BI is not just for the big boys

Most of us don’t normally associate Business Intelligence (BI) with small- or medium-sized businesses; the large investment that has traditionally been required to hire specialist data-delving experts makes us think it’s the preserve of larger organizations. But no longer is that the case – not only does a growing selection of self-service tools put BI within reach of smaller companies, but you probably create and hold more data than you realize, which makes it easier to get going. Dispel these false beliefs about BI and get started harnessing the data that will make it easier for your small business to make more strategic decisions.

You’ve already got the data you need

It’s easy to underestimate the amount of data your small- or medium-sized business already has at its disposal. In every area of your business from finance and sales to customer relations and website management, the software packages you use to simplify your everyday operations are packed with reams of information that most of us don’t even think twice about. By talking to key stakeholders in your organization’s various departments, you can get an idea for the kind of data you already have, how it’s generated, and where it’s stored. You’re then in a good place to begin thinking about using BI tools to transform that information into meaningful business insights that inform key decision-making – all while reducing the resources you need to invest in time-consuming data generation from scratch.

Self-service BI tools are plentiful – and affordable

The real beauty of the emergence of self-service BI is that it puts useful business analytics within reach of smaller business owners who lack the fancy-pants budgets of larger corporations. In fact, there are numerous self-service BI tools that you can use to get started in this area without even spending a dime. Microsoft Power BI is a powerful application that’s pleasingly user-friendly, and most businesses will find the functions they need in the free version. Zoho Reports has a low entry-level cost, too, and the slightly pricier yet still affordable Tableau is another option that’s worth exploring.

It’s easy to get started

BI is an intimidating term, and just the thought of delving into it can send a shiver down the spine of the average business owner. But by taking small steps, it’s easy to get started – and before you know it you’ll have the benefit of real-intelligence-based business insights that enable you to make better decisions for your organization’s long-term success. Most self-service BI tools come with built-in suggestions for reports that businesses commonly run and find useful. Other worthwhile statistics to explore include the percentage of your clients who cancel within a set period; website landing pages that generate the longest visits; your most profitable individual products or services; the days or months in which you generate your highest revenues; and which of your clients brings in the most revenue and profit.

Truly harnessing data is the future of the business world – it’s how companies like yours can make smarter decisions that increase efficiency and profitability. And self-service tools mean smaller organizations no longer need a crazy budget to be able to afford the benefits of BI in the first place. To find out more about putting in place the tools that can help make your business more intelligent, just give us a call.

Published with permission from TechAdvisory.org. Source.

Why you should consider self-service BI

Business intelligence (BI) tools offer valuable insights into an organization’s data and allow key decision makers to make faster and more informed strategic choices. But technology is evolving rapidly, and with it comes a new and more efficient BI practice – the self-service approach. Many organizations are now shifting towards this new form of BI, due to its advantages over the traditional system.

What is self-service business intelligence?

Self-service BI is a reporting and analytics platform that business users with limited IT knowledge and experience can use for themselves. Simply put, if an end user trying to find an answer to a business question can access, use, and generate reports without bothering the IT department or data analysts, then they’ve done self-service BI.

The end goal of self-service BI is to eliminate redundant processes where users have to request access and assistance from data analysts and technology experts. With self-service BI, users are able to gather information, analyze it, and share the reports with others, without having to know the technical protocols required to access the data.

Traditional vs. self-service

In traditional BI systems, analysts create reports based on input data, and deliver them to key decision makers. In the case where the decision makers need more detail or different data, or change their business questions, analysts have to adapt the report or create new ones.

Self-service BI is designed to eliminate this time-consuming reporting process, placing much of the responsibility for report creation on end users. It opens the door to data exploration and new possibilities. Instead of asking analysts to generate reports, end users have the ability and tools to find the answers to their own business questions whenever they want.

How self-service BI can benefit your business

Self-service BI helps improve organizations in various key areas. Here are just some of the benefits it has for your business.

  • It saves time – most likely there are far more people asking business questions than there are IT experts creating reports to answer them. By removing the dependency on data analysts and technical staff, companies are able to improve the efficiency of their analytical process and save time, as end users can find the answers to their questions themselves.
  • It eliminates mistakes – the more decisions users have to make, the less likely they are to make the right ones. Self-service BI helps ease the decision-making process by delivering nearly instant reports and visualizations that are easy to understand. Users can analyze their data from any angle and deduce answers without having to consult specialists.
  • It reduces costs – since end users are able to utilize self-service BI with little to no training, training and support costs are significantly lower than other BI solutions. What’s more, self-service BI platforms can be accessed from anywhere and at any time, without the need to install expensive hardware and servers, allowing businesses to save money.

There are plenty of benefits of adopting self-service BI. As more employees are able to analyze and explore data by themselves, decisions can be made much faster and at a far lower cost. Want to learn more about business intelligence and how you can implement it in your organization? Give us a call today.

Published with permission from TechAdvisory.org. Source.