variables within reports and create custom formulas as per their needs. 

Data analysis is the most vital part of the Sage X3 business intelligence module. It allows them to:

a. Set breaks and sorts

b. Insert calculations

c. Recombine report objects and variables in tables and charts

d. View report metadata

e. View, edit, remove the report, section, or block filters

f. Add rows and columns to tables

g. Format and resize cells, tables, and charts

h. Turn a grid into a chart or a chart into a grid

i. Edit cell formulas in place

j. Create formulas and variables

k. Create and duplicate tables and charts

Analyze Business Performance on the Fly

Sage X3 ERP system is one of the best business intelligence reporting tools in the market as it allows users to examine business performance quickly and conveniently using simple drag-and-drop features. ERP implementation is a challenging task. But with the deployment of  Sage X3 business intelligence solutions, it enables you to create a query from scratch, format data, and analyze the root causes and changing trends with a click of a button. In addition, you can view which department/employee is performing at optimal efficiency and which requires handholding. This business intelligence software tool sends reports to managers automatically, which simplifies the process of monitoring. The best part is that if users don’t need the full power of query capabilities, they can view the data in reports using hundreds of in-built data visualization techniques.

Flexible Reporting BI Tools to Manage Business Operations

Sage X3 is one of the best business intelligence software as it contains the Crystal Reports® statement generator that provides a library of 400 reports. Some of the most important ones include invoices, packing lists, general ledger, labels, inventory statements, lists, and monitoring daily account activity. Organizations can link Sage X3 General Ledger (GL) with two optional interfaces that provide enhanced financial reporting capabilities. Infor F9 GL enables users to format data into any desired financial report in the powerful and flexible spreadsheet environment. On the other hand, Microsoft Management Reporter® consists of the best business intelligence tools that allow report publishing and financial analysis. 

Seamlessly Integrate with MS-Office 

Sage X3 is constantly ranked as one of the best business intelligence software due to its easy integration with Microsoft Office. It allows users to export and work with data in the Office standard format without giving up their efficiency, consistency, and accuracy. Get a compendium of various data analytics and data visualization features at a single location provided by the up-to-date database of the ERP system. 

Since the 1970s, when the first business intelligence software systems were introduced in the market, a lot has changed. In those days, intelligence meant data exploration, collecting information from multiple data sources, and gaining actionable insights. Fast-forwarding to the early 2000s, business intelligence software vendors introduced a new feature, namely cloud systems, that revolutionized the BI market forever. Companies could now store data from anywhere and access it at any time. The era of platform restrictions was over. Then post the 2010s, each analytics platform focused sharply on improving its business intelligence software reporting features so that even non-technical users could use BI features to create reports using enterprise data. 

Today, BI tools are evolving quickly to keep pace with market changes and customer preferences. Two of the most popular trends making their way into business intelligence software tools are as follows. 

AI and Machine Learning (ML)

Today, each field is embracing the magic of AI and ML because of their ability to spot patterns that are oblivious to the human eye. They provide exceptionally well prediction and forecasting ability to BI tools that allow businesses to estimate what products have the highest selling potential, the changing market trends, and what products might customers like to purchase on their next visit. Cloud data analytics provide hundreds of thousands of data points to train AI and ML algorithms. As companies invest more in data warehousing facilities, they will have access to more data that will further enrich ML algorithms and refine their prediction abilities with time. 

In-memory database

In-memory databases use RAM instead of a hard drive or disk to process information. In this way, the application performance of intelligence software tools increases significantly. The good news for businesses across all sectors is that IT giants are finding ways to increase the power of RAM and make them efficient. Also, the demand for agile systems has risen sharply lately, which means that businesses are ready to invest in BI tools. Moreover, a substantial reduction in memory prices will further promote the use of multidimensional databases. 

The future of business intelligence tools is bright. The emergence of big data and the need to make critical decisions in the shortest time possible have accelerated the adoption of business intelligence software. Mordor Intelligence reports that the business intelligence market is expected to grow at a CAGR of 12%, from USD 20.516 billion in 2020 to USD 40.5 billion by 2026.  

FAQs

Business intelligence tools are software applications that help organisations collect, monitor and analyse data to make better business decisions. BI tools can include data visualisation and dashboards, predictive analytics and machine learning.

business intelligence software aims to give organisations insights into their business operations that they can use to make better decisions. BI tools can help organisations track KPIs, understand customer behaviour, optimise their marketing efforts and much more.

There are a wide variety of best business intelligence tools on the market, having their strength and weakness.

  • Many different types of best business intelligence software tools are available on the market today. But which ones are the best? Here is a list of the top business intelligence tool types:

    • Data Visualization Tools- They help you to see and understand data in new ways. 

    • Data Mining Tools- They help you to extract valuable information from large data sets…

    • Data Analysis Tools- They help you to understand and analyse data.

    • Reporting Tools- They can help you generate data reports.

    • Dashboarding Tools- They help you to create visual representations of data. 

  • Cloud BI is a great way to get insights into your business data, but it can also be challenging. Challenges are-

    • Data security: When your data is stored in the cloud, it may be more vulnerable to security threats

    • Connectivity: If your internet connection is unreliable, you may have difficulty accessing your cloud BI data or using cloud BI tools.

    • Cost: Cloud BI can be more expensive than traditional on-premise BI solutions. 4. Implementation: Implementing cloud BI can be challenging, especially if you’re unfamiliar with cloud technology.

Cloud business intelligence software solutions is a new concept that talks about the use of cloud computing to deliver business intelligence (BI) services.

BI services are typically delivered via on-premises software, but cloud computing provides new options for delivering these services.

The main advantage of cloud BI is that it can provide a lower total cost of ownership (TCO) than traditional on-premises BI solutions.

Cloud BI can also be faster to deploy and provide more flexibility in delivering BI services.

Several vendors offer cloud BI solutions, so analysing and comparing options fit for your organisation is essential.