Salesforce’s Best Business Intelligence Tools
Adapt…or die. This is the saying that perfectly defines the Business Intelligence (BI) universe ever since corporations incorporated the Digital Transformation into their business models. It’s a world in constant change, where a multitude of BI tools capable of revolutionizing technology in mere seconds “are born and die.”
Business Intelligence originally came about to transform data into information for useful decision-making. And if that information is well-analyzed and processed, it can be a critical piece of a company’s strategic development. For example, if we make a quick change in our data visualization, we can express information much more clearly.
But before we start breaking down all the advantages that come with this technology and the tools that have come about around it, let’s recall what Business Intelligence is.
What are Business Intelligence tools?
The term Business Intelligence refers to the use of strategies and tools that serve to turn information into valuable knowledge for a firm. Its primary objective is to improve a company’s decision-making and at the same time, its performance.
The firms that employ BI in their internal processes better take advantage of their resources. Based on the information they have available, they can, for example, bring Business Intelligence and Analytics together to better gear their corporate strategies. Therefore, if used correctly and has the necessary resources, it can be a powerful tool.
When and how did Business Intelligence tools come about?
According to Justin Heinze in his article History of Business Intelligence, the first record of the term is in an encyclopedia published in the United States in 1865. However, we can't start to talk about business intelligence in the way we understand it today until the 20th century.
The first tools started to emerge in the 1990s, albeit ones that were not that intuitive and difficult to use. That's why the initial business intelligence tools for market analysis did not emerge until the technology behind it evolved, and the market saw the potential behind it.
Today's tools are much more sophisticated, powerful, and can analyze and process an infinite amount of data, sources, and help corporations in their scalability efforts and derive valuable conclusions for their businesses.
According to the Business Intelligence Software Market Size, Share & Trends Analysis Report from Grandview Research, we can expect that the Business Intelligence software market will experience an average annual growth rate of 10.1% between 2019 and 2025.
We can see the growing importance of business intelligence and analysis in organizations in Salesforce's recent acquisition of Tableau. As former Salesforce co-CEO Keith Block noted in the Press Release announcing the acquisition, "Data is the foundation of every digital transformation, and that's why we've never been more committed to delivering powerful analytics to every user."
The benefits of the top Business Intelligence tools
The truth is that this growth is logical: Business Intelligence offers firms the chance to improve their performance and put them on top of their competition. Who wouldn't want that?
Some of the most noteworthy advantages that Business Intelligence programs offer are:
Analyze internal and external information coming from different sources and systems.
Increase analytical and reporting capabilities.
Make reliable future projections based on real data.
A list of the best Business Intelligence tools
At We Are Marketing, we're aware of the fact that data is currently the most valuable asset in the world. And, in an increasingly digital world, corporations generate a vast amount of information needing to be analyzed. There are even professions that are specifically tasked with carrying out this work, like the Digital Data Scientist.
It's the reason why Business Intelligence is a part of our day-to-day, and we implement systems that connect every single data source that a firm has on the same platform. This way, we're able to interpret that information and consult our clients on how to make their business grow in the most effective way possible.
It's also why we're continually searching for "the tool." As we previously mentioned, today, a plethora of programs "are born and die." At times, it is onerous to keep up with the rhythm of technological advances; nonetheless, we work to be up-to-date and know the best solutions out there on the market. We've tried many but, for us, the best is Salesforce's Einstein Analytics suite of products.
What is Einstein Analytics?
The Einstein Analytics suite of Salesforce products aims to offer an advanced analysis in different areas thanks to the use of Artificial Intelligence (AI). Companies can analyze all the information they have in every business area (Sales, Marketing, Analytics, and so on) to improve their performance without having to build mathematical models, write algorithms, and more. If you’re wondering how to incorporate AI inside your organization, Einstein Analytics is a good start.
In layman’s terms, Einstein Analytics is a program that aggregates all the information Salesforce can extract from various channels, and by using Artificial Intelligence, it derives meaningful analyses and conclusions for a firm. And the best part is that there are business area-specific applications that can take particular advantage of this information.
Salesforce and Business Intelligence: Discover the Einstein Analytics tools and applications
These specific applications have preconfigured KPIs that gives users the chance to explore data, detect trends, and quickly and easily derive conclusions.
Monitor sales over time.
Lets you quickly visualize sales volume through its preconfigured dashboard.
Gives you the ability to create presentations, proposals, or communicate with the team about any discovery or idea.
Centralizes KPIs to identify problems better and obtain insights.
It perfectly integrates into all your possible sales channels.
Stores a complete history for all your customers, letting you give them quick answers.
B2B Marketing Analytics
Lets you create personalized dashboards to understand marketing results better.
Makes it easier to understand and analyze marketing campaigns and marketing's overall ROI.
Offers information about what tactics are working best and to share them with the team.
Einstein Analytics Platform
This application is a bit different than the rest, given that it lets you configure analytics applications, data dashboards, and external data sources to meet your individual needs. If you need personalization, this option is perfect.
Einstein Discover is perhaps one of the Einstein Analytics family's most exciting products. It runs thousands of statistical checks to confirm that every trend is valid and simultaneously provides guided explanations for how to act on each case and create presentations so that every manager has the visual aid when it comes time to explain it to the team.
This Salesforce Business Intelligence tool is up-to-date when it comes to new trends and needs that arise in the industry. For all this, we have to be ready! Managing these Business Intelligence tools can be the first step towards understanding this complex universe and be able to have a grip on your business's data.
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