The savvy utilization of data is essential for the success of a business. Corporate leaders have finally realized what a large value added business intelligence (BI) platforms bring in terms of access to more structured data. This trend toward acceptance and integration of such tools is showcased by the fact that BI software is now rated as a top investment priority by CIOs.
BI includes a variety of instruments, applications, and methodologies that allow to collect data from internal and external resources. BI platforms then prepare that data for analysis, and generate reports that are comprehensible to decision makers. BI also allows to plan and model future situations and assess risks. It doesn’t solve problems, but one can identify otherwise undetectable issues with the help of BI, and then take corrective actions to reach growth objectives.
The BI and analytics market is undergoing an evolution. Analysts predict that cloud-based BI technology investments will grow 4.5 times faster than those in on-premises solutions. The adoption of machine learning techniques and the development of smart data delivery tools also attract more funding. In addition to that, companies are more inclined to use intuitive self-service business intelligence software that doesn’t require profound technical skills. Ideally, the IT department can train the rest of the team on what data is available and how that information can be accessed and used. Once the data warehouses and data marts supporting the business intelligence system are set up, managers should be able to query the data and easily create custom reports.
The ideal business intelligence software is composed of several parts. One of its parts will source data from various databases used by a company. When it comes to sourcing data, every company is unique and it’s highly unlikely there’s a third-party solution that can simply integrate with all the company’s sources of data out of the box. For that reason, a company may want to consider custom software development for this portion of the BI tool.
The other part will process and visualize the information. A friendly User Interface and User Experience at this point is crucial for this portion of your new software. If the employees actually using this tool will not know how to use it properly right away, there will almost certainly be problems and unnecessary expenses in the long term. Investing in usability is a big must. At the same time, the value of a user-friendly interface is diminished if the system does not work properly. Thus the front-end and the back-end of a custom business intelligence software should always be well aligned.
This is why it is important that the logic behind such a product gets ironed out well before the development of the tool. A company’s leaders, therefore have a set of questions they should consider before investing in a custom BI software.
1. What is expected that the system should do?
2. Why is that needed?
3. How will success be measured?
4. When should the desired goals be achieved?
When business owners have answers to these questions they need to remember that the BI tool is an investment that yields results in the long run and only if it is actively used with the appropriate adjustments based on the company’s growth strategy.
CIOs invest in business intelligence systems in order to make informed, data-driven decisions. As a study has shown, decisions backed with data result in significantly higher ROI and sales numbers. These tools can also leverage information in order to gain a competitive advantage, cut costs, and reduce risks. Thus, investing in a good business intelligence software is worth considering.