The future is now, and the future of business intelligence tools (BI) is looking incredibly bright. With the continued advancements in technology, it’s easy to see what 2022 will hold for businesses and their success with BI. We’ve gone from desktop applications to cloud-based software that you can access from any device in just a few years. It’s also predicted that you will heavily utilize AI in predictive analytics.
The Future
Are you worried about the future of BI? Don’t be. It’s not going anywhere. It’s much bigger and better than ever before. Gartner predicts that in 2022 70 percent of organizations will be using BI tools from a variety of vendors to collect, analyze, and visualize data. This is up from 51 percent in 2014, but it’s also set a new high-water mark that roughly doubles the percentage over the previous three years. And this doesn’t even take into account all of the non-relational technology in use today or on the horizon: data lakes, big data appliances, virtualized databases, and more.
“Business intelligence technology will become more strategic to organizations and more widely adopted over the next five years. Businesses that do not plan for this trend risk being left behind,” said Ruggero Contu, research vice president at Gartner. “BI technology will continue to grow in importance for organizations. This growth is fueled by increasingly sophisticated business users and ever-growing volumes of data, especially unstructured data.”
Gartner Magic Quadrant BI
Gartner magic quadrant 2022 business intelligence platform is a research report published in March 2017 by Gartner, Inc. This report covers the BI platform market, providing data and analysis on the various products and vendors. The report provides a brief overview of BI and insights into industry trends and future market dynamics.
Gartner’s research says that the BI platform market is dominated by vendors with a strong focus on enterprise BI, and one of the four key areas it identifies is data management.
Gartner’s research states that the market will growth at a rate 5.1% in 2022 to touch up to $4.5 trillion in 2022.
You should use the Magic Quadrant for business intelligence and analytics platforms 2022 for business intelligence and advanced analytics, for example, predictive analytics, prescriptive analytics, and data mining.
So, let’s take a look at these Best Business Intelligence Tools for 2022
Business Intelligence Tools and Data
The best business intelligence tools (BI) in 2022 will include a dynamic suite of technologies to help companies stay on top of the ever-changing global economy. By combining automated data aggregation and analysis with human insights, these next-generation BI suites will provide organizations with the information to run their business efficiently and profitably.
Trends in technology will also have a significant impact on the success of your decision to invest in BI for your company. As computing power increases exponentially, so does the amount of data we can collect and analyze, leading to big improvements in predictive analytics capabilities.
In fact, in the coming years, your company will probably have more data at its disposal than it does today.
According to a survey conducted by Forbes, just 18% of businesses are currently using Business Intelligence Tools (BI). However, that number will jump dramatically over the next five years as new technologies make BI more powerful and accessible than ever before.
As a result of this rapid adoption rate, the increase in high-quality data available worldwide will require decision-makers and business analysts alike to develop new skills and abilities.
Below are the stages data go through.
- Data discovery: Involves preparation of data before it is used for analysis. It includes cleansing, transforming, normalizing, and populating data and integrating data from different sources and systems.
- Data preparation: Includes pre-processing such as splitting, joining, combining, and trimming data sets to provide a unique user experience. It generates structured output in the form of a report or chart.
- Analysis: Includes querying data and extracting information that you can use for decision-making. It also involves formatting the information for presentation purposes.
10 Best Business Intelligence Tools in 2022
While all the data in the world is useless without some intelligence behind it all, these ten best 2022 Gartner magic quadrants for analytics and business intelligence platforms will help ensure you get the most out of your Business Intelligence Tools investment.
MicroStrategy (bi-software)
MicroStrategy’s platform is designed to address the complexities of business analysis by combining data warehousing and reporting in one unified environment. The result is a set of integrated tools that allow you to access data from a single source directly.
This allows organizations to analyze information in real-time, increasing efficiency and decision-making powers at every management level. You can collect data from any device and build a complete 360-degree view of your customer base. The product suite is available in multiple versions: Enterprise for companies with large amounts of data to analyze and Professional for organizations with smaller data.
Its intuitive hyperintelligence program overlays and dynamically identifies predetermined insights within current applications using a semantic graph.
According to the 2022 Gartner magic quadrant for analytics and business intelligence platforms, MicroStrategy is a rival in the BI industry. Its advantages include the ability to do direct data queries and the dependability of the integrated goods.
Key features:
- Real-time analytics
- A wide range of analytical tools
- Scalable reporting that can handle hundreds of thousands of users
Oracle (oracle)
Oracle’s BI solution is based on the Oracle Database, which offers a flexible reporting environment. The BI tool includes an unlimited number of reports to be generated, plus dashboards that allow key performance indicators (KPIs) to be monitored in real-time.
You can create custom reports from scratch or use existing templates as a basis for your analysis. Oracle BI is a robust solution for local or global organizations with a great deal of data. What’s more, you can integrate the Oracle BI platform with other products, including SAP.
According to Gartner’s magic quadrant report for 2022, Oracle is a revolutionary in the BI business.
Key features:
- You can connect all data sources to create reports in a matter of minutes
- The BI platform allows you to customize your reports to suit your needs fully
- Oracle is an end-to-end cloud-first platform
SAS (bi-software)
SAS is not only the most powerful analytics software on the market today but also one of the most popular single products. The platform is used by over 80% of all financial, public, and private sector organizations in America and can handle data in any format you choose.
With many analytical options, including advanced statistics, decision trees, and predictive modeling, SAS’ is an excellent choice for companies looking to create complex calculations from their raw data. As a SAS consultant, I have witnessed firsthand how SAS has become the leading platform for sophisticated analytics solutions.
Key features:
- Wide range of analytical tools
- Highly scalable, allowing it to handle large amounts of data with ease
- Widely used platform among the financial, insurance, government, and utility industries in North America.
Tableau (bi-software)
Tableau is an ideal BI solution for small-to-medium-sized businesses. One of the main reasons for this is Tableau’s low cost and easy-to-use interface. By providing a drag and drop user interface that lets you build dashboards with thousands of data points, every user in your company can create their own reports and dashboards to monitor business performance.
Since Tableau is cloud-based, multiple users can access it on any device. This makes it very popular among companies with employees in the field who need access to important information immediately.
Tableau is a data visualization tool that allows users to access, prepare, analyze, and show results from their data. The platform also has strong marketing and enterprise product capabilities.
Key features:
- Tableau’s unique VizQL engine powers its intuitive analytics interface, ensuring a pleasant user experience.
- Support for connecting to various data sources, including SAP, DB Technologies, and HADOOP, to improve data analytics quality.
- Tableau’s integration with other Salesforce purchases like Slack and MuleSoft will give Salesforce customers a compelling reason to use it.
Salesforce (bi-software)
Salesforce continues to lead in customer relationship management (CRM) technology with its Customer Relationship Cloud. The platform helps you organize and manage your data across multiple channels, including email, social media, and phone calls.
By integrating customer information seamlessly, Salesforce helps you build a 360-degree view of your customer base. Another key feature is the ability to segment your customers using various filters and parameters to increase customer loyalty. Multiple users can also use the platform simultaneously, making it ideal for companies with mobile employees.
Key features:
- Specialized in CRM
- Easy for employees to access on their mobile devices
- Multiple users use it simultaneously
Microsoft Power BI (bi-software)
Microsoft Power BI is a cloud-based BI platform that enables users to create visualizations from data sets with a simple drag and drop interface. The platform is currently used by companies ranging from small businesses to multinational conglomerates like Ford, Coca-Cola, and Proctor & Gamble.
Key features:
- Provides powerful tools for predictive analytics
- Standardized dashboards across all departments
- Works with hundreds of data sources, including relational databases, Hadoop, cloud applications, and social media
Google Analytics (bi-software)
Google Analytics is another self-service BI platform. You can easily access the platform from any computer, and you can create reports, dashboards, and campaigns from your data sources.
Key features:
- Automates report creation
- Simple to use interface
- Own data sources such as Google and Facebook
Amazon Redshift (bi-software)
Redshift is not only a powerful BI tool, but it is also one of the most scalable IT systems available today. The service allows organizations to collect billions of records without filling up or overwhelming their IT infrastructure.
This results in higher efficiency at every level of business analysis and allows you to analyze information in real-time. Redshift is Amazon’s own proprietary cloud computing platform used primarily by the e-commerce giant.
Key features:
- Fast performance
- Reliable scalability
- Can handle large amounts of data in real-time.
IBM Watson Analytics (bi-software)
IBM Watson Analytics is a business intelligence platform created by IBM and powered by IBM’s flagship cognitive technology, IBM Watson.
The service uses natural language processing, machine learning, advanced statistics, and other analytics techniques to create comprehensive insights from your data. You can use this BI tool to build reports based on data sets with millions of records, creating insights no other BI tool can match.
Key features:
- Real-time analytics
- A wide range of analytical tools
- Over 1,000 data sources, including social media and cloud-based applications
- Powering business intelligence solutions for all industries: health care, banking, retail, and more.
Alibaba Cloud (bi-software)
Alibaba Cloud is a global cloud computing service that provides similar services to Amazon Web Services. The platform offers high-performance computing (HPC) and a wide range of other services for companies in industries like finance, manufacturing, e-commerce, and software.
Key features:
- Ability to access data from any data source
- Same user experience across all devices
- Highly scalable infrastructure for massive data volumes
- Wide range of analytical tools such as forecasting and predictive modeling
Final Thoughts
Business Intelligence Tools (BI tools) come in all shapes and sizes. By choosing a solution as unique as your business, you can derive actionable insights and stay ahead of the competition. Whatever your business needs, a cloud-based BI platform can help.
Whether you need a BI tool for your specific industry or one that is customizable to your company’s unique needs, the cloud has options. However, even with all the options available, it may not be easy to choose a platform and implement it in a way that works best for you and your company.
To supplement their BI solutions, the majority of the firms are adopting connection, visualization, and analysis requirements. Some, like Tableau, approach it from a visualization standpoint, while others, like Microsoft and Oracle, add BI to use their current user base. Choosing the right Business Intelligence Tools (BI tool) is as important as choosing a partner to implement and maintain your software. Talk to a consultant today to determine which cloud-based BI platform is best for you.