What to think about if you are considering business intelligence software
To maintain an industry-leading position in today’s turbulent economy, organisations need the capabilities to consolidate and report on a wide range of business data from many sources.
The data needs collecting, analysing and presenting to the business to support better decision making.
Why is business intelligence (BI) so important?
For business growth and to maintain competitive advantage it is essential for organisations to keep abreast of changing customer behaviour in the market. It is also important for organisations to recognise the value of the information customers provide so they can alter their strategic vision and gain new perspective.
Information from customers can be the catalyst for changes such as new product development or product enhancements which are crucial to meet changing customer demands.
What are the benefits of business intelligence products?
Business intelligence products shine a spotlight on business data that is otherwise hidden in the shadows of your organisation’s systems. You know the data exists, but it’s either too time-consuming to track down or requires a data analytics team to extract and translate it.
A business intelligence product gives organisations the ability to convert raw data into meaningful insights and actions that they can use to make more informed decisions and help them stay one step ahead of their competitors.
At a tactical level business intelligence software leverages analytics to improve decision-making, rather than just saving time and at a strategic level can be used to align daily operations with the goals of senior management.
According to a survey of 2600 business intelligence users by BI-Survey.com the following are the top seven benefits:
- Faster reporting, analysis or planning
- More accurate reporting, analysis or planning
- Better business decisions
- Improved data quality
- Improved employee satisfaction
- Improved operational efficiency
- Improved customer satisfaction
How do you take your data analytics to the next level?
In the past, business intelligence was a privilege of large corporations who could afford to maintain teams of data analysts. But with the introduction of cloud-based solutions and Software as a Service (SaaS), business intelligence software has become not only more lightweight and powerful but also more accessible. If you’re considering business intelligence software for your organisation, it's a good idea to think about the following.
What’s your aim?
- What are you hoping to achieve by implementing business intelligence?
- Do you want to improve customer satisfaction?
- Do you want to increase operational efficiency?
- Have you considered whether you need a Business Intelligence Strategy?
What do you have already?
Once you’ve got an idea of the areas you want to address, consider
- What data and analysis tools you have right now?
- What is achievable with the right systems in place?
- What kind of data you have available to feed in?
What do you need?
Once you've covered what you currently have and what you want to achieve with your business intelligence, it's time to make a more concrete decision on what your business needs and consider what the business intelligence system should do.
- Do you want something that consolidates all your data and uses a simple, intuitive dashboard to show you key data by function, team or division?
- Do you prefer a cloud-based system, Software as a Service, or software that you install and run yourself?
- Do you want something that integrates with your existing systems or replaces what you already have?
As you can see, by starting with some simple questions you can begin to understand what types of data sources can best inform your business decisions. Once you’ve got a clear understanding of your objectives, what you currently have and what you need, you can start creating your business intelligence roadmap and take your first steps in the world of business intelligence.
Still not sure?
If you’re still not sure, talk to one of our experts about the benefits of Hydra BI software to see if it's right for your business. For more information why not download our free brochure or watch Hydra BI in action
