Self-service Business Intelligence Tools For Detecting Cryptocurrency Fraud – Business intelligence is a supporter in informed business decisions. However, traditional BI solutions require technology experts to extract insights. Fortunately, self-service BI also allows non-technical users to access and analyze data.
According to Fortune Business Insights, the global business intelligence (BI) market size is expected to grow from $29.42 billion by 2023 to $54.27 billion by 2030.
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This significant growth reflects the increasing recognition of business intelligence for organizations, in order to make the right decisions, optimize various operations, and adapt to changing market dynamics. However, traditional BI requires data analysts and other technical experts to interpret the data, which leads to bottlenecks in decision making.
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To mitigate this problem, companies are starting to use self-service BI tools. They enable non-technical professionals to explore and extract information from data without relying on IT teams. In this way, self-service BI empowers businesses to facilitate data exploration and subsequently improve the decision-making process.
Read on to discover the key benefits and features of self-service BI, find out how it complements traditional BI, and find out how you can integrate this technology into your business operations.
Self-service BI allows users to access data, analyze it, and gain insights without relying on data experts. It promotes data-driven decision-making across multiple roles in the organization.
Additionally, as some data analysis tasks are outsourced to other professionals, data engineers can focus on more complex data-related challenges, such as optimizing data infrastructure and ensuring data quality. .
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With self-service BI tools, users gain access to real-time or near-real-time data that enables faster decision-making and enables organizations to respond quickly to changing market trends and make timely strategic choices.
Because self-service business intelligence encourages people with different roles and professional backgrounds to dig into data, they can look at it from a new perspective and uncover hidden business opportunities or challenges.
With a self-service BI solution, each department or specialist can customize reports and dashboards based on what works best for them, rather than relying on one-size-fits-all reports.
This way, the data is presented in the most clear and understandable format for a specific audience. This reduces the chance of misinterpretation or misunderstanding, which can lead to costly mistakes.
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Self-service BI tools simplify the sharing of reports and dashboards, promoting teamwork and cross-departmental collaboration. This ensures that everyone is working with the same and related data, increasing alignment and efficiency within the organization.
While self-service BI can have a significant impact on business processes, it cannot be considered a substitute for traditional BI, but a complement.
Using these approaches together is preferred to meet the standard and specialized analytical needs of organizations, creating a robust, flexible and data-driven business environment.
Traditional business intelligence is primarily designed to generate standard and routine reports and perform complex analyzes that serve the entire organization. Self-service BI, on the other hand, is geared towards handling spontaneous queries and providing insights specific to individual departments.
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Traditional BI typically implements data monitoring and robust quality control measures. Self-service BI can leverage this existing structure and ensure that users have consistent, high-quality data access and analysis.
Not everyone in the organization is good at data management and analytics. Traditional BI ensures that complex analytics are handled by experts, while self-service BI empowers people with a basic understanding to extract insights without requiring advanced skills.
While self-service BI tools aim for greater agility, traditional BI systems are often designed with scalability in mind. The basic structure provided by traditional BI can support the growth of self-service BI and ensure that the system remains stable and efficient as more users come on board.
Traditional BI provides a big-picture view of an organization’s performance, while self-service BI provides insight into micro-level details. When used together, they ensure that decision makers at all levels have a complete, 360-degree view of the business.
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There are several important features that a self-service business intelligence tool should have in order for users to effectively manage their data. These include:
There are several self-help business intelligence tools that can be used to guide decision making in your organization.
It meets a wide range of business needs, from reporting and creating interactive dashboards to performing predictive analytics and evaluating business performance.
Tableau’s main feature is its intuitive, drag-and-drop interface, which allows users to create visuals and dashboards without requiring advanced technical skills.
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Tableau integrates easily with various data sources such as Microsoft Excel, Dropbox, Google Sheets, MongoDB, MySQL, Salesforce and more. It gives users access to a wide and diverse set of data and allows them to work with large amounts of information.
Power BI is a data analysis platform by Microsoft that offers both self-service capabilities and traditional business intelligence capabilities. It is a versatile tool for a wide range of business needs, from data visualization to complex data modeling and analysis.
Power BI connects seamlessly with various Microsoft products such as Excel, Azure, and Dynamics 365, as well as third-party applications and platforms. This ensures that businesses can integrate data from different systems and provide a holistic view of their operations.
The platform offers strong security features and ensures that sensitive data is protected and only authorized people can access it.
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Power BI also features Copilot – a natural language processing AI that allows users to ask questions about data through conversation. The copilot interprets the question and instantly generates relevant visualizations and data as answers.
In addition, if Copilot has created a report or visualization in response to a user request, it may recommend relevant information that improves overall understanding.
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Sisense is a cloud-based business intelligence solution that offers a wide range of capabilities. It is effective for both technical and non-technical users.
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Thanks to an intuitive drag-and-drop interface, users can easily create, edit, and analyze reports and dashboards. In addition, Sisense is highly customizable, allowing users to choose visual themes and install custom plugins, ensuring that businesses can customize the platform for their specific needs.
Sisense supports multiple data sources, including SQL Server, MySQL, Oracle, Salesforce, Google Analytics, Zendesk, and more.
In addition, the tool allows businesses to display analytics directly into their applications, portals or websites. This means users can access insights without leaving the main workspace.
To unlock the full potential of self-service business intelligence and reap real benefits for your organization, data experts recommend you follow this six-step plan:
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Review your organization’s current data management practices. This assessment allows you to understand the current state of data governance, quality and access, as well as the data analysis techniques used and the overall level of data literacy in the company.
Set your goals with BI self-service. These goals may include improving overall decision making, increasing operational efficiency, finding growth opportunities, reducing risk, or solving existing problems.
Make sure the tool you choose can integrate seamlessly with your existing systems and data sources, as well as provide access to external databases. In addition, the solution must be able to scale and respond to the growing volume of data and user demands, ensure a high level of data security, and fit within your budget.
Conduct comprehensive employee training and provide guidance to your team on how to use self-service business intelligence. This ensures your team is equipped to optimize self-service BI and promote effective data analysis.
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Continue to collect feedback from independent BI users to assess its impact on business operations and decision making. These ongoing assessments help identify areas for improvement and address any issues or challenges users experience when working with self-service BI tools.
In addition, evaluating the return on investment (ROI) of your self-service BI implementation is important to determine whether it has achieved its intended goals, such as better decision-making and increased productivity.
Monitor the self-service BI landscape for new tools, features, and trends that can enhance your analytical capabilities and enable you to address your business needs more efficiently.
You can trust our skilled data analysts and engineers. Whether your goal is to integrate existing self-service BI tools or you need a custom solution, we can help.
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