As companies have become more focused on data-driven decision-making and managing their ever-growing stores of data, demand has grown for tools that can make sense of all that information. Enterprise Search and more advanced, next-generation Insight Engines are an essential part of an effective BI strategy.
The Function of Business Intelligence Tools
What do BI tools do precisely, and how are they different from other solutions? Business intelligence tools can help you see information in context, often in handy formats like color maps. You can report on anything in your business and turn it into a data-rich resource that your stakeholders can use. No matter what your business information needs are, there’s a BI tool for that. How does it work? By harnessing advanced analytics and data visualization to stay informed, your BI business solutions, once implemented and adopted, can help make micro- and macro-level decisions.
Typically, it is often the context that needs to be known to make an informed and wise decision. Connecting all enterprise sources and structured and unstructured information to a BI strategy is critical as data is scattered around multiple locations and sources these days. More importantly, the goal is to understand the meaning of unstructured information like in a contract or technical documentation. It’s also about integrating that value into your holistic view of data to make informed decisions. In short, it helps to understand the critical data points and connect the dots for the end-user.
AI-based tools help identify trends, patterns, or relationships
Much of the time, we use search engines to find information on the web. We often expect a similar experience when searching through internal company data on an intranet portal. But sometimes, you need more than just a list of links. Sometimes, you need to search for patterns in your data and find answers that may not be as obvious as they seem. Innovative Enterprise Search tools take your simple search engine queries to the next level with functionality that is more robust than the average search engine you might use at home and allow you to find patterns and trends in your data. Analytics is one of those things that can have a considerable impact on your business if done correctly. Whether you have sales numbers, survey results, or even just a list of words, there are ways for you to understand these data sets better.
And for that reason, innovative Enterprise Search becomes an increasingly crucial part of any data-oriented analysis. Many problems can be reduced to searching for patterns, KPIs, or user needs. Insight Engines combine traditional Enterprise Search functionalities with advanced artificial intelligence and are more than searching and finding information. They are about connecting the dots and providing holistic views on digital twins. These comprehensive 360-degree views on a customer, a project, a concept, an object, or an expert make it possible to quickly identify complex correlations, display them in a structured way, simulate changes, and evaluate potential impact in advance. Business intelligence is the process of analyzing data to gain insights that can improve future decision-making, and an Insight Engine is a solution that provides the optimal foundation.
Actionable information needs to be found quickly and easily
Business intelligence often refers to reporting and analysis from financial information and extending into sales, projects, customer satisfaction, risk management, and many other areas. The goal is always the same – to make better decisions.
As data volumes continue to rise, the need to extract meaning and identify information within organizations has never been greater. And as the work of unstructured information grows, so does the importance of innovative Enterprise Search as a critical tool for businesses. Successful enterprises use Insight Engines to answer questions, spot trends, predict results, and make better choices. By further extending their abilities to extract business insights, business ideas, and identify new opportunities. Insight Engines support the function of BI-Tools and contribute to success in finding and fixing business problems.