Collecting and analyzing data gives you important insights into trends in your business, which allows you to make more informed decisions for its future. Business Intelligence software helps you simplify these processes to translate data into critical information in real-time. Here are three signs you’re ready for a BI solution.
1. Your Reports Can’t be Constructed Fast Enough
You have data that needs to be analyzed and used to construct meaningful reports. You inform your IT department of the required report, and they let you know that it will be ready for you in three days. Three days later, while reviewing the report you realize that there is missing information, or that the information in the report is not displayed correctly. You then need to send it back to IT for the changes to be made, which will take another day or two. In some cases, it may take IT multiple edits to create the report that you envisioned which wastes precious time and resources. All the while you’re losing the ability to use the report for time-sensitive decisions. BI removes these problems from the data equation, at the same time allowing you to create and edit the reports instantly using real-time data.
2. Your Data and Reports are Inconsistent
Inconsistent data leads to inaccurate reporting, which can then lead to making misinformed decisions solely based on faulty information. Inconsistent data can be the result of complex processes, or simply human error. BI software centralizes your data and establishes automated and streamlined processes, eliminating inconsistencies in how your data is reported.
3. Can’t make sense of your data- Are these fields consistent?
Your data is spread across many business applications; each application serving unique and vital functions. Aggregating and organizing the totality, sourced from each platform, is generally impossible as each data set needs to be converted to a common “language”. The goal is to make it possible to easily manipulate and make sense of one of your most valuable resources. BI software converts the data sets, allowing you to leverage the data you have already collected. Accurate reporting provides insight into your business which gives you the power to make the best decisions for your business.
Informed businesses look to gather data and analyze it to make more educated decisions regarding all aspects of their business. Optimizing this process using a BI solution also enables the mining of even more information out of their data while simplifying the processes surrounding the reporting and analysis. If you see the value BI can bring to your business, make sure your business is prepared to adopt it. Creating a detailed strategy for your BI solution is possibly one of the most important steps to complete prior to the adoption or construction of a solution. See our article “5 Topics to Consider About Your Data Before BI” to see how you can further prepare for a BI software solution.