Data has become increasingly important in recent years, especially in the business area. But not every company is already equipped with the right strategies and tools in order to fully exploit the dormant potential of its business data.
The reason is often doubts about the benefits of business intelligence and deadlocked business processes. In addition, there are still some myths that make many companies hesitate about business intelligence. We'll take a closer look at them.
Multiple data sources and unstructured information make analyzes too complex
For a long time, the classic data warehouse was considered the optimal solution for collecting company data and then making it available for analysis as cleanly and structured as possible. Even today, a data warehouse in corresponding BI applications can still provide a good basis for quick evaluations and dashboards - but it is not absolutely necessary.
On the contrary, modern analysis software has long been able to include external and unstructured data from various sources (e.g., social media data). At a time when the move of the cloud into many companies, in particular, means that the information is no longer stored in a central location, but from multiple sources, it is also an important factor. The combination of structured and unstructured data can reveal innumerable, completely new relationships, and thus offers the possibility of being able to examine all business-relevant scenarios, particularly comprehensively and precisely.
The more data, the better
The widespread assumption that the only thing that matters in data analysis is the amount of data evaluated - big data is not always everything. What counts much more is the combination of the right information, which - as already explained at the beginning - can also come from different data sources.
Although a lot of data also contains a lot of potentially relevant information at the same time, there is always the risk that there is inconsistent and unusable data in the case of too large a database. These can not only affect the data quality but ultimately also the performance of the entire system. The early use of suitable business intelligence software can remedy this by finding a way to do against incorrect data. Businesses should consult top business intelligence companies to them with their business intelligence plan and strategies.
Business intelligence is an issue for professionals
Many companies still believe that in-depth expertise is required to analyze data. However, this thesis has long been outdated. Most business intelligence applications nowadays offer comprehensive self-service functions, which also enable users with a basic understanding of data to independently create analyses, evaluations, and visualizations.
In addition, data availability and functions can usually also be adjusted based on roles. The respective user is, therefore, only provided with the information he personally needs to carry out relevant analyses. Many BI solutions even offer licensing models for this, the choice between advanced users and users with basic data skills and requirements. A data scientist or IT expert does not always have to be consulted to gain profitable insights into company data.
BI software is not worthwhile for small and medium-sized companies
Developing corporate strategies and decisions based on analyzed data is by no means reserved for large corporations only. Data analysis can also help small and medium-sized companies to optimize business processes. For example, many companies are already using data analysis to improve their supply chain, monitor warehouse, and production data and thus protect themselves, for example, from costly delivery bottlenecks or downtimes.
Business intelligence and big data are only suitable for certain industries and areas
Many companies question the personal benefits of BI applications not only because of their size but also because of their industry. But data analytics are not only suitable for use in industry or trade. Finally, the evaluation of data in other business areas can also help to make processes more efficient, identify, and reduce risks or optimize relevant decisions.
For example, business intelligence is already being used in healthcare. The evaluation of patient data has the advantage here, for example, of examining the effectiveness of medications and therapies and thus being able to support doctors in deciding on the optimal treatment of diseases.
Business intelligence and data analysis thus bring many advantages for almost every data science company - regardless of size, industry, or existing data sources of the company. If you are also thinking about using a modern data analytics solution, you should meet with a top business intelligence company to help you out.