Data is the key to gaining great insights for most businesses, but it is also one of the biggest obstacles. Originally, Excel has always been the “solution” for various reporting and data needs. However, along with the diffusion of digital technology, the amount of data is getting larger and larger, and data collection and cleaning work have become more and more time-consuming. Once the data becomes more extensive or more complex, Excel or other simple solutions may “fetter” your potentialities. That’s why business intelligence solutions(BI solutions) come into our minds.

Business Intelligence Solutions Definition

What are business intelligence solutions, or BI solutions meaning?

Business intelligence solutions are a whole combination of technology and strategy, used to handle the existing data of the enterprises effectively. BI software solutions quickly and precisely deliver informative reports and, in the end, fit a solid basis for decision-making over business operations.

Business intelligence can assist decision-making and operation optimization, either at the operational or tactical, or strategic levels. Technicals such as data warehouse, online analytical processing (OLAP) tools, and data mining are often binding. Therefore, from a technical perspective, business intelligence solution is not about new things. On the opposite, it is more of a comprehensive application of data warehouse, OLAP, data mining, and so forth.

Business Intelligence Capabilities in Business Solutions

All BI software capabilities, functionalities, and features focus on data.

Data preparation and data processing

Initially, data has to be collected.  Then, once it has turned the raw, unstructured data into a structured data set, it can analyze that data.

BI software solutions often support multiple data source connections.

Tableau, PowerBI, and FineReport all support common databases, including traditional relational databases, EXCEL, CSV data sources, and NO SQL databases such as MongoDB, SQLite, Cassandra, and big data platforms.

Allowing business personnel to obtain the data they need conveniently is the basis for fast-responsive analysis. With a self-service BI solution, IT staff can assign data permissions, allowing analysts to access the authorized data, thus reducing reliance on IT technicians.

Data visualization analysis

Business intelligence solutions contain visualization solutions full of imagination. Thanks to a wealth of charts and graphic components. The designer can realize various visual effects by simplistic arrangement. 

In addition to static data display, interactivity enables data to tell a story. For example, below, the report made by FineReport supports interactive actions, such as linkage, drilling, zooming, sorting, data monitoring, and automatic prompts.

Moreover, more and more smart terminal devices appear in people’s lives. As a result, data display and analysis on various terminals have become a must for enterprise BI solutions. BI software provides an adaptive layout method to make presentations suitable for multiple screens. For instance, FineReport provides an adaptive layout mode that can produce reports ideal for many devices, such as PCs, tablets, mobile phones, TVs, large screens, etc.

Predictive analytics and modeling

The more and more popular concept of predictive analytics is to predict what will happen in the future. The underlying logic is to use the historical data to model the basic patterns behind variations and then apply the model to the current data to predict future trends. Analysts can apply this capability to solutions in many scenarios, such as sales, marketing, inventory, and production management.

Data security

Data encryption, access control, password policies, and update frequency all affect the security of information. For example, FineReport provides security schemes such as single sign-on control, abnormal login reminder, load-frequency control, firm password policy, etc.

The lack of attention to data security might cause immeasurable losses to the company, so this is a part of the current BI solution that should well treat.

Business Intelligence Solutions Examples

Here are some BI solution examples that enterprises have applied in the real world.

In a 3-month MIS project with FineReport, the DAS team developed a standard template of reports. With this typical form, developers could produce more than 60 pages within the project term successfully. For example, the following BI dashboard globally presents core indicators that DAS Corporation cares about in daily management.

Each report utilizes data visualization elements such as histograms or pie charts. These visual widgets can intuitively reflect target-performance comparison, achievement rate, project progress, etc. In addition, one can click on the charts to drill into the detailed observation of the indicator.

Another example is how NIKE used FineReport to analyze big data in their retail store in China. Based on video trajectory rendering, stores tracked product popularity in real-time and adjusted store display layout. This data analysis method could help Nike’s Chinese stores identify popular exhibition areas and products and predict the sales performance of new products.

Business Intelligence Challenges and Solutions

What difficulties does the enterprise encounter when importing data analysis systems/projects?

① I purchased a data analytics system, but my company did not use it

② Due to differences in technical and business understanding of problems and needs, data projects were often difficult to carry out

③ I don’t have a deep understanding of big data solutions, and I don’t know where to tap the value of data

How does Fanruan, as a professional BI solution vendor, help companies realize the business value of data?

① Grasp the overall business logic of the industry and understand the actual business situation of a specific enterprise

② Provide enterprises with the best planning plan combining data and business

③ Through standardized industry products, let the company exert the least effort and maximize the achievement of business goals

Conclusion

A business intelligence solution is a set of technologies and strategies. They are about storing, processing, analyzing, displaying, and managing data within the company. This article reviews the definition, examples, and capabilities of BI solutions, as well as the challenges and solutions that enterprises may face.

FineReport as a BI solution for the web era, it can connect to many data sources and you can start visualizing your data in a web browser in a matter of minutes. Why not try FineReport now for free?

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