It seems common with nearly any new technology that the early generations will go through updates and innovations that improve the user experience, and the same holds true for business intelligence. Originally, companies could use a BI solution to analyze data collected about a business over the course of a few weeks or months, but the process would leave them with dated results. Now, there are BI tools and other advancements that have made it easier to find and analyze far more recent data.
Faster results with BI tools
When companies have immediate access to data being collected on a daily basis, whether tracking site traffic for a website, inventory or overall operations, the results of analysis will be far more accurate than if you're working with older data. Biztech magazine reported that the ability to access up-to-date information can influence a business's operations, because employees in various departments are better able to see how the decisions they make are affecting the company in real-time, rather than having to let initiatives and other projects play out for a while before they have results.
Real-time and collaborative analytics made easier with Necto 14
Panorama gives companies the option to use real-time analytics with its latest software, Necto 14. Up-to-date information can provide a clear picture of the current outlook of any department, and Necto 14 can even help users decide which details they want to include and leave out when they're comparing and analyzing metrics. This business intelligence tool has many other advantages as well, including giving companies the ability to create teams of employees who can collaborate on the same project seamlessly.
Group mentality ideal for BI projects
A recent survey found that collaborative BI efforts are growing more intrinsic to businesses across many industries. Dresner Advisory's third annual Wisdom of Crowds Collaborative Business Intelligence Market Study revealed that many companies are placing importance on the ability to work together on projects involving BI and data analytics. Of nearly 900 global organizations that took part in the survey, more than 60 percent said that being able to collaborate was as the very least important to their firms, and it looks as though this trend will continue.
Howard Dresner, the founder of Dresner Advisory Services, explained that "… this year, there is a rebound in interest in collaborative BI, placing it above such high-profile topics such as big data and social media."