There are many Business Intelligence Solutions available for businesses looking to improve their data analytics. Business owners often struggle with what they should do first or how even to get started. In this article, we will explore the different solutions that are out there and some of the benefits of each one.
1) What is this?
Business Intelligence is often used interchangeably with Business Analytics. Business intelligence or BI, for short, is a term that describes what you do to get your data in order so it can be analyzed and understood more efficiently. On the other hand, business analytics means interpreting this information through statistics, graphs, charts, etc. Business intelligence tells you why something happened (or didn’t happen); business analytics enables us to understand when and where these things are happening.
2) What are the main types of solutions?
Self-service reporting applications such as Tableau or Qlikview enable non-technical users within an organization to create their reports.
3) What are its benefits?
This saves time and money because the users don’t need to rely on IT to create their reports. Businesses can get insights whenever they want, not just when it’s convenient for the IT department -they never sleep!
4) What are its drawbacks?
It may be harder for you to keep track of essential changes reported by different employees, which could lead to inconsistent data over some time. Furthermore, suppose your business intelligence solution is designed around specific metrics or key performance indicators (KPIs) that aren’t being met. In that case, this could have profound implications down the line.
For further information, please get in touch with your specialized advisor.