Wondering if BI could help your business in 2023? Yes, without a doubt. Look for these signs:
1) Lots of data but not much insight
Unused data is like a screen door on a submarine – what’s the point! But…according to dataprot.net, organizations are leaving up to 97% of gathered data unused. That means that most organizations are leaving LOTS of real dollars on the table and they’re missing out on the benefits that come with BI. Benefits that include identifying changes in trends, discovering insights that lead to more efficient processes, and tweaking operations to better meet business goals. Business intelligence is your master key for turning data into information that you can use to drive change and become a data-driven business.
2) No customizable or in-depth analysis options
Lacking easy access to a system that allows you to perform in-depth, customized analysis on data is another sure sign your organization needs a business intelligence solution. A symptom if this is data missing from reports because it’s often difficult to find (due to no automated processing) in a timely manner. And this imprecise and undependable data leads to inaccurate and unreliable insights, further compounding poor decision-making, especially over the course of time. Business intelligence allows companies to accumulate and easily manage historical data while allowing for easy in-depth analysis which in turn produces better and more reliable insights overall.
3) Reports are not generated as needed
Gathering data from multiple sources across organizations can be daunting. So much so, that many times organizations are lucky if that process is performed during the course of a single month. And with that process comes some of the issues we discussed earlier like unfindable data, but the biggest issue is that information is not available when needed. And many times decisions are made without the data or based on old and outdated reports. And that just doesn’t cut it when you’re needing to make quick decisions for business operations, look for market trends, or to diagnose problematic processes. With business intelligence solutions, deep-diving reports as needed are the norm. There is no waiting for the information to be gathered and processed because it’s already done systematically. Dashboards and comprehensive analysis are available when needed, keeping business decisions timely, relevant, and up-to-date, and this is what BI is all about – decision-making made easier, faster, more insightful, and ultimately, more impactful.
As you’re considering your budget for the new year, we highly suggest you consider adding a line for business intelligence. That will likely be the best investment you could make for your business for the coming year. If this is something you’d like to consider, we’d of course love to tell you about what we do and hopefully partner with you to push your business into the future.
