As an organization grows, the need for data management becomes more evident. Data is necessary for every department to make highly informed decisions. However, traditional data collection does not provide consolidated dashboards of reports and analytics, which can delay decision-making. Know about the Full Form Of IXPRL.
The reports have to be manually made, which takes a lot of time. Whereas business intelligence software like Domo has a Domo dashboards view wherein all analytical reports and charts are displayed.
Such business intelligence software has a better user experience and can be used by employees without any technical background.
There is numerous business intelligence software available that could cloud the judgment, so one should know the essential features of a BI system they should look out for. Check out this fitgirl repack.
Here are some of the essential features of business intelligence software.
- Ranking Reports
Ranking reports come in handy when there is an immediate need for comparison as you can easily view your business’s best and worst-performing aspects. From employees to salespeople to products or marketing campaigns can be viewed on the ranking dashboard.
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- What-if analysis
Business intelligence software has a what-if analysis, which can help determine how future decisions will affect the business based on past data to predict potential effects. What-if analysis can give an objective view of the risk involved and rewards of implementing a specific decision. This allows the organization to plan better and weigh the options at its disposal.
- Interactive reports
Interactive reports display the collected data into a variety of possible viewing formats. Users can take advantage of the interactive reports to view the data as they need. They can do statistical analysis, regression, or find anomalies and outliers in the data set using interactive dashboards.
For instance, the Domo dashboard can display the total profit and loss of a marketing campaign or the average number of customers you gained and much more, poor-performing assets, and much more.
- Operational Reports
Operational reports are necessary as they can provide the organization’s executive with a proper summary of the daily operational events, providing management with the information they need to make informed decisions.
- Pivot tables
Pivot tables can extract important information from a big, jumbled set of data automatically. They can conduct computations on data contained in one table, such as sorting, counting, or averaging, and display the summary results in another table. Pivot tables are critical tools for evaluating data and identifying hidden trends.
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- Open integration
A good business intelligence platform only enables you to sync the organization’s data and information from Email, social media, websites, and other sources. For instance, besides providing sales data, the platform can display additional product information with reviews and comments.
- Ad-hoc reports
Instead of burdening the IT department and the analysts for detailed reports, the generation of ad-hoc reports is arguably the most important feature of the business intelligence software. On-demand Ad-hoc reports allow non-technical employees to generate their reports conveniently.
Such software enables the users to choose the elements they want to include in the reports.
Interactive dashboards and data visualization makes business intelligence software a necessity. Such software increases efficiency and empowers the non-technical departments to employ data to make better decisions.
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