Business intelligence (BI) software is used by businesses to collect, process, analyze, and visualize raw data to inform their strategies and operations. These tools democratize access to complex analytics once reserved for data scientists. They enable decision makers to extract meaningful patterns from data, spot emerging market trends, and decide what the business should do next.

Benefits of business intelligence (BI) software include the following:

1. Enhanced Decision-Making - BI tools have the ability to transform highly complex data into easy-to-understand visualizations and dashboards, revealing patterns at a simple glance. The result is a visual approach to data analysis, allowing executives to quickly grasp performance metrics, identify anomalies, and make informed decisions with greater confidence & speed.
2. Operational Efficiency - By automating data collection & analysis, BI tools eliminate the countless hours previously spent generating manual reports and manipulating spreadsheets. This automation not only reduces labor costs, but also minimizes the risk of human error, ensuring operational decisions are based only on the most accurate and up-to-date information. ‍
3. Competitive Advantage - Organizations that leverage BI are able to identify market opportunities and threats much faster than competitors that still rely on traditional methods of analysis. BI makes it possible for organizations to easily track competitor activities, keep tabs on shifting customer preferences, detect new market trends early on, and position themselves strategically to capture market share from less data-savvy competitors.

Common features of business intelligence software include:

• Data Integration – Combines data from various sources for unified analysis.
• Data Visualization – Converts complex data into easy-to-understand charts, graphs, and dashboards.
• Reporting & Dashboards – Generates real-time, customizable reports and visual dashboards for decision-makers.
• Predictive Analytics – Utilizes historical data to forecast trends and outcomes.
• Data Warehousing – Stores large volumes of historical data for efficient querying and analysis.
• Ad-hoc Analysis – Allows users to create custom reports and queries without relying on IT.
• Data Mining – Identifies patterns and relationships in large datasets for actionable insights.
• Self-Service BI – Empowers non-technical users to create their own reports and analyses.
• Collaboration Tools – Facilitates sharing insights and collaborating on reports across teams.
• AI & Machine Learning Integration – Enhances analysis with AI and machine learning capabilities for advanced insights.

Business intelligence (BI) software typically costs between $20 and $100 per user per month for basic plans. More advanced plans (which often have features like advanced analytics, data integration, and reporting tools) can range from $100 to $500+ per user per month. Enterprise-level BI solutions may have custom pricing based on the size of the organization and specific requirements.