• Loading stock data...

How to Determine if Your Company Needs a Business Intelligence Tool

Established businesses have to deal with huge amounts of data every day. Many of these businesses still rely on old tools which makes the job a lot harder and more time-consuming. Many companies have already moved forward and adopted some form of business intelligence to deal with this problem. Usually, in the form of software, a business intelligence platform can integrate several important aspects of a business into one neat dashboard.

There are a number of reasons why investing in a business intelligence platform should be considered by any business, big or small. First, it can help reduce operational costs. Second, it helps the company gain an advantage over the competition. Third, it helps improve employee satisfaction. Lastly, it is a tool that can increase revenue and improve customer satisfaction.

With this in mind, how does a business determine whether or not adopting business intelligence software is ideal? Here are some of the signs you should look for.

Your company struggles with too much data that is not translated into usable information

It is true that collecting data is easy, but what you do with this data to come up with useful information is another matter altogether. Many businesses succeed in the aspect of collection but end up never actually using the data collected. The Bright Analytics Data Dashboard can help you gain valuable insights from such data in order to create concrete actions plans for your business.

Your company relies on its IT team for reporting

Coming up with technical reports should not be the job of your IT team. However, if your company does not have a usable business intelligence dashboard, it is likely that data will be dumped to the IT team for storage. It is highly inefficient when you have to depend on them to pull data and interpret it for you. If you have analytics software, it will be a lot easier to handle reporting because the tools will be less technical and more user-friendly.

Your company has big data, but you are still using outdated spreadsheets

Excel is often the go-to platform for most companies. However, there is a limit to the amount of data this software can handle. For a company that is already envisioning growth, a business intelligence tool overcomes this limitation and allows for real-time collaboration and updates. A number of ordinary tasks will become much easier with a unified tool.

Your company is still using different sources for data

Joining data from different sources can be somewhat cumbersome. This is especially true for a business that deals with a large number of information sources which need to be joined together for reporting. A business intelligence tool helps to reduce the difficulty of mashing up data from different sources.

Your company is using an outdated model for KPIs

There is a major difference between reports and key performance indicators (KPIs). These metrics are what guides the company in their decision making. Unfortunately, pie charts and bar graphs are not the same as actual KPIs. A business intelligence tool can help in creating KPIs and goals for the organisation.

Image: Pixabay.com