Business data, when properly collected and analyzed, can help us do a lot of things. It can help us track the performance of our business. It can help us predict upcoming trends. It can help us meet customer needs more effectively, and increase sales. Many businesses, however, are not benefiting from the data they are collecting.
With the emergence of new Business Intelligence (BI) solutions, there are ways to fix that problem. Not every business believes they need help with their data, though, and some are still on the fence about whether or not to invest in a BI solution. To help set the record straight, we’ve put together this list as a diagnostic tool, to help you determine if you could benefit from a BI solution.
You’re Using Excel for Everything, and It’s Not Working
Excel is pretty nifty, and it can do a lot, but it wasn’t designed to handle big data, data from diverse sources, or similar challenges. It struggles to compare data sets, doesn’t share well, isn’t real-time or collaborative-friendly, and requires a great deal of training to be able to use the more advanced functions. In other words, your spreadsheets will only take you so far. So if you’re using a separate spreadsheet to track everything, and getting it all to work together is nearly impossible, you could benefit from the ease and integration of BI.
Finding and/or Sharing Information is Difficult
Information is only good if you can find it when you need it, and when that data isn’t stored and managed in a central location, things can quickly become a jumbled mess. Different departments track different datasets, and when it’s shared, it’s hard to know what’s the latest version of the data.
What’s more, just locating information can sometimes be a hassle on its own. What if the device it was stored on was retired, and it wasn’t properly backed up? What if it’s saved on an employee’s drive, and that employee just left the job? Do you need IT to work their magic to give you access? Is your business large enough to afford an IT department?
BI solutions put all your information in the same place, making it easy to find, easy to share, and easy to use.
Your Data is Inconsistent
Even when everyone knows where their data is, it may not agree with itself. When separate departments track the same data, there can often be inconsistencies between their separate documents and spreadsheets. When it comes time to compare notes during meetings, it can often be a source of conflict, as no one wants to admit to errors in their data. It becomes more frustrating when everyone’s working from the same file, but no one can agree on canonical version. BI helps fix that by keeping everything up-to-date in real-time.
You’re Collecting Data, but It Isn’t Doing Anything For You
All hassle and frustration aside, the biggest problem with doing the data yourself is that you’re not likely benefiting from it. Colossal amounts of effort are wasted trying to collect, store, and manage data that’s not helping your business succeed. If you’re having a hard time taking the data you’ve gathered and using it to make meaningful business decisions, then you could benefit from a BI solution.
If any of these apply to your business, then the right set of business intelligence tools could help make a significant difference.