Any business that has a website has heard the term business intelligence thrown around every now and then. It’s a common terminology used in corporate meetings and trainings. Not many business professionals understand the meaning and depth of business intelligence. This has given rise to some interesting and common myths and misconceptions about business intelligence and its uses.
- Only for enterprises: One of the most common misconceptions there is that small and medium sized businesses usually assume they don’t need business intelligence as they do not have as much data as enterprises. Well, no data is small when it comes to business intelligence. The right business intelligence tools can help you identify patterns and gaps that are normally not visible.To derive valuable insights about the business from the data, you don’t need a high quantity of data. Data should be varied, but consistent in terms of fields and detailed. If these aspects are missing from the data, however high the quantity of data may be, the business intelligence derived out of it will be skewed.
Data should be varied, but consistent in terms of fields and detailed.
- BI is difficult and complicated: This misconception has its roots in the fact that business intelligence used to be complicated and difficult. When it was first introduced, implementing and using BI solutions were time consuming and tedious. However, the technology has evolved so much that there are several BI solutions that are agile and simple. Visual analytics have been incorporated into many of the solutions that encourage even non-technical users to analyse the data with minimal training.Modern BI tools also let users customise the way the data is presented. Users can choose to see all the data that’s been tracked, or set up filters to view only specific data at any given point of time. Competent BI tools also offer real time data updates that can be used to get a better insight of business functions.
- Business intelligence is expensive: Business intelligence tools can be expensive if built in-house. But in most cases, BI tools are bought. You don’t even have to buy a dedicated BI tool. Several ERP solutions come with an in built tool that will help you analyse the data. Even if you want a separate BI solution, it is not very expensive to purchase one. There are several options available – ranging from one time license to cloud-based, pay as you go models. Whatever the cost may be, considering the immense value and the extent of use, BI tools are definitely worth the investment.
While there are many other misconceptions about BI and it’s use, these three seem to be on the top of the list, stopping many businesses from investing in a good business intelligence solution. All it takes to implement business intelligence for your organisation is to have a strong BI strategy. This will help you decide on the tool. The right BI tool will give you more visibility into the business performance. Both structured and unstructured data can be gathered and analysed. It’ll help you see insights from multiple data sources, understand gaps, develop forecasts and action plans.