Top 54 Business Intelligence Software (Jun 2024)

Business Intelligence Buyer's Guide

Overview

Business Intelligence (BI) software is a technology-driven process for analyzing data and presenting actionable information to help executives, managers, and other corporate end-users make informed business decisions. BI tools help organizations gain insights into their data, identify trends, and make strategic decisions based on data-driven evidence.

Why Businesses Need It

Business Intelligence software is essential for businesses as it allows them to gather, store, and analyze data from various sources to make better decisions. It provides a comprehensive view of the organizations data, enabling users to identify opportunities, monitor key performance indicators, and optimize business processes.

Main Features

Some of the main features of Business Intelligence software include data visualization, reporting and dashboarding, ad-hoc analysis, data mining, predictive analytics, and key performance indicators (KPIs) monitoring. These tools help businesses transform raw data into meaningful insights for strategic decision-making.

Main Business Processes BI Software Can Help With

BI software can assist businesses in various processes such as financial analysis, sales and marketing optimization, inventory management, customer relationship management, supply chain analysis, and human resources planning. These tools provide valuable insights that drive operational efficiency and improve overall performance.

Steps on How to Buy BI Software

When buying BI software, businesses should first assess their specific needs and requirements. They should then research different BI solutions, evaluate their features and pricing, request demos from shortlisted vendors, and consider factors such as scalability, ease of integration, and customer support before making a final decision.

Things to Consider

When selecting BI software, businesses should consider factors such as ease of use, scalability, data connectivity, security features, mobile access, and compatibility with existing systems. It is also essential to assess the vendors reputation, customer reviews, and post-sales support services.

Popular Vendors and Market Share

Some of the most popular Business Intelligence software vendors include Microsoft Power BI, Tableau, QlikView, MicroStrategy, and IBM Cognos. According to Gartners Magic Quadrant report, Microsoft Power BI currently holds the highest market share in the BI and analytics platform industry.

Trends and Next in BI Software

Some emerging trends in the BI software industry include the increasing adoption of artificial intelligence and machine learning for advanced analytics, the rise of augmented analytics for automated insights, the focus on data governance and compliance, and the shift towards cloud-based BI solutions for enhanced scalability and flexibility.

10 Questions to Ask Software Vendors During a Demo

1. How does your BI software handle large volumes of data?
2. Can the BI tool integrate with our existing data sources and systems?
3. What security measures are in place to protect our data?
4. How user-friendly is the BI software for non-technical users?
5. Does the tool provide real-time analytics capabilities?
6. What support and training options do you offer to customers?
7. Can the BI software scale as our business grows?
8. What are the customization options available for reports and dashboards?
9. Does the tool offer mobile access for on-the-go analytics?
10. How does the pricing model work, and are there any hidden costs?

Head to head Business Intelligence software leaders comparisons:

List of Business Intelligence Software:

Business Intelligence Tools Price Range

For business intelligence software, the price sits around $3,000 per year for a user. However, it is worth noting that this price range is associated with the medium offering or package from each software vendor; in essence, it is suitable for small & medium-sized businesses. More robust offerings have volatile pricings that are adjusted to suit large businesses.

Users are expected to pay between $10 to $75 for a single user account, depending on the offering level. Examples are Prisync pricing is priced at $60 per month, ClearView InFocus, which costs $25 monthly, and SEMRush pricing sit around $100 monthly. However, SAP Business Objects costs $14,000 per year but includes 10 user accounts.

Additionally, business intelligence software can be targeted at SMBs or large-sized businesses. However, there are others that are meant for any business size. The software that is apt for each business size and their prices are as follows:

• Small Businesses can expect to pay between $10–$50 monthly for a single account business intelligence software. For BI software that includes multiple accounts, they can expect to pay between $300–$500 per month. However, some other vendors like Britix24, Manage Engine Analytics Plus, and BI360 offer their low-end package free for small businesses, although with limited features. Some BI software for small businesses are Competitors App, which costs around $7 per month, KlipFolio $50 monthly, and AnswerDock $20 per month.
• Medium Businesses can expect to pay between $50–$500 for a business intelligence software, depending on the number of accounts on each offering. For instance, Tableau pricing costs $70 for a single account, while Funnel and CYS cost around $500 and $300 respectively for pre-set multiple accounts.
• Large Businesses can expect to pay $500–$10,000 for BI software packages that include a large workforce and around $60 for a single account. For instance, Prisync ultimate package costs around $300 monthly per user but allows only a minimum of 10 accounts, which amount to $3,000. Also, ArcGIS costs $1,500, and IBI is priced around $150 per month.

The price range for BI best of breed are as follows:

• Reporting Software This subcategory of BI software has a price that ranges from $10 and $45, depending on the offering level. For example, Agent360 Marketing Reporting pricing starts from $80 per month for 5 users, Syncfusion Bold Reports costs $200 per month for 5 users, Germain APM cost up to $30 per day based on APM unit.
• Data Visualization Software The price for software in this category ranges from $10 to $50 per user monthly. On the other hand, some others are completely free to use. Google Charts, for example, comes at no fee. However, software like Qlik Sense costs $15 per month per user, while Power BI costs more than $10 monthly per user.
• Dashboard Software Dashboard software pricing is usually divided into three tiers, which range from $9 to $12, $12 to $27, and above $30, respectively; the price is usually set based on the number of dashboards made available in a month. Some dashboard software with this similar price are Cluvio, which costs $280 for 50 dashboards monthly, Microsoft Dynamics 365, which costs $190 monthly per user for a number of dashboards. Others are iClassPro = $130 and ThortSpace = around $10 monthly per user.
• Risk Management Software Many products in this category are priced on a yearly basis, which, in many cases, may be per user. They can also be divided into three categories, of which the lowest offering range from $70 to $400, medium offering from $400 to $10,000, and the ultimate package from $10,000 upwards. Some products have monthly pricing regardless; for example, Goat Risk, which costs $15 per user, and OneSoft Connect, which costs around $6 per user. An example of a product with yearly pricing is Analytic Solver, which costs $250 per user. Lastly, some risk management software have one-time fees, like IsoMetrix, which costs $34,000 for a buyout.
• Embedded Analytics Software The pricing for embedded analytics software is often divided into three tiers, usually to suit small businesses, medium businesses, and large businesses. The price ranges from $10 to $15, $15 to $325, and above $325 for each respective tire. Stratifyd is an embedded analytics software with yearly pricing of $1,000 per user. Others are GoodData, which costs $2,400 per year, INFRAGISTIC Reveal, which costs around $10 per user per month.