It’s a well-known fact that it’s not the most intelligent or strongest who survive, but those who adapt best to the changes. This can also be applied to the field of modern business. The changes brought about by various technological breakthroughs are shaping not only the way business is conducted, but also the way business owners and managers design strategies.
Since digital transformation is currently a burning issue and an aspect which can see a company either make it or break it, many companies are investing significant resources in business intelligence (BI) to help their businesses achieve better results and grow.
Luckily, what used to be affordable only to the most affluent is now available to a wide range of companies, including startups, who wish to take their business to the next level and provide conditions for a steady growth.
Why is BI important?
The amount of data available to business people today is staggering, which is at the same time a fantastic and potentially dangerous thing. It is great to be able to collect information that could be lucrative and help you make informed decisions, but the sheer volume of data can be so overwhelming and distracting, that you simply don’t know what to do with them.
This is where BI comes to rescue. It processes raw data and presents it in a form that is more understandable. Another benefit is that little time is wasted for such complex processes and there’s virtually no room for mistakes, which makes every manager’s life much easier.
Naturally, BI is not free of charge. A lot of work and expertise have to be included in setting up the tech groundwork and developing technical skills, which is why companies have to be ready to spend. On the other hand, the investment of this size is usually quickly repaid through much more streamlined business operations. Also, even if your company is not able to afford an IT team and data scientists working on the introduction of BI, you can still find some software.
Knowing what and how to analyze
This is probably the most crucial element in the process. No matter how sophisticated business analytics software may be, if it’s not used properly, you can’t expect great results. Even if you manage to find an inexpensive solution, you’ll be wasting your money if you don’t know exactly what you should do with it.
Having said that, it’s worth mentioning that such solutions should meet the specific requirements of your company and that if you choose to utilize several solutions instead of one with a rich feature pack, you’re running a risk of being unable to connect all the info that you obtain. Also, that allows your employees to train to use only one type of software, which means you’ll be saving a lot when it comes to training, while at the same time promoting dynamic cross-team collaboration.
Making the most of IT
If you want to benefit from the full potential of BI, you should definitely ensure that all departments, including sales, marketing and HR, profit from the application of BI. Instead of focusing only on sales forecast, performance reviews and competitor research, you should try to use it in a wider range of situations, so that more people would directly feel the benefits of modern technology.
Like many other things, BI is a powerful tool if used correctly, but it can also be a significant waste of time and money unless you know exactly what you want to get from it. In case you are not quite sure how it can help your company grow, you should probably consult someone from the IT industry and seek assistance. Also, make sure you find the right solution for your specific needs, since not every option available is actually beneficial to you and your business.