What is the Best Business Intelligence Software in 2024?
September 20th, 2023 (Updated 01/22/2024) | 10 min. read
Welcome to Pricefx, a leading pricing software vendor exploring the realm of business intelligence software (BIS)! You might be wondering, “What on earth brought these two seemingly different worlds together and why is the best business intelligence software for this year important to my business?” Before we jump into giving you the Top 5 BIS for your business this year, let’s uncover the profound connection between pricing software and BIS and the world of analytics.
Picture this: Pricing software, the master of precision in the pricing universe, waltzes into the enchanting realm of business intelligence. This dynamic duo forms a symbiotic relationship like no other and unite to bring you pricing superpowers! Forget Batman and Robin; pricing software is the wingman to your BIS, the Watson to your Sherlock, and the Frodo to your Gandalf. By unleashing the full potential of analytics and seamlessly integrating with BIS, pricing software elevates the art of decision-making and transforms your business’s fortunes.
Learn more about the analytics dream team first up and then we’ll later discover the best BIS picks for your enterprise business this year.
What Enterprise Business Intelligence Software Does
BIS systems collect and process vast amounts of unstructured data from internal and external systems.
If you seek a versatile tool that gathers, structures, presents, and examines data derived from various business activities to reveal patterns and trends, enabling informed, data-driven decisions across diverse functions, then a business intelligence software solution is the perfect fit for your needs.
These tools provide a method of amassing and preparing data to find information primarily through queries, so that you can use the accompanying data visualization software to create reports and dashboards.
In other words, BIS simply parses data and produces visualized reports and information that helps managers to make better decisions, accelerates and improves decision making, and increases operational efficiencies.
What Enterprise Pricing Software like Pricefx Does
On the flip side, Pricefx and pricing software solutions in general can lead the way to unearthing your company’s maximum profitability. With pricing software, you can quickly, efficiently, and easily develop answers to your top-of-mind business questions like; “What is my most profitable product or region” or “Who are my most profitable customers?”
Pricing software like that of Pricefx and others are surgical precision pricing tools specifically designed for use within the pricing industry and develop insights into your business and discover pathways to your organization unique set of business goals.
Pricing software is a configured mechanism that functions as both a metrics engine and a catalyst for managing your company’s profitability. It helps businesses determine the most suitable price for their products and services. Leveraging vast historical, product, sales, and market data, it swiftly provides optimal price recommendations allowing you to craft a pricing strategy that perfectly aligns with your unique circumstances.
Drilling it down to its purest essence, BIS and pricing software have a symbiotic relationship, working together to optimize pricing decisions.
BIS is all about the aggregation, modeling, and subsequent visualization of existing data sources.
Most BIS, if implemented well, actually generates no new data but rather reports on data that is kept in a data warehouse.
In turn, pricing software leverages this data to recommend optimal prices that align with business objectives, driving smart and data-driven pricing strategies.
And what’s more, at Pricefx, we know a thing or two about business intelligence and analytics too. Following our recent shortlisting in the Best SaaS Product for Business Intelligence or Analytics category for the 2022-23 SaaS Awards we feel are perfectly placed to assess the best BIS tools around today.
Your Top 5 BIS Choices
Below are the Top 5 BIS Software vendors that are designed for larger, enterprise businesses.
Note, many of these BIS Software vendors do not list their prices on their website, but some do offer you a free demo or trial period to learn how the tool can help you.
Please note that the reviews in this article are based upon information available to the public, including information gathered from publicly available reviews (such as those from G2, Gartner and others), rankings, and testimonials.
Each company’s needs and wants differ, so we suggest that you also undertake your own research in order in combination with the information supplied below to reach your own decision. Pricefx does not assume any responsibility for decisions made or actions taken in relation to the content of this article.
Other company trademarks are owned by those companies and not by Pricefx and references to them are not intended to suggest any affiliation with, or endorsement by them.
Nothing in this article is intended to suggest any endorsement of, or affiliation with or sponsorship by, companies other than Pricefx.
1. Microsoft Power BI
Price: Free Trial Available and then beginning from $10 per user per month – Additional pricing information can be obtained directly from Microsoft.
Description: Microsoft Power BI is a business intelligence and data visualization tool that empowers organizations to transform raw data into meaningful insights and interactive reports. With its user-friendly interface, Power BI allows users to connect to various data sources, such as databases, spreadsheets, cloud services, and more, to create interactive dashboards and visualizations. Its robust data modeling capabilities enable data preparation, transformation, and modeling for comprehensive analysis. Power BI’s rich library of visuals, charts, and customizations provides an array of options to present data in a visually compelling manner. Additionally, it offers data sharing and collaboration features, allowing teams to work together and share real-time insights across the organization, enhancing data-driven decision-making processes.
Value Points:
- User-friendly file ‘drag and drop’ visualization function.
- Great User Interface
- Wide selection of charts, graphs, and interactive dashboards
Best Reason to Buy: Seamless user access and connect from anywhere.
Limitations: Microsoft Power BI can allegedly experience issues importing large datasets, in addition to slow performance and time-outs.
2. Tableau
Price: Tableau has 3 pricing editions (Creator, Explorer & Viewer), from $15 to $70 per user per month. A free trial of Tableau is also available. Additional pricing information can be obtained directly from Tableau.
Description: Tableau is not only highly rated by the review gurus like G2 and Gartner but also backed by numerous user testimonials that hail its visuals as the best in the BIS market, making it the go-to enterprise standard. As a robust business intelligence tool for analytics and visualization, Tableau presents results in a myriad of forms to provide deeper insights. Its versatility has found a place in various industries, including healthcare, insurance, manufacturing, education, marketing, wholesale, and retail, where businesses extensively benefit from its insightful data visualization capabilities.
Beyond its great visuals, Tableau’s functionality goes deeper, engaging with cloud and relational databases, spreadsheets, and Online Analytical Processing (OLAP) cubes to gather statistical data. It then skillfully parses, categorizes, and correlates this data to generate comprehensive analytical reports.
Value Points:
- With both desktop and online versions, Tableau allows access to data in the cloud or on premises, catering to diverse organizational needs.
- Remarkable visualization capabilities.
- In addition to its high visualization functionality, users rate its overall performance as robust and reliable, operating fast even on large data sets.
Best Reason to Buy: Super easy for beginners and tech wizards alike to create interactive dashboards.
3. Oracle Analytics Cloud
Price: At the enterprise level, Oracle Analytics Cloud starts at $80 per user per month. Additional pricing packages can be obtained directly from Oracle.
Description: The Oracle Analytics Cloud tool is customizable and easy to use which allows non-technical users to dig deep into their datasets to gain insights and make impactful business decisions.
The Oracle BI tool provides the functionality to address the complete analytics and reporting process including data modeling, data preparation, collaboration, and visualization without compromising security and governance.
Value Points:
- In-built automation and AI (Artificial Intelligence).
- Oracle Analytics offers a wide range of out-of-the-box data connections, allowing users to unify and access diverse data sources quickly and easily.
- The training provided by the Oracle Academy allows for a good high-level tool overview.
Best Reason to Buy: If your company uses a suite of Oracle products, you’ll be assured easy integration with Oracle Analytics Cloud.
Limitations: Can be complex to navigate leading to a steep learning curve for new users.
4. Qlik Sense
Price: Qlik Sense starts at $30 per user per month. Additional pricing packages can be obtained directly from Qlik Sense.
Description: Qlik Sense is an impressive business intelligence software that excels in collecting, organizing, visualizing, and analyzing data to uncover meaningful trends and patterns, facilitating data-driven decision-making across various functions. With its user-friendly interface, businesses can effortlessly explore their data and gain valuable insights, making it an ideal solution for organizations seeking to optimize their analytics and drive better outcomes. Whether in healthcare, finance, retail, or any other industry, Qlik Sense empowers users to make data-based decisions with confidence and agility.
Value Points:
- Data Load Speed.
- Qlik Sense is adaptable between no-code, low code or complex code mode.
- Notifications and alerts to put the user in the proactive driving seat.
Best Reason to Buy: What sets Qlik Sense apart is its remarkable ease of use, allowing users to quickly get started and harness the power of data without the need for extensive training or technical expertise.
5. Sisense
Price: Please contact Sisense to obtain current pricing.
Description: Sisense is an exceptional business intelligence software that stands out for its ability to collect, organize, visualize, and analyze vast amounts of data with remarkable speed. Using its innovative in-chip methodology, Sisense can impressively load millions of data points in just a few seconds, providing users with real-time insights and enabling rapid decision-making. With its intuitive interface and powerful data processing capabilities, Sisense empowers businesses to uncover valuable trends and patterns, make data-driven decisions, and achieve better outcomes.
Value Points:
- Dashboards and widgets are easy to create.
- Easy navigation, great interface and simplicity of use.
- Combine data from various sources to get a holistic picture of your organization.
Best Reason to Buy: Sisense’s ability to quickly and accurately analyze business data.
Which Price Analytics Software Should I Combine with my BIS Tool?
Now you have a comprehensive understanding of the subtle differences between pricing software and BIS, in concert with a rundown of some of the best business intelligence software around today, you will probably want to dive into a discovery of what are your best pricing software options too.
At Pricefx, we have spent more than a decade listening to different companies about the difficulties they sometimes face when it comes time to decide on which pricing software solution is best suited for their organization.
If that is where your business currently sits, check out these handy in-depth pricing software comparison articles:
If afterwards you are still unsure about making your organization’s pricing software decision, check out this article to help you nail down your choice:
