Companies in virtually any industry can benefit from business intelligence, whether they want to improve their marketing strategies, enhance overall operations or monitor production activity. There is some preparatory work that will need to be done before a firm can start effectively collecting and analyzing data with business intelligence tools.
Analyze your business’s BI readiness
Smart Data Collective recently surveyed more than 60 chief information officers from U.S.-based small and medium-sized businesses to find out how various companies were using business intelligence. The researchers asked about each company’s current BI platform and usage and calculated their scores on a scale of 0-100, then categorized responses into five categories from lowest to highest levels of BI maturity.
The results showed that 77 percent of respondents were still in the preliminary stages (nascent and low) of BI development. Nascent companies have either made plans to invest in a BI solution or were just beginning to establish methods of collecting big data. For those that fell into the low category, basic data analytics were readily available, but typically only for a select number of departments within a company.
Determine how you could put BI to use
The survey also revealed that one-third of businesses using BI do so to examine data from the past. While examining the details of sales from the previous quarter can provide insight into how well the business did, companies can also monitor real-time data to get more up-to-date information. Panorama’s latest BI software offering, Necto 14, can easily pull the latest information from a database. The ability to see and analyze data in real-time makes it easier for companies to implement changes when strategies may not measure up to expectations.
Make BI available to everyone
Data analysis can have many uses that span across a company’s operations, so it would make sense to use a BI solution that every department can put to use. Logi Analytics reported that since some employees may not be at all familiar with BI tools, such as dashboards and reporting, companies should select software that is accessible to any user regardless of their familiarity with business intelligence. Working with raw data can be overwhelming for people unfamiliar with IT and data analysis. Necto 14 makes it easy for any employee to determine which information they need, and helps them analyze and organize the information into data visualisation through the use of clear, concise infographics.