Leverage on Business Intelligence to Grow Your Business

Leverage on Business Intelligence to Grow Your Business
BI (business intelligence) tools are useful for developing business efficiently by utilizing the vast amount of information related to companies. Once implemented, it is expected to find ways to improve the challenges companies face.  
 
Table of content
• What is BI tool?
• Benefits of introducing BI tools
• Disadvantages of introducing BI tools
• Key points for maximizing the effect of BI tools
• Conclusion
 
What is BI tool?
BI tools are tools for collecting and analysing information accumulated in companies and developing better businesses. It is attracting attention as a tool for understanding the issues facing companies and how to improve them, after correctly grasping the current situation. BI tools include features such as data sharing, analysis, and simulation. With BI tools, various internal and external data related to the company can be visualized on dashboards, etc., enabling speedy processing.
 
Not only that, but it also has excellent features such as performing complex statistical analysis in marketing and presenting optimal simulations. It can be said that it is a tool that you want to use when there is a limit to the speed of conventional data processing that relies only on Excel, or when you want to dig deeper into the data.
 
Benefits of introducing BI tools

• Data can be collected efficiently
Since the data collected by companies is often scattered in various places, it is difficult for multiple people to share it, and valuable data cannot be utilized. BI tools are efficient because they can collect huge amounts of data in one place. The work of creating graphs etc. for easy viewing can be done quickly by using tools and can be shared by many people.
 
• Data can be visualized
The collected data is visualized by BI tools, so you can grasp the current situation in a short time. Excel requires work time to process into tables and graphs, but it is easy with the introduction of BI tools. Some tools can be visualized in real time, so you can use them if you introduce them according to your needs.
 
• Data analysis work speeds up
Analysing the data collected by BI tools can be done faster than using traditional Excel. Data mining, which enables advanced deep digging, also has the advantage of highlighting issues that were previously undiscovered by companies. It is meaningless unless the collected data is also utilized. With BI tools, the data accumulated in the company can be utilized in a short time.
 
• Can perform sufficient analysis
Since the time required for analysis is short, it is possible to take more time to examine the analysis results. Simply analysing the data is not enough to reflect the results of the analysis in your business. You can take the time to consider the results obtained quickly, so you can find a better direction.
 
• Can detect issues early
As data collection and analysis proceed quickly, there is also the great advantage of being able to quickly identify corporate issues. Even if there is a huge amount of data, if there is a shortage of manpower, it cannot be fully analysed and utilized. By introducing BI tools, problems can be detected early and solutions can be solved early.
 
Disadvantages of introducing BI tools

• Difficult to choose
If you don't choose a product that meets your company's needs, even if you introduce the tool, it may fail. For some, it may be difficult to choose the right product for the department or person you are using from among the many tools. If you are deploying BI tools for the first time, it may not work because it is difficult to use and takes time.
 
• Costs will be incurred
Deploying BI tools can be costly, so you need to know how much you need. The cost of a product varies depending on the functions used and the number of people, so if you add the missing functions later, it may be higher than your budget.
 
It's a good idea to make sure your company knows what features they need before deploying so that they don't have to add features. Choosing the right tool for your needs is cost-effective.
 
• Some people find it difficult to use
Since BI tools will be used by multiple departments, they are basically designed to be easy for anyone to use. However, it is possible that some people may find it difficult to use when they actually start using it.
 
BI tools that are being considered for introduction need to be used by multiple departments during the trial period, and it is advisable to check the operability of the product in order to introduce them smoothly.
 
Key points for maximizing the effect of BI tools

• Confirm the purpose of introduction
Even if BI tools can perform advanced analysis, they will not be effective unless the purpose of introduction is determined.
 
Let's understand the different needs of each company and clarify the purpose. It is important to know what the tools need to do to deploy at the lowest cost. If you clarify the issues of the company as well as the purpose, you can fully utilize the tools after introducing them.
 
• Understand and introduce the features of the tool
BI tools have their own characteristics for each product, and the degree of functionality varies depending on the flow of collection, analysis, and presentation of analysis results.
 
Make sure you choose a product that is feature-rich for what your company needs. In terms of cost, matching the characteristics of the tool with the needs of the company will lead to a reduction.
 
• Make it easier to collaborate in multiple departments
BI tools are used across multiple departments within a company to collect and analyse data. Therefore, it is effective to select a tool that is easy for people in the department sharing the data to operate, and then arrange the data units to make it easier to cooperate. If the output data can be imported into BI tools and linked, efficient work will be possible even in multiple departments.
 
Conclusion

BI tools can efficiently collect and analyse valuable data accumulated by companies. It is a tool that you want to introduce after clarifying the purpose and issues because it enables you to perform advanced analysis more quickly than the conventional method. When introducing BI tools, it is important to consider the advantages and disadvantages and the degree of functionality that differs for each product, and select the one that meets the needs of the company.
 
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Harnil Oza

Harnil Oza is a CEO of HData Systems - Data Science Company & Hyperlink InfoSystem a top mobile app development company based in USA & India having a team of best app developers who deliver best mobile solutions mainly on Android and iOS platform and also listed as one of the top app development companies by leading research platform.

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