The evolution of technology in the world today is so rapid that keeping up with it all can be challenging. However, for businesses to thrive in today’s market, it is vital that they invest in quality data management. Good data management gives businesses the extraordinary advantage they need to stay on top of their game and thrive against their competition. It also helps in providing real-time answers to the questions that your company has.
The benefits of raw data analytics are enormous and can apply to various departments in your company. The insights can range from areas such as business trends to sales reports. It is a crucial aspect of enhancing the quality of decisions your company makes with regard to improving the company’s goals or reaching its targets.
In today’s market, huge consumer data plays a crucial role in the success of any business and the best way to get access to such data is by utilizing self-service business intelligence tools.
The concept of self-service BI
As you may already know, the term “BI” is an acronym for “Business Intelligence”. Business Intelligence comprises of several tools that help businesses manage data effectively. They help in the transformation of raw numbers into specific reports that will enhance the decision-making process of a business. With these tools, companies can make use of ad hoc queries and encourage cooperation between their departments.
Self- service BI is considered by many to be one of the vital aspects of data analytics. The reports generated by using these tools help present raw data in a readable and meaningful format.
You should bear in mind that a thorough data analytics background is not required when utilizing self-service business intelligence tools. A great BI software tool will help its users accurately understand possible data projections and any other form of analysis.
Advantages of using a self-service business intelligence tool
One of the reasons a lot of companies shy away from huge data analytics is that it can seem overwhelming at first glance. This is where BI tools come to play. They help your team understand big data by processing and presenting it in a way that makes sense to the layman. This means that your company doesn’t need to go all out in search of a skilled data analyst if you have access to a good self-service BI. These tools help your company draw intelligent conclusions by providing crucial information on-demand.
Another advantage of using business intelligence tools is easy data navigation. Just about anyone in your company, ranging from heads of departments, advisors to members, can easily understand complex data analytics through BI reporting software. This helps every member of staff in your department to make informed decisions that will enhance the overall success of your company.
Business intelligence tools allow key decision-makers in your company to spend more of their time analyzing data instead of surfing through random numbers in a bid to organize or categorize them. With a great BI tool, your employees do not have to be trained data analysts to get amazing results. You can pinpoint specific areas in your company that you need to work on by using BI tools. Also, BI tools will help your company identify trends that will command the attention of consumers.
For instance, by utilizing data, a retail business can easily develop business intelligence reports that highlight the following:
- Trending products in the market
- The average time that sales are at their peak each day
- The marketing strategies that are working per time
- The areas that of your business’ workflow that need improvements.
Common challenges you may face when using a self-service business intelligence tool
The hard truth is that the challenges a business may experience when using a self-service business intelligence tool are directly proportional to the uniqueness of the business. There are a few complications that you may experience based on your business size and potential. Two of the most common challenges are rapid decision-making reduction and resource wastage.
These challenges are common with BI tools that are built to rely solely on the decision-making process of individual users. Your team will have more liberty to take action on the findings derived from its data analytics report when they can organize your business data accurately.
Also, you will do well to study the fine print whenever you are choosing a self-service business intelligence software suite. You need to keep in mind that some BI tools are not built to help your company stay business compliant. Data indeed plays a vital role when making informed decisions. However, you will need to carry out appropriate research to enhance the accuracy of your data analytics.
Many company owners turn to business intelligence platforms to leverage consumer data when confronted with an enormous change in their industry. However, even the best BI platform alone will not be able to make the best decisions for your company.
When do you need a self-service BI report?
Here are a few indicators that you need a self-service BI report for your business:
- When you desperately need to enhance your decision-making process.
- When huge data become old in no time.
- When it is difficult for your employees to see the effects of your research as a result of poor data visualization.
- When the executives in your company decide to put more attention on data-driven decisions.
Finally, a self-service BI tool is often handy when you are having a hard time identifying company operation trends.