Is your organization in desperate need of replacing old, manual Business Intelligence (BI) tools? Maybe it is and you just don't know it yet.
BI translates to technology-driven processes for analyzing data and presenting information that will help companies improve the decision making processes at all levels of management. An outdated BI system will show several warning signs such as wasting time, harming decision-making, and keeping organizations from taking advantage of their data.
While your SMB may be an expert at collecting data, a powerful BI will help you to analyze the data you've collected into actionable information, allowing the decision makers the opportunity to identify trends and issues in order to fine-tune operations to meet business goals.
Here are 4 signs it's time to update your BI/Analytics system:
1) You're still using spreadsheets
If your enterprise is growing rapidly and still relying on spreadsheets, it's time to consider updating your BI system. In a growing business, you will need a system that enables real-time data sharing and updating.
2) You rely on reporting and planning tools for decision making
A key component of BI analytics: the tools. Depending on what your organization needs, basic tools such as reporting, planning, dashboards, and data warehousing can make all the difference. Reporting tools are vital to remaining competitive in your industry, making smart decisions while building the business and the brand, while financial reporting is such an important process that you should see what the best option is for your organization as well as what fits into your BI strategy.
3) You have Independent Software Vendors to streamline your processes
Data integration options, platform choices, and ease of use are things to consider when investing in a BI tool. Planning tools include budgeting and forecasting, and are offered by Independent Software Vendors (ISV) to streamline you organization’s planning processes and accelerate budgeting and forecasting.
4) You love dashboards
Dashboards are top proprieties in terms of software that executives are seeking. Why? Dashboards make consolidating information into digestible bits easy. With dashboards, you have access to graphs, charts, and scorecards that illustrate trajectories, victories, and challenges through key performance indicators (KPIs) and your information to effectively keep a project or the entire company on track.
Some software, such as the BI360 suite, offer a complete Excel and web-based suite, comprised of reporting and budgeting, and dashboards. These signs above may help you make a decision on whether or not you will be needing a new BI/analytics system.
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