BI or Business Intelligence is a data analysis process. The goal of BI is to improve the company’s performance by assisting its executives and other users to make effective education decisions.
BI has many benefits including the improvement in operational efficiency, optimization of businesses processes, and the gaining of competition with other companies.
When the amount of data collected and used becomes too much for the processing system and it becomes difficult to handle, it is time to implement BI software. It is difficult to understand at what time BI software should be implemented.
Number of Data Sources
If you, your managers and end users face difficulty in understanding the association between all the data sets in the systems that are being used to handle reports, so a BI software is needed. Handling data sets and spending time on them is a sign of having a lot of work for the collection of small insights, something that can be certainly addressed by the implementation of BI.
No Information for Lots of Data
It may possible that your business face lack of useful and real information. The information and data difference are forgotten sometimes. An organization may work on collecting data, but it is totally a different story to convert the data information. Business Intelligence software helps to process that data effectively.
Collected data is not always helpful
For analysis purpose, a report is a useful tool. But, it cannot provide the metrics crucial to business decisions. If the data you have collected is not describing how your business is running in a specific area or is not providing data that is actionable or clear, try to implement BI solution in this case.
Excel is not enough for handling you huge data
The reporting needs of a business can be handled by excel. Though, if reports started to have a large amount of data and it becomes hard for excel to handle, there arises difficulty to use the program. A BI tool has the ability to gather data from different resources including excel and then display it in a coherent manner.
Data editing by IT slows down the things
Some businesses that do not implement BI system use their IT experts for creating and elaborating reports by gathering and processing data. Return of reports to IT department for regular tweaking and editing lead to increase in the downtime. Implementing BI tool can minimize the time of data processing data.
How BI implementation gives best results to a business?
BI implementation allows us to expect several things. One of the advantages is that your executives will not rely on hunches while trying to make further projections.
After BI implementation, you can see the customer’s behavior. You will know about their purchasing activities so you can better target them.
At the end, BI implementation allows you to give ability to sales representative up sell and cross sell products at specific touch points.
BI implementation and Business Future
Future with BI system has many exciting predictions. It is suspected that fast integration of simple interfaces take place and conversation with data occurs too. By using mobile analysis can be done anywhere and anytime.