The volume of data created by company activities might overwhelm enterprise systems in today’s electronically interconnected world. Businesses are overwhelmed with a mountain of data in this age of connectedness, which floods enterprise systems. To deal with the influx, a number of big data technologies have developed, and organizations have used a range of business intelligence (BI) solutions to find patterns and trends in the data. You may be perplexed by the number of Business Intelligence solutions as a CIO or other executive in an IT department. Should you start with a Hadoop framework, or should you opt for a more cost-effective cloud-based solution? Your company will almost certainly want business intelligence!
How do you tell whether your company’s BI system needs to be updated? We’ve found four indicators that indicate when a Business Intelligence solution is required. Of course, you don’t have to wait till you see them all at once; at the very least, one will raise an eyebrow.
- Multiple apps & data sources but manual processing:
Does your company have a lot of different business apps and data sources, but the process of integrating them all together is still manual? Unharmonized data landscapes are prevalent as organizations develop, and analyzing this data can be time-consuming. This method of data collection is unreliable. Large volumes of data are constantly flowing from various sources, and it is up to businesses to determine how they will leverage this sea of data to their benefit. It almost always results in inefficiency and bad decision-making. You remove inaccuracies, acquire exact information about your organization, and ensure that everyone is on the same page by adopting a well-architected BI Solution.
- Complicated Reporting:
Is a spreadsheet your notion of business intelligence? Is preparing your monthly report a time-consuming process for you? You don’t have business intelligence if you use spreadsheets for analysis. Spreadsheet-based BI is a time-consuming, error-prone procedure that frequently produces obsolete and incorrect data. According to studies, up to 35% of data in a spreadsheet that one or more individuals have worked on contains mistakes. Spreadsheet data containing time-sensitive information can also be a source of inaccuracy, as it must be manually updated on a regular basis. Modern BI systems generate and distribute real-time reports accurately and timely, allowing decision makers to make well-informed decisions.
- Lack of in-depth & customized data analysis:
Are you unable to do a comprehensive examination of your data? Is it necessary to rely on IT for every customization? That implies your company’s metrics are essentially non-existent.
It’s fairly unusual for analysts to discover that whole data sets are missing or that historical data is incomplete. A firm loses the capacity to assess their real performance over time and forecast future trends if they don’t have access to historical data. Data loss frequently leads to erroneous or unreliable conclusions, and with large quantities coming from a variety of sources, big processing data may be time-consuming. In the long run, this leads to worse decision-making. This is something that business intelligence can help organizations avoid. BI allows you to import and preserve historical data and analyze it for a variety of criteria to provide you with comprehensive information.
- It’s difficult to find important information:
There isn’t any strategic information available that extends beyond the everyday operating necessities. Important sales information, cost analyses, and regional market saturation reports must be tracked down and compiled from various places around the system. It’s like pulling teeth to find the solution to a business issue requiring data analysis, forcing you to make particular staff demands to aggregate the data.
Not only is this robbing them of productive time, but it is also not available to you in a timely manner. This puts the successful implementation of mission-critical or time-sensitive choices in jeopardy. BI solutions are made to ensure that you get the answers you need when you need them.
Organizations can no longer afford to overlook the value of a business intelligence solution. It is not a luxury, as it was with decision support systems or management information systems in the past. If a company wants to compete with its rivals and acquire a competitive advantage, BI is a must-have. A strong business intelligence system is also less expensive to install these days than it was only a few years ago. Small and mid-sized businesses can now afford BI as much as their bigger counterparts because of open source technologies, software as a service (SaaS), and cloud-based solutions.
Is business intelligence, all things considered, something your company requires right now? CloudMoyo has successfully completed Business Intelligence & Analytics projects for customers in various industries, including healthcare, transportation, pharmaceuticals, and retail. A large part of this accomplishment may be credited to a comprehensive analysis of the client landscape, followed by a proof of concept using real-world data. After a successful PoC, the majority of these clients were able to move on with their corporate BI initiatives.