Business intelligence (BI) platforms are vehicles that CFOs use for reporting and data analyses. Before you land with insights, BI tools are your first line of support to transform mountains of data that will deliver the answers you need.
In this article, we will discuss the benefits of using a business intelligence tool, as well as some considerations when choosing one for your firm and how they can help you make better decisions
Here’s what we’ll cover:
1. Understanding Business Intelligence Platforms
2. Key Considerations When Choosing a BI Platform
3. Features to Look for in a BI Platform
4. Common Pitfalls to Avoid in Choosing a BI Platform
5. Top Analytics and Business Intelligence Platforms
To better understand BI platforms, here are things you need to know:
These are the software [or tools] used to collect, integrate, manage, interpret and distribute the data you acquire from different sources such as your selling channels, accounting software and social media platforms, among others.
BI’s ultimate goal of turning sets of information into usable knowledge is made straightforward through BI platforms, that later evolves into a honed relationship with data. This helps CFOs understand them in a more meaningful way that gives them better oversight into the overall position of the company.
The impact of business intelligence (BI) solutions varies from business to business. However, when implemented successfully, data-driven decision-making can lead to:
Through the use of BI-powered tools in your organization, you have the opportunity to serve your clients better. You can track response times, spot bottlenecks, and fix issues before they become a bigger problem in the long run.
Another thing to consider is that when you utilize these tools in your organization, you can track the performance of your sales team and identify areas for improvement. You can also use this information to make better decisions about which products or services are selling well, and which ones aren’t.
With business intelligence solutions in place, you can provide your employees with the tools they need to collaborate more effectively.
You can track their progress on projects and assess how well they meet deadlines. This allows you to spot areas that need improvement, such as providing extra training or support, to ensure that everyone is working toward a common goal.
When you have a clear picture of what your customers want and need, then you can provide better service and meet their expectations. The insights from BI tools can help you identify trends and make changes that will improve the overall experience for all of your clients.
For example, if you know which services they like best or how often they avail it from you, then you can tailor your marketing efforts to the right client.
The ability to forecast demand is one of the most important aspects of business intelligence. It allows the organization to plan for future growth and make sure they have enough resources on hand to meet its clients' needs. This can be especially helpful for CFOs who are responsible for managing budgets and ensuring that their company remains profitable.
Lastly, the ability to target consumers with the right products and services is one of the most important aspects of any organization.
To do this right, using a BI tool can help you better understand your client's needs and wants, which is beneficial for organizations that are trying to break into new markets or expand their existing ones.
Before you start looking for a BI platform to invest in, you must first identify what features and functionalities would be an ideal fit to your organization:
By taking these considerations into account, you can make sure that you choose a BI platform that not only meets your immediate needs but also supports your organization's long-term goals.
After identifying your organization's specific needs, the next step is to find a BI platform that meets those requirements. Some of BI platform features to consider are as follows:
The first factor to discuss is your BI channel’s data integration because it will be the starting point of the entire business analytics process.
Whether the information is from your customer relationship management (CRM) solution or from your customer apps, you need to ensure that your data is brought together and goes right into your BI’s system. This can be done through third-party integrations, data connectors or ETL (extract transform load).
Customizable dashboards are keys to making graphical interfaces such as modules, graphs and charts for a sizeable view of your data in one glance.
They give you a general and real-time preview of your metrics, which can be filtered through the key performance indicators (KPIs).
For visually immersive representations, get a BI platform with an extensive lineup of advanced and sophisticated data forms such as Tableau and Microsoft’s Power BI.
A powerful visualization function is a surefire way to unearth insights from your data.
If you’re a professional with no background or skills in coding, one feature you may want to look out for in your BI platform is the user experience it offers.
Do you want your team to embrace a data-driven workplace? Make sure your software is user-friendly to beginners. As legacy BI platforms mostly rely on IT specialists to draw insights and create reports.
Aside from the time constraint it brings, you risk your data running obsolete when your in-house analysts part ways with the company.
But with today’s new line of BI software, they have developed mechanisms such as drag-and-drop, a smooth navigation system, mobile app integration and many others.
Breaking down complex sets of data is what this tool is about. Advanced analytics drills down the nitty gritty of data relationships — how did they affect your past performance? With the given data, what are the possible outcomes can you expect?
A good example of advanced analytics is the what-if analysis where you gauge the impact of certain business decisions as one or more variables change, therefore avoiding the hit and miss approach before you actually have to make a decision.
As the name suggests, this facet highlights the BI platform’s ability to produce and distribute reports on the fly.
Depending on what you need, you can create reports with specific information from across multiple dimensions through selected criteria.
You can view, filter, switch, format rows and columns, add elements and more as you see fit.
Through collaboration features, your BI dashboard can be accessible to all relevant users in the team. They can discuss their analyses and information via comments, threads and annotations.
When you set up an alert, everyone involved will receive prompts and notifications about important developments in the channel.
Another feat BI platform tools foster is its empowerment of users to wield data analytics regardless of their skills or knowledge.
The software itself becomes a conducive arena for analysts or CFOs to explore and operate the application by making the information accessible to everyone.
And of course, to preserve the integrity of data, BI platforms also established safe storage and robust security metrics to safeguard their client’s important data.
With adaptive security, teams are now able to integrate their current security measures into new ones, so as not to introduce a need to replicate their existing data security system.
An overarching idea behind the selection of business intelligence platforms is your organization’s aim.
After knowing what to look for in a BI platform, you must also watch out for these pitfalls:
While cost is an important factor when looking for features in your BI platform, choosing the cheapest option can backfire on your organization if it lacks the critical features you need, has hidden fees, or requires expensive add-ons to be fully functional.
Hence, instead of focusing solely on the price tag, consider the long-term value and return on investment (ROI) for your organization.
To make sure you avail yourself of the right tool, then ask your vendor if they offer a free trial. Doing this allows you to have hands-on experience to test the software, explore its functionalities, assess its usability, and determine whether it has an integration capability that your team needs.
Engaging with the vendor during this trial period is equally important. It provides valuable insights into their level of customer support, responsiveness, and willingness to assist. A vendor that prioritizes excellent service during the trial phase is more likely to be a reliable long-term partner.
To better understand the difference between the two:
If you only need to analyze small data sets or specific business cases, a full BI platform might be excessive. Therefore, make sure to understand the scope of each tool to ensure you invest in the right solution for your organization.
Below are some of the business intelligence software and tools you can integrate in your processes:
One of the known popular BI tools is offered by no other than the leading software giant Microsoft. It is a downloadable software that lets you analyze data on the cloud or a reporting server.
It connects with different sources like Facebook and Oracle, allowing users to create reports and dashboards quickly. To learn more about it, you may check the article here.
Another tool to consider is SAP Analytics Cloud. This tool combines data analysis, predictive analytics, and planning in one place, helping users visualize data, create models, and generate reports.
It is also an easy-to-use tool that allows users to pull data from various sources, including SAP ERP (Enterprise Resource Planning) and Excel. SAP (Systems, Applications, and Products in Data Processing) is a global leader in enterprise software, offering solutions for business operations and customer relations.
On the other hand, ERP (Enterprise Resource Planning) refers to software systems that help businesses manage core processes like finance, supply chain, and human resources through a centralized platform.
To learn more about it, you may check out the details here.
Microsoft Copilot is an AI-powered tool that works with Microsoft 365 apps like Word and Excel to improve productivity of the team.
It also assists users in creating presentations in PowerPoint and analyzing data in Excel.
On top of that, its business chat features help teams find information faster, reducing time spent searching for answers. To learn more, see the full details here.
Oracle was recognized as a leader in the 2024 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms.
This platform is designed for users who need to analyze data. It also includes AI and machine learning to help businesses make better decisions and operate more efficiently. To learn more about it, you may check out the article here.
The goals you want to achieve will serve as a guide while you search for a provider that specializes in your case. More than the short-term needs, BI platforms also drive high-value integrations and innovation to your internal processes.
Looking for a team that offers comprehensive support for your CFO?
D&V Philippines provides top-notch solutions for CFOs and their firms, inclusive of business analysis and reporting services that harness your business’ data through the best BI platforms.
You can grab a copy of our Business Analytics whitepaper to learn how data can steer your business forward or you can schedule a free consultation with our analysts to know how we can be of better service.
This post was first published on 24 June 2022 and edited on 13 March 2025 for relevancy and comprehensiveness.
Edited by: Angelica Garcia