Business Intelligence is not a new concept to most of us. The IoT (Internet of Things) have been enabling organizations to connect, Interact and Communicate and make insights with their data. BI is becoming increasingly accessible to a wider group of organizations and range of users both technologically and financially. This White paper makes you understand the myths of BI and how to overcome.
BUSINESS INTELLIGENCE IS COMPLEX
Business Intelligence has been seen as a highly technical and complicated process to use, unless the enterprises have strong IT Technical specialists. Now there are plenty of agile BI solutions that can present data in easy-to-access and easy-to-understand formats which do not require an IT expert. In fact, the self service capabilities are now being marketed specifically to the non-technical users. Also, the increase in visual analytics have made the users to independently create interactive reports and presentations.
BI IS ONLY FOR BIG ENTERPRISES
That was the scenario a decade ago, in gone days these kinds of technologies were only been operated by the experienced IT staff and data analysts. In today’s world having tools which transform raw data into meaningful insights, companies both big and small can deploy solutions to bring in information from the data, which enables business leaders to make right decisions. Even smaller companies without no skill can use data visualizations and software to analyze their data and create reports.
BI IS ONLY MEANT FOR SENIOR MANAGERS
In those days only upper level management team would have the access to business information, however there has been a push for data democratization so that everyone in the enterprise can get a better understanding of the objectives in order to turn raw data in to useful insights. In today’s world, companies are ensuring that data is available in as many hands as possible in order to create a competitive advantage.
MY INDUSTRY DOESN’T NEED BI
BI is a boon for any enterprise, these many decades your enterprise has been relying on excel or PowerPoint that doesn’t mean that your enterprise cant gain benefit from real time analytics. BI reports give you data to see where your company is going wrong and what you are doing right. Through this you can make adjustments in strategies and guide your business to further success. Without adequate business intelligence tool, there is no way to tell whether you are making the right decision or not. Once you have a solid report, it can either validate or void your previous decisions.
EVERYONE IS GOING TO BECOME A DATA SCIENTIST
There is hardly a business that doesn’t deal with data on a daily basis. Firms collect data on their customers, employees, operations, Processes and the list goes on and on. The world of self-service Business Intelligence tools are putting the power of analytics in the hands of a wide variety of users most of these people are not trained in data science but, the power of Self-Service BI is that anyone can be analyst. The right tool empowers everyone in the organization to manage objectives in a right manner. User access to Business Intelligence tool and the content related, should be principally created and regulated to appropriate trained specialists.
YOU HAVE TO START FROM SCRATCH WITH YOUR ANALYTICS
These days you can get your data insights up and run quickly, but to truly succeed you need the right data. One of the business intelligence myths is: we don’t have time to start from scratch, our BI is good enough. Well this is only a myth. You don’t have to start from scratch when moving to a new BI software. The right software will use your existing data and easily connect your disparate data sources. You may already have essential Key Performance Indicators, with modern business intelligence tools you can integrate existing KPIs and measure new objectives.
MANUAL REPORTING IS BETTER THAN A DASHBOARD REPORTING SYSTEM
It’s easy to misconceive that, manual reporting as more customized. If your IT manager creates all BI reports, then they will likely include only high-level numbers and data, not the drilled-down information which each department needs. This is simply because those departments are not their area of expertise. With a dashboard reporting system, individual users have the power of reporting in their own hands. They don’t have to rely on someone else to create and organize all the data, and they can easily filter and view information on their screen anytime.
Business Intelligence is imperative to a company success. With the right BI tool and data visualization tool you can easily take advantage of all the above myths and more. Proper Business Intelligence tool is the key to run an efficient, productive and profitable organization. Business Intelligence is an affordable too that is accessible to all types and sizes of businesses.