As a subset of data analytics technologies, business intelligence tools are useful for managing big data and analyzing information that is relevant to a company. However, business intelligence tools are not just for business and financial analysts. They have also proven to be quite popular within the data science industry for anyone who wants to create reports, interactive dashboards, and unique data visualizations. This is an excellent time to start using business intelligence tools on your data science projects or team.
What Are Business Intelligence Tools?
Business intelligence (BI) tools are any data analytics or machine learning tools used to gather insights from the internal or external data holdings of a business, organization, or individual. Depending on how long a particular business or institution has existed, it is common for these entities to amass large stores of information and data about themselves. This could be data on employee management or data generated from customer engagement with the business, and much more. Many business intelligence tools turn the large amount of data acquired by a company, team, or individual into information that will be useful when making future decisions or measuring the success of past decisions.
How Business Intelligence Tools Are Used in Data Science
Data scientists working with business and financial data primarily use business intelligence tools for prescriptive and predictive analytics, as well as creating presentations for key stakeholders in a business or product. For example, business analysts use business intelligence tools to analyze past data, which can then be used to offer insights to a client or company about the type of business decisions that they should make in the future. Financial analysts also use business intelligence tools to predict and get ahead of economic trends, or to calculate the risk of specific investments.
In contrast, data scientists in advertising and marketing fields can use business intelligence tools to track sales, advertisements, and consumer behavior. Specifically, there are several business intelligence platforms that can be used to collect key business metrics, such as web traffic, sentiment analysis, and other forms of engagement. These metrics can then be used to improve upon areas such as SEO and keyword search. Additionally, anyone who owns a business can invest in business intelligence tools to track the progress of their brand and product development, as well as to delve deeper into audience feedback and user profiles. So, there are numerous ways that business intelligence tools are used outside of data science.
Top 5 Business Intelligence Tools
While there are numerous business intelligence tools to choose from, the following list includes software commonly used in a variety of industries and with different types of data and analytics.
1. Tableau
Tableau is one of the most widely-used tools for data visualization and business intelligence and offers licensing options for individuals or teams of data scientists. Offering multiple products and services, Tableau Server can be used to create stunning dashboards, employ artificial intelligence and algorithms to answer questions about a collection of data, and help make business decisions. In addition, Tableau CRM can be paired with other business platforms, such as Salesforce, to use data analytics for improving a business or team. Requiring little or no previous coding experience, Tableau is also an excellent, beginner-friendly tool for individuals and teams new to data science and analytics.
2. Microsoft Power BI
Included as part of a large ecosystem of data science tools, Power BI is one of many business intelligence tools from Microsoft. Offering multiple versions geared towards different business goals, Microsoft Power BI is compatible with other Microsoft tools and can be used to query datasets and create visualizations and reports, as well as to manage systems of data governance and accessibility. With cloud and server-based capabilities, Power BI makes it easy to collaborate and share data findings and visualizations across platforms. This tool also includes multiple features which focus on cybersecurity and the protection of analytics data, which is especially important when sharing information between employees and other stakeholders in a project or business.
3. IBM Cognos Analytics
Included as part of the IBM Watson portfolio of products and services, IBM Cognos Analytics is a tool that incorporates artificial intelligence into the process of developing and sharing insights through business intelligence. By pairing Cognos Analytics with Watson, data scientists and business analysts can engage in both predictive and prescriptive analytics by making projections about the future and engaging in business decision-making. Whether you require a data analytics tool for sales, marketing, or operations, Cognos Analytics is tailored to every type of business data. Award-winning IBM Cognos Analytics is also the business intelligence tool for companies across the globe!
4. Oracle Analytics Cloud
For data scientists and teams that require the use of enterprise software geared towards a larger business, Oracle Analytics Cloud covers all stages of the data science life cycle, from the collection of data to the creation of models and visualizations. Similar to other business intelligence tools, Oracle Cloud can be used to create data stories and to pull data from multiple aspects of an organization or business, as well as use machine learning to find patterns and trends within data. In addition, while Oracle is a cloud-based product, the company itself promotes a hybrid database management system for companies that have some data holdings within the cloud as well as data saved on physical machines and servers.
5. Google Analytics
Useful for both business owners and business analysts, the Google Analytics platform includes multiple tools which can be used to gather metrics on advertising, marketing, and audience engagement. Google Analytics is also compatible with other tools in the Google Cloud, such as Google Ads and the Google Data Studio. Google Analytics can be used to track advertising campaign performance or the different types of unique visitors to a business website. The cloud-based capabilities of Google also mean that this product is especially useful when working on a data science team or with a business that has multiple employees or stakeholders.
Need training in the latest Business Intelligence Tools?
Noble Desktop’s Data Science classes offer multiple bootcamps and certificate programs which include training in the latest business intelligence tools for business analysts, data scientists, and entrepreneurs. For business analysts, the Data Analytics Certificate focuses on project-based instruction with various business intelligence tools, such as Tableau and Microsoft Excel. This certificate program is also useful for professionals pursuing a career in information technology.
Data Science students interested in developing more in-depth knowledge of Tableau can also take a Tableau Bootcamp offered by Noble Desktop. In addition, data scientists who want to learn more about cloud-based business analytics can also take part in the Google Analytics Bootcamp to receive hands-on instruction in the latest version of Google’s Analytics software, as well as how to compile data from websites and advertisements in order to improve businesses or products!