With the whole world going ga-ga about the new gen business intelligence tool, there is a lot of confusion around what works and what doesn’t. The market is flooded with a number of BI products and it becomes difficult for businesses to decide which BI solutions they should pick and how to use it in the best way.
Here are some facts and FAQs that would help you decide better!
Q: How is Business Intelligence (BI) Useful for my small business?
A: Your business can use BI to give the right, accurate information to people who need it, at the right time. This means that you can take informed decisions, faster. Eventually, you can get rid of expensive and time consuming manual processes, have accurate data at hand, and be able to analyze the root cause of any problem!
Q: How do I know that my business needs a BI system?
A: When your sales, marketing and finance departments start crying for detailed analytics or miss important decisions due to lack of data, you know that you need a BI in place!
Q: What areas can my BI solution cover?
A: Many! You can use your BI system to analyze a vast range of functions including, sales, customer service, financials, product segmentation, demo graphical performance, cost & revenue, market analysis etc.
Q: Who can be the target users of my BI?
A: Key stake holders and top management would definitely be the target users as they would need to look at the reports. Within different departments analysts and department heads could use BI to create these reports and track performance.
Q: How do I ensure the success of my BI system?
A: The success of a BI system is not dependent on the IT department. Though this is a popular misbelief, the fact is that success of BI depends largely on the people who use it, the departments that run the reports. Further, you need to construct your plan in a bottom up approach. Identify and build the basic data blocks first and then tweak them to generate reports.
Q : How is BI better than conventional MIS reports?
A: BI is much more insightful and customized as compared to the standard MIS reports. Moreover, it provides real time data every time you fetch the reports.
Q : How should I evaluate a BI system?
A: When considering a BI system, evaluate it on parameters like: ROI, scalability, agility, support, adaptability to business changes, types and number of reports, single solution for entire gamut of departments.
Hope these FAQs would help you find the right BI solution for your business. If you have any more queries, you can ask our experts at firstname.lastname@example.org.