Hello Arun,
If you are looking for alternatives to BICS, I would definitely recommend BIWS. Each approach has downsides and upsides.
BIWS UPSIDE: BIWS can be scheduled and this leads to a better performance.
BIWS DOWNSIDE: WebI reports containing BIWS needs to be maintained and leads to more complex design.
DF Universe: This can be used as well but dashboards would run slower when data gets bigger in your BW cube. Federated Universe will have some bottlenecks and decreases performance.