Home
/
Categories
/
Business Intelligence Software

Understanding the Best Business Intelligence Tools

Businesses need to store, manage, and analyze vast amounts of data from various sources to remain competitive. Business intelligence (BI) tools simplify and streamline the process, making the analysis and visualization process much easier. This, in turn. allows decision-making processes stemming from data to happen faster and more effectively. 

To help you understand the ins and outs of BI software, this guide will cover:

Table of contents

What is business intelligence software? 

Business intelligence software describes a set of software tools designed to help businesses analyze and visualize that data in a way that makes sense to stakeholders other than data analysts, engineers, and architects. The best BI tools simplify the analysis and overview process for stakeholders across departments and disciplines, enabling organizations to make swift, data-driven business decisions aligned with overall goals. 

Business intelligence software tools offer a range of features designed to reach these goals, including data visualization, reporting, and analytics. Businesses use these to gain insights into their data, driving more informed, cost-effective, and goal-oriented decisions.

Most Purchased Business Intelligence Software

According to Vendr's internal transaction data, Looker leads the Business Intelligence Software category as the most purchased software, boasting an average contract value of $165.89K. Looker's powerful data exploration and analytics capabilities solidify its position at the forefront, providing businesses with the insights needed to drive strategic decisions.

Tableau holds the second position with an average contract value of $70.65K, highlighting its role as a critical tool for data visualization and business intelligence that empowers organizations to analyze and share their data with interactive, visual dashboards.

Domo ranks third, with an impressive average contract value of $230.59K. Known for its comprehensive business intelligence and data integration platform, Domo helps businesses centralize their data and turn it into actionable insights.

Mode, securing the fourth spot, presents an average contract value of $191.69K. Mode's collaborative analytics platform enables data teams to build reports and dashboards that drive informed decision-making across the organization.

Crayon rounds out the top five with an average contract value of $30.78K. Crayon's competitive intelligence platform offers dynamic tracking and analysis tools, empowering businesses to monitor their competitive landscape and stay ahead in the market.

Vendr Verified
Looker
Discover comprehensive insights on Looker pricing, explore alternatives, learn negotiation strategies, and tap into community insights with our guide.
Median Savings
$21100
SKU
Insights
4
0
Community Insights
31
0
Discount Levers
8
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Tableau
Discover and compare Tableau pricing, connect with the community for insights, and enhance your negotiation skills for better SaaS procurements.
Median Savings
$4000
SKU
Insights
3
0
Community Insights
41
0
Discount Levers
5
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Mode Analytics
Discover valuable insights on Mode Analytics pricing. Learn negotiation tactics, understand alternatives, and tap into community insights for better decisions.
Median Savings
$8300
SKU
Insights
3
0
Community Insights
10
0
Discount Levers
10
0
Competitors
3
0
SEE THE BUYER GUIDE
Vendr Verified
Crayon
Explore Crayon pricing insights with our comprehensive guide. Learn about costs, alternate options, negotiation tactics, and gain valuable community insights.
Median Savings
$5000
SKU
Insights
1
0
Community Insights
4
0
Discount Levers
10
0
Competitors
4
0
SEE THE BUYER GUIDE

Most Renewed Software in the Business Intelligence Software Category

Based on Vendr's internal purchasing and transaction data, Tableau emerges as the most renewed software in the Business Intelligence Software category, with an average renewal value of $77.63K. This highlights Tableau's sustained value and the consistent satisfaction it delivers to its users through powerful data visualization and analytics tools.

Looker follows closely in the second position, showcasing an impressive average renewal value of $163.27K. Looker's ability to provide deep data exploration and real-time insights keeps its users engaged and committed to renewing their contracts.

Domo secures the third spot with a notable average renewal value of $249.89K. Known for its extensive business intelligence and data integration capabilities, Domo's platform continues to meet the evolving needs of its users, driving high renewal rates.

Mode, holding the fourth rank, has an average renewal value of $191.69K. Mode's collaborative analytics platform helps teams build and share reports and dashboards, fostering long-term user engagement and satisfaction.

Crayon rounds out the top five, with an average renewal value of $30.29K. Crayon's competitive intelligence solutions remain a critical asset for businesses looking to stay ahead of market trends and competitors, underscoring the platform's ongoing value and user loyalty.

Vendr Verified
Tableau
Discover and compare Tableau pricing, connect with the community for insights, and enhance your negotiation skills for better SaaS procurements.
Median Savings
$4000
SKU
Insights
3
0
Community Insights
41
0
Discount Levers
5
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Looker
Discover comprehensive insights on Looker pricing, explore alternatives, learn negotiation strategies, and tap into community insights with our guide.
Median Savings
$21100
SKU
Insights
4
0
Community Insights
31
0
Discount Levers
8
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Mode Analytics
Discover valuable insights on Mode Analytics pricing. Learn negotiation tactics, understand alternatives, and tap into community insights for better decisions.
Median Savings
$8300
SKU
Insights
3
0
Community Insights
10
0
Discount Levers
10
0
Competitors
3
0
SEE THE BUYER GUIDE
Vendr Verified
Crayon
Explore Crayon pricing insights with our comprehensive guide. Learn about costs, alternate options, negotiation tactics, and gain valuable community insights.
Median Savings
$5000
SKU
Insights
1
0
Community Insights
4
0
Discount Levers
10
0
Competitors
4
0
SEE THE BUYER GUIDE

Most Recently Purchased Software in the Business Intelligence Software Category

Based on Vendr's internal purchasing and transaction data, Tableau continues to dominate as the most recently purchased software in the Business Intelligence Software category, with an average new purchase value of $31.35K. This sustained leadership highlights Tableau's robust data visualization and business intelligence capabilities that consistently attract new customers.

Crayon has ascended to the second spot, reflecting a significant surge in user demand for their competitive intelligence platform, with an average new purchase value of $32.50K. This rise underscores Crayon's growing reputation for providing valuable market and competitive insights.

Looker follows in third place, showcasing its strong appeal with an average new purchase value of $323.26K. Looker's comprehensive data exploration and real-time analytics tools continue to be a preferred choice for organizations aiming to enhance their decision-making processes.

Domo secures the fourth rank, with an average new purchase value of $37.50K. Known for its integrated business intelligence and data management solutions, Domo remains a key player in the market, attracting new users with its extensive capabilities.

Mode rounds out the top five, with its consistent user engagement and the value it provides to new customers. While specific figures for Mode's average new purchase value are not disclosed, its inclusion in the list highlights its importance as a collaborative analytics platform that continues to meet the needs of new users seeking efficient data reporting and visualization solutions.

Vendr Verified
Tableau
Discover and compare Tableau pricing, connect with the community for insights, and enhance your negotiation skills for better SaaS procurements.
Median Savings
$4000
SKU
Insights
3
0
Community Insights
41
0
Discount Levers
5
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Crayon
Explore Crayon pricing insights with our comprehensive guide. Learn about costs, alternate options, negotiation tactics, and gain valuable community insights.
Median Savings
$5000
SKU
Insights
1
0
Community Insights
4
0
Discount Levers
10
0
Competitors
4
0
SEE THE BUYER GUIDE
Vendr Verified
Looker
Discover comprehensive insights on Looker pricing, explore alternatives, learn negotiation strategies, and tap into community insights with our guide.
Median Savings
$21100
SKU
Insights
4
0
Community Insights
31
0
Discount Levers
8
0
Competitors
5
0
SEE THE BUYER GUIDE
Vendr Verified
Mode Analytics
Discover valuable insights on Mode Analytics pricing. Learn negotiation tactics, understand alternatives, and tap into community insights for better decisions.
Median Savings
$8300
SKU
Insights
3
0
Community Insights
10
0
Discount Levers
10
0
Competitors
3
0
SEE THE BUYER GUIDE

Key features of business intelligence tools

Many features within BI tools are designed to help business users analyze and visualize their data. Some of the key features to look for in a BI platform include: 

  • Analytics: Analytics features enable organizations to automatically parse datasets to gain insights into key trends and patterns. 
  • Data visualization: BI platforms' data visualization features enable businesses to create interactive dashboards and charts that help them better understand large datasets. 
  • AI-fueled features: Some BI tools, though not all, include AI-powered features like natural language processing and machine learning that automate and optimize data insight collection. 
  • Reporting: Custom reports allow users to tell a cohesive story that will resonate with other stakeholders. 

Selecting the right business intelligence tool 

This section focuses on the considerations businesses should make when selecting a BI tool, such as integration capabilities, scalability, and user-friendliness. 

Top considerations when choosing a BI tool

  • Features: Evaluate your business’s needs and pain points to accurately determine which software tools provide the features you’re looking for in a BI tool. 
  • Compatibility with existing systems: Integration capability with existing systems is an essential component of introducing new software that will save time and resources. If it won’t work with your existing systems, it won’t work unless you’re planning a full overhaul of your tech stack. 
  • Scalability: You’ll need a BI tool that can scale with your business as data volumes grow and your business grows. 
  • Cost: Pricing for BI tools can vary widely, so it’s essential to consider your budget and business needs to determine the most effective option for the cost and value. 

Features vs. needs

When determining which BI tool is the best choice, it’s essential to match the tool’s features with your business’s specific needs to ensure you’re not overspending on unnecessary features. In contrast, you’ll also want to ensure you’re not underspending on business intelligence tools, as lower costs are typically associated with less robust software that lacks high-level data analysis features. 

First, identify your specific needs and requirements for a business intelligence platform. Consider factors such as the types of business data you’ll be analyzing, the reporting functionality, visualization tools, and data modeling features required, and how well the BI tool integrates with your existing systems and technology ecosystem. 

Once your team has a clear, encompassing understanding of your business’s specific needs and requirements, you’re ready to begin evaluating business intelligence software. Look for BI tools that include the features your business needs to gain actionable insight that will facilitate better decision-making. Avoid tools with features you know your business won’t make use of, as they’ll add unnecessary cost and complexity.  

Questions to ask a BI software supplier 

Here are some questions we recommend asking a potential BI software supplier to ensure you’re making the best choice: 

  • What types of data sources can your BI tool integrate with?
  • What data visualization functionality does your BI software offer?
  • What analytical features are offered?
  • Are there AI capabilities included in the software? 
  • What type of reporting features can your tool provide? 

Vendr insight: Pricing and value considerations 

Let’s take a look at some of the most popular BI tools on the market and the value they could provide to your business. 

Navigating BI tool options and pricing 

Insert brands and pricing options for BI tools. 

The ROI of business intelligence software 

Investing in business intelligence tools often provides significant long-term value for businesses, including a strong return on investment (ROI). With BI software, companies can analyze and visualize their data more effectively, gain deep insights into their most minute business operations, identify trends and patterns in the data, and make better decisions that support operational growth. 

Potential ROI from BI tools can come from:

  • Reduced costs: Identifying inefficiencies and areas for improvement helps businesses reduce labor costs. 
  • Improved decision-making: Accurate and timely information helps make better decisions, leading to increased efficiency and productivity. 
  • Increased revenue: BI tools can help identify new trends and opportunities, and increase revenue. 

Best practices for BI integration 

To ensure a successful implementation and integration of BI software tools and apps, organizations should follow best practices such as:

  • Clear objectives: To achieve the goals you hope to with your business’s use of BI tools, it’s important to set clear objectives on what you’re hoping to achieve. 
  • Data governance policies: Businesses should implement data governance policies that define how data is collected, stored, and used to ensure the accuracy, consistency, and reliability of data analytics. 
  • Staff training: Organizations should provide staff who will use the business intelligence tools with training on how to effectively use BI software tools and interpret the data the tools generate. 

Business intelligence software FAQs

How can business intelligence tools benefit my business?

Business intelligence tools provide organizations with insight into their data metrics, enabling data-driven decisions that drive a competitive edge. 

How does Vendr simplify the process of buying BI software? 

Vendr simplifies the process of buying business intelligence software with a curated, comprehensive roster of BI software that includes pricing information and reviews from other businesses like yours that have found success with these tools. 

Can small- and medium-sized businesses afford business intelligence tools? 

While most BI tools would have been out of budget for SMBs a decade ago, there are more affordable options on the market today that provide useful data insights and visualizations for companies of all sizes.

Ready to save on SaaS?

GET VENDR FREE FOREVER