Business Intelligence

The data is a value for you if it has given you right information on time. Business Intelligence does nothing but cutting down the time spent on manual data analysis and reporting. However, good BI solutions need good investment and it is very ambiguous whether it will add value to the existing processes or not.

The accessing need for BI is a big question before emerging companies. When should they go for a Business intelligence tool is an even bigger. There are certain indicators that can lead you to find out its answer. Some of them are mentioned below;

1. Your spreadsheets are running slow:

Scalability of Excel files is a big challenge with the organisation using it from a long time. A 500 MB file is good in Excel until the time the data is plan no adding and limited formulas are used. When the same is not there a 200 MB files will start becoming a nuisance. It will take the big chunk of opening time, start hanging and often crash. If this is happening with you it’s a clear indication that you need a BI tool. To most of the companies using BI tools, it has been the key inducement.

2. Your decisions need real-time information:

A BI tool can save a lot of time spend on processing the data and picking right information from there. When your data update frequency has increased it is impacting your decision making, it is a time to avoid off PowerPoint and Excel and look for a BI tool. Some industries such as retail, e-commerce, investment banking are more prone to this issue.

3. Your data is going to be bigger in near future:

An avoidance, in the beginning, might lead you to have business re-engineering in future. You need to keep an eye on the all the departments and customer at the same time. If your calculation says your data is going to cross GBs and TBs in near future, you should not wait for the day it is going to happen.

4. You have many file and data sources to analyze

Each type management and operation support application such as MIS, HRIS, CRMs and Financial Systems comes with its own analytics and reporting ability, however, you’ll often need to review them in parallel. Further prebuilt reports in such applications are not enough to give you all insights. A good BI tool will not only cut down your time spent on going here and there on each system but also it will enable you to develop your customized reports as per the need. If you have an ERP system must have a BI tool.

More will come in future..:)

About ActiKnow Business Consulting Pvt. Ltd.,

ActiKnow’s primary services include data analytics & business intelligence consulting. The company possesses expertise around various BI Tools such as Tableau, QlikView, QlikSense, MSBI, Cognos etc. ActiKnow also develops custom business intelligence applications using PHP,NET, JAVA, ROR and various database technologies. For more details of their BI services visit: https://www.actiknow.com/our-services/

The post Right time to invest in Business Intelligence appeared first on Actiknow : BI consulting | Data Analytics Consulting | Automation | Mobility.