Pop Quiz: Do you use business media to make decisions?
It’s no secret that companies today are increasingly striving to be “data-driven”.
However, understanding the moving parts of your company’s data is scary.
Revenue. Leading sources. Marketing performance. The list goes on.
Thought for thought: nearly two-thirds of companies fight to understand their business information, referring to large gaps between sources.
This explains the importance of business file software, which not only targets the key metrics of your business but also translates them into practical insights.
In this guide, we’ll explain why BI tools should be a priority and which tools can smooth your business decision-making.
What is business intelligence anyway?
Before we get to that, let’s start with a quick definition.
Business Intelligence represents the data and systems that companies implement to analyze data.
Business Intelligence tools are responsible for collecting, organizing and presenting information in a way that makes sense to employees. Some of the key data points analyzed by such tools are:
- Financial information (turnover, quarterly sales, best-selling products)
- Customer interaction (marketing, lead sources, traffic)
- Productivity (time or money spent on a task, employee engagement)
When you play massive technical stack and tons of customers, analyzing the above data manually is a tough order. Combining business information with BI software gives you a complete overall view of your business without having to crush the numbers yourself.
What are the benefits of deploying business intelligence tools?
The concept of business information is not just reserved for the company: we see both large and small companies investing in business media.
But why? Consider these three key benefits of Business Intelligence:
1. Permanently remove the data silos
This is it great. No department or higher education institution should be solely responsible for your business information.
However, data silos are an unfortunate phenomenon that many companies are tackling. According to the latest Sprout Social Index, 50% of marketers say they maintain randomly communication and collaboration with other teams, while 17% operate in complete silos.
Business file tools promote unity and transparency from marketing and sales to IT and staff. This puts an end to information bottlenecks that would otherwise slow down employees or keep them in the dark.
2. Visualize information to stakeholders and team members
Getting rid of data silos results in companies sharing their data.
But doing so means how this information is presented. Understanding complex metrics and metrics is easier said than done, in particular cooperation between teams.
Most modern business intelligence tools have features that make it easy to submit and share reports. This includes a variety data visualizations, chart types and built-in sharing options (think: email, Slack, and so on).
3. Make informed decisions and accurate predictions
In addition to evaluating business information, Business Intelligence tools are also able to identify trends and opportunities related to marketing and sales.
For example, what factors contributed to the most deserving month? What are the most successful marketing channels and best-selling products? Which campaigns are lagging behind?
The ability to understand these trends gives you a sense of confidence and encourages more informed decision making. In addition, some BI tools work by machine learning and can provide you with forecasts and sales forecasts yourself.
Top 8 Business Intelligence Tools You Can Try
Below is a list of the top eight business intelligence tools you can use to combat your business information and turn it into action.
From enterprise software to free tools exist something This list can be helpful regardless of the size, scope, or goals of your business.
Databox is an awesome, all-in-one tool that connects your business data sources and visualizes your business data.
The platform has over 70 original integrations, including your CRM major digital marketing tools, payment processors and more. Databox prevents you from jumping between tools by combining key data into a single summary screen.
Selecting data sources and variables to view is also easy. The drag-and-drop feature in the Databox means you can customize your summary screens and reports based on specific priorities.
When it comes to customization, the platform also has over 200 pre-built models and visualization options. These charts, graphs and tables are far from old school spreadsheets and are complete presenting to your team.
Oh, and the fact that Databox has a forever free plan is a huge point in their favor. If you’re brand new to business intelligence tools, this is a good place to start.
Domo’s BI tools are customized companies with serious revenues and large clientele.
The tool excels when it comes to financial interaction and company-wide trends. Domo encourages you to place all your gauges under a microscope while attracting users between more than 150 chart types.
Proactive analytics with advanced artificial intelligence and machine learning is ideal for large companies looking to plan revenue and dig margins. Additional features, such as goal setting and alerts, allow companies to intervene before problems have a chance to snowball.
Need social business intelligence is crystal clear.
Actually, 51% of managers Note that social media is the most important indicator of business trends and opportunities.
And tools like Sprout Social can highlight these opportunities in an instant. Features like social listening and mood analysis highlight how well your business attracts customers and which interactions generate revenue.
More, our social media reporting features make it easier to understand and share information between teams.
Features highlighted in Sprout Social also highlight how your social media efforts impact company-wide marketing campaigns. Because social networks are an invaluable source of leads, performance monitoring is key to business intelligence.
Importance social listening tools cannot be overestimated.
Tools like Audiense delve deeper into social media advertising campaigns and audience-specific information. By automatically identifying and segmenting audiences, the platform identifies Demographics, customer characteristics, and other information for your business strategy.
Remember: BI’s “intelligence” is only as intelligent as the data you can collect. The more in-depth and detailed the data, the more targeted your campaign can be.
Grow.com is self-proclaimed no-code business analytics software and is a powerful BI tool with a serious sense of style.
The platform integrates with tools, including Salesforce, Google Analytics, or the ecommerce platform of your choice (think: WooCommerce or Shopify, for example) to collect data directly and create customizable aggregation screens. Features such as roles and permissions make collaboration easy, as does the ability to share metrics directly in Slack.
You can build your assembly screen from scratch or start with your own role-specific template. Some example views have highlighted the diversity of business media and what Grow.com can do.
- Company health
- Sales forecast
- Ecommerce sales
- Clinical efficacy
Determining which metrics to focus on is in itself overwhelming. Thanks to Grow.com models and ready-made aggregation screens, analysis novices can start BI without paralysis of the analysis.
Holistics ’self-service platform is ideal for BI-skilled companies looking to dismantle data silos. One of the main goals of the tool is to reduce the need for data requests and allow users to access their data directly.
While the platform can be a bit much if you don’t work with SQL, Holistics provides users with easy-to-build data visualizations. Affordable pricing and quick installation are also two key points in favor of the platform.
With Google Data Studio, companies can get their feet wet by reporting business information for free.
The platform allows you to retrieve data from internal sources such as Google Sheets and Analytics. Alternatively, you can upload your own CSV data or merge the SQL database. From there, you can create visualizations based on data submitted by Google’s own community, or build your own templates.
ActivTrak is unique among our business information solutions because it focuses strongly on the information of individual employees.
However, the performance and productivity of individual employees has a major impact on your business as a whole.
The platform is able to detect trends and bottlenecks such as inefficiencies, time-consuming tasks, and distractions. This highlights how BI goes hand in hand not only with improving business but also with building a more proactive and healthier corporate culture.
Another notable ActivTrak feature is SaaS license management. For example, the platform identifies which applications are most important to your team and how they affect productivity. These insights can be eye-opening as to which tools are really worth the investment and what is bothering your employees.
What business media does your radar have?
Listen: Investing in BI can change every business.
This is because they identify trends and opportunities that would otherwise be impossible to detect.
If you want a more comprehensive understanding of your business actually works, business media can do the trick. They should be a priority for companies that move forward.
And if you haven’t already done so, be sure to test a The Sprout Social trial to understand how social media metrics can support your business growth and big business goals.