Best BI Tools 2023 | Top Business Intelligence Software

Current & Upcoming Trends

Knowing what to expect helps us prepare better for what’s to come. Industry trends in business intelligence can reveal critical functionalities you might want to include in your ask list.

Data Literacy

Self-service BI ranks consistently high on the Business Application Research Center’s annual business intelligence trends survey. AI support makes BI systems robust and user-friendly, enabling all users to perform analysis, irrespective of skill level.

User autonomy is a significant draw for enterprises seeking to reduce the time to insight. Independent information access increases employee engagement, giving them a sense of shared project ownership.

Read about explainable AI in our article: Future of Business Intelligence (BI).

Data Governance

Increasing source complexity makes information governance a must-have feature. And it’s not only about the guidelines — GDPR and the California Consumer Privacy Act (CCPA) are commonly associated terms. It’s about the users — they’re more aware of their rights over personal information and careful about who uses it and how.

Vendors must incorporate more stringent user information management into their offerings, including removing data on request. Oft-changing governance regulations keep vendors on their toes as they scramble to code in the latest mandatory requirements.

Governance is a difficult-to-tame bear and will be for the foreseeable future. What it means for you as a buyer is this — check with vendors if they provide the latest regulatory compliance and how often they issue updates when regulations change.

SaaS BI

In this survey, around 50% of the respondents stated that cloud BI is either important or very important to their business.

The launch of software-as-a-service eliminated the need for resource-heavy infrastructure and maintenance overheads. Plus, mobile SaaS worked great for people working out of the office. Flexible subscriptions freed up enterprises to try and test-run BI systems without burning a hole in their pocket.

With consumer attention spans becoming shorter, vendors are hard-pressed to offer competitive features to retain customers and expand their market presence. SaaS disrupted the software industry, and it seems set for interesting innovations going ahead.

Mobile Intelligence

Over 90% of global Internet users surf the internet on mobile devices. Mordor Intelligence predicts the mobile BI market will likely grow at a CAGR of 22.43% over the forecast period 2021–2026.

Mobile devices and laptops are the primary means of instant data access and receiving alerts about data changes. Flexible work schedules increase employee productivity, allowing them to better plan their personal and professional lives.

Mobile phones, laptops and iPads capture customer journeys, like browsing eCommerce websites or purchasing products. Mobile insights form a significant chunk of business intelligence and will remain so in the future.

For an in-depth look at where the industry is headed, check out our article on Business Intelligence Trends.

How To Begin Your Software Comparison

Choosing the right solution from a plethora of similar-looking platforms seems daunting, but it doesn’t have to be. Start by evaluating your organization’s needs. Who will use the software, and will they need training?

Consider where your existing software falls short and how the right software can address the gaps. Additionally, vendor research is critical to choosing the right system. Check online reviews, read industry guides and ask colleagues for recommendations.

Free trials are excellent for trying out the platform before deciding. Our article on Lean Selection methodology breaks down the software search process for you.

Cost & Pricing Considerations

Some solutions offer basic features free of charge as an introduction to the platform. The price of owning an on-premise solution is a one-time investment, but maintenance, periodic fixes and ongoing technical support costs can add up.

Cloud intelligence platforms have a lower cost of entry, and maintenance and upgrades are on the vendor. SaaS payment models are subscription-based and flexible — pay only for what you use. Add-ons, customizations and extra features will add to the cost.

Basic support comes with the subscription, but you’ll need to pay for dedicated technical assistance.

If planning to shift to the cloud, ask potential vendors if data migration is included in deployment or if it’ll cost extra. Cloud tools offer per-user and capacity licensing for individuals and organizations, respectively.