Data is not just a set of facts pertaining to a company’s business. It is an asset which can reveal the right information to make the right decisions. Business intelligence aids in uncovering this information. BI tool helps to give this mode of predictive analysis a whole new level. They improve decision making significantly by transforming unstructured data into something meaningful. A right BI tool can transform multiple areas of a business such as sales, marketing, finance and HR.
“BI is about providing the correct data at the correct time to the correct people so that they can take the correct decisions”
The key factors which determine a dire need for business intelligence are:
Ever increasing volumes of data but no real information
Data and information go hand in hand with former leading the latter. The ability to identify trends and generate actionable insights is the only way to make use of the enormous volumes of data. Investing in BI will not only facilitate managing the quantity of data but will also make each field of data valuable.
Spreadsheets have become sluggish due to enormous data with high update frequency
Most of the companies use Excel as its primary reporting tool but it has its own limitations especially when the company is growing. A spreadsheet works just fine if the data is simple and there is not much requirement of real time reporting. However, a file containing add ins, multiple formulae and data updated frequently would be unable to function as desired in Excel. A BI tool in this case can act as a lifeline with functionalities of combining multiple spreadsheets, analyzing the unified data and reporting on a real-time basis.
Need to combine data from multiple sources
Data can come from various sources such as relational databases, cloud systems or ODBC sources. Manually combining all data sets to try and make sense of it requires effort and time investment. It is a cake walk to cross data sources from different systems using BI tools and define connections between them to analyze them at a singular location.
Majority of the businesses are data driven and are based on decision making. Most of them struggle with one or more of the mentioned indicators without BI. When a business decides to invest in BI, it should come up with a strategy to choose the right tool according to the information desired. Deploying a BI tool into place can transform the process and make it an informed one as opposed to intuitions.