Business Intelligence (BI) is a process that involves the collection, integration, analysis, and presentation of a company’s collected data. Organizations use BI software, such as IBM Cognos, to transform raw data into understandable, actionable, and insightful business information.
Companies, regardless of their size, can benefit from business intelligence. They can, for instance, perform IBM Cognos implementation to integrate a BI platform into their company systems. By doing this, businesses can use BI to streamline internal processes, boost operational efficiency, and use data to identify problems in the company.
If your business doesn’t have a BI solution just yet, now’s the time to invest in a reliable platform. Find a good tool if any of the following pain points in your organization is present:
1. You Have a Lot of Data, but Not a Lot of Useful Information
Collecting data is easy enough, as you can employ various data collection methods at your disposal. Converting raw data into useful and meaningful information, however, is another story. All of your collection efforts will go to waste if you’re unable to extract any valuable information from the gathered data.
If you’ve collected a ton of data but don’t know how to transform that into useful information, you’ll need a BI tool to achieve this goal. A powerful BI platform aggregates the collected data, enabling your organization to uncover trends and reveal new insights.
2. You’re Using Spreadsheets to Handle Large Amounts of Data
Many companies use spreadsheet programs, such as Microsoft Excel. Forrester Research estimates 81 percent of enterprises use Office 2007 programs — and this includes Excel.
Although spreadsheet programs can be handy, they become sluggish when the software is unable to handle the volume of data contained in a single file. If your organization is growing, the data you collect and store will likely outgrow the capacity of your spreadsheet program. This can happen even if you manage your business data sets effectively. Once you reach this point, you’ll be working with siloed desktop spreadsheets that you can’t update or share in real-time.
Rather than use spreadsheet programs to handle big data, you’re better off using a BI tool that can quickly and effectively aggregate them from various sources and generate a coherent analysis for your business.
3. You Get Your Reports Exclusively from Your IT Department
Obtaining reports can be a chore if your IT department is in charge of all organization data. Generating reports without a BI tool requires someone with extensive technical experience. This system forces non-technical employees to rely on IT completely to get the report they need.
If your company has multiple departments that constantly ask IT to modify and rerun business reports, the back and forth may result in a bottleneck that prevent efficiency.
Don’t let the folks at IT do all the report-generating tasks. Get a good, user-friendly BI tool that allows business users to easily build and generate the reports they need.
You’ll need a solid BI platform for your business if these pain points are evident in your company. Once you decide on getting a business intelligence tool for your organization, opt for a solution that matches the needs of your company today and well into the future.