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Top 5 Business Intelligence Packages for Your Engineering Business

  • Highlights

  • Interrelate available facts with BI

  • Making data-informed decisions

  • Trimming wastage and costs

  • Top 5 BI tools listed

As per a report the global business intelligence (BI) market was USD 16.33 billion in 2015. It is expected to reach USD 26.50 billion by 2021, growing at CAGR of 8.4% between 2016 and 2021.

The report was published by Zion Market Research. It is titled 'Global Business Intelligence Market by Mobile BI, Cloud BI, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015-2021.'

What Is Business Intelligence

IBM defined BI as: "The ability to apprehend the interrelationships of presented facts in such a way as to guide action towards a desired goal."
BI refers to tools, applications, and technologies to collect, and co-relate raw data. These are then analysed into insightful information for business. It involves:
- Querying
- Reporting
- Visualisation

- Interactive slice and dice
- Statistical data mining, and
- Analytical processing
Some of the benefits of BI are:
- Identification of trends - market, customer, competitor
- Perception of business problems
- Increased efficiency of business processes, and operations
- Quick, and insightful decision making

Top 5 Business Intelligence Tools

- Sisense
Allows for user friendly, and interactive visualisation capabilities, Sisense is a simple drag and drop interface to draw complex graphics. Several sources of data can be accessed, and queried through the dashboards. Dashboards can be shared with all the employees.
- Looker
Proficient in both SQL and Web-based data, Looker can accommodate 25 data variations. Its top features are drag-and-drop mechanism, collaboration tools, customisable, and exportable graphs, charts, and reports, and APIs for integration.
- Tableau
Tableau is an easy to use tool that does not require programming skills to create and publish dashboards. It can be easily shared, and have mobile-ready dashboards.
- Domo
Domo offers widest dataset and connector support. Highlights of Domo include dashboard widgets, analysis of social media platform, flexible integration, project management, and real-time data analysis.
- Qlikview
Accurately analysing huge data sets, and having automated data integration, Qlikview can create key performance indicator (KPI), measurement reports, and performance dashboards. It is easy to use.

Top Business Opportunities for Mechanical Engineers

Cost of BI solutions

In 2016, for 5 users, Sisense was priced at USD 21,000 or Rs.14 lakh approximately. For Tableau, personal desktop license costs USD 995 (Rs.64675) per user, and a professional desktop license costs USD 1,995 per user (Rs.1.2 lakh). Looker costs USD 3000 (Rs.1.9 lakh) per month for 10-users. These costs can be met with ease with an Engineer loans.

By using Sisense, Magellan Vacations cut on unnecessary staff hiring, which saved them USD 80,000 per year. Every business can similarly use BI to measure and increase their performance, solve crucial business problems, make data-informed decisions and thus stay ahead of the curve.

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