When it comes to the way Business Intelligence (BI) software works, you’re probably wondering what you can expect from it. The process is relatively simple and involves analyzing data using an analytics tool. There are three main types of business intelligence software: OLAP, multidimensional databases, and the Cloud. What are business intelligence software options and the different benefits and drawbacks it provides? Here’s a breakdown of the process.
Data visualizations present business intelligence
When businesses struggle to make sense of the data they collect, data visualizations present the information in an engaging, understandable format. Visualizations can show the relationships between two or more data sets and the composition and distribution of each. The most basic visualization, the bar chart, illustrates a comparison between a set of data points. This visual often serves as a key element on a web page.
These data-driven visuals help employees quickly understand business data and make more informed decisions. Data visualizations make it easier to understand and communicate complex information, making it easier to find patterns and predict outcomes. They can also help people understand the significance of data-driven insights and provide insights to other stakeholders. And they can make reporting easier. As a result, data visualizations can be an excellent way to communicate business intelligence and enhance the value of reports, apps, and journalism.
Business Intelligence software supports multidimensional databases. In this context, a multidimensional model is a database in which dimension attributes are associated with specific attribute types. For example, geography dimension attributes are associated with geotypes, and Power BI recognizes these associations by adding a map icon to an element’s Field pane. But multidimensional databases can support many other types of data. Here are some tips to make this process easier:
Unlike traditional relational databases, multidimensional databases are designed for analyzing large groups of records. As a result, a business can ask questions to these data to obtain valuable insights. This technology is called OLAP, or Online Analytical Processing. Popular OLAP tools include Micro Strategy, Cognos, and Business Objects. The cubes created by these tools provide top executives with valuable insight into data and help them make decisions efficiently.
Online analytical processing (OLAP)
OLAP is a type of advanced analytics software that allows you to perform rapid analyses of large amounts of data. The data can be generated from various sources, such as spreadsheets, emails, text documents, and audio files. OLAP software can also combine multiple sets of data to create complex models. The benefits of using OLAP data analysis software are numerous and varied. Here are some examples:
OLAP is a data analysis technique that allows users to look at a large volume of data in multiple dimensions and quickly find key insights. It is instrumental in problem-solving scenarios. For example, a department store might have a problem with sales of a specific brand, but the drill-down feature can de-aggregate these data points to reveal the root cause: a new inexperienced manager.
Cloud data storage system
While using a cloud data storage system for Business Intelligence software may seem good, many organizations are hesitant to leap. However, cloud computing makes business data much more accessible than before, and this new trend is especially valuable for modern self-service business intelligence. Historically, businesses’ data was usually locked behind an on-premises installation, preventing users from accessing it anywhere without a VPN. By switching to the cloud, users can access data from any location without worrying about connecting to the system through a VPN. Additionally, mobile users can easily connect to a cloud-based Business Intelligence software platform without worrying about security or compatibility issues.
Cloud-based business intelligence software allows organizations to share and analyze data across departments seamlessly. In addition, the flexibility of cloud BI solutions will enable companies to access data from anywhere, regardless of location, and to quickly expand vertically. American Express is an example of a company that taps into the power of the cloud for Business Intelligence software. The company has a presence worldwide and uses Cloud BI to develop payment service products that serve the needs of over 100 million card members.