Why would you need a BI solution?
BI solution

Why would you need a BI solution?

In the business world, the most important priority for every business owner is `How do I make everything better?`. Regarding operations and strategic planning, many customized BI solutions are able to offer benefits and increase the overall revenue by improving the planning and forecasting process. However, before being able to forecast trends and business opportunities, how can companies use their current data to their advantage? The answer is even simpler – by implementing a Business Intelligence solution to analyze the organization’s data with only a few clicks. 

Yet, how do they know that it’s time to implement a BI solution in their company? Multiple signs show the need for automated software that analyzes data and extracts insights. If any of the following signs ring a bell for you, this could indicate it’s time for a digitization process with an strategic planning tool.

1/ The company has massive amounts of data from multiple sources, but little understanding of it.

Any company collects data and stores it in a data center or cloud so they can track the evolution of products, services, market demand and so on. The problem here is that the process of manually analyzing all the spreadsheets and sets of raw data can take forever. Besides, understanding the data and even comparing it to the previous results is, if not impossible, then hard to do. Here is one sign that businesses need an automated Business Intelligence (BI) solution that can do all of the above. Data alone gives you poor opportunities, but the insights extracted by the BI can make you actually see the business performance.

2/ The company needs to extract actionable information

Usually, a BI system is an analytical solution that allows companies to derive insights and help them make strategic plans and decisions. This is particularly critical for each organization as it would be able to identify market patterns and trends inside and outside the organizations. On the long term, this will make it easier for the management board to make essential connections between different sets of data that came from distinct business areas. Also, a BI system will provide a clear understanding of what implications different processes might have, and even solutions to optimize them so that the company obtains the best opportunities.

3/ The company needs to understand better the consumer behavior

One of the most significant advantages of implementing a BI solution into the organization is the fact that it will boost the ability to analyze the current consumers and their buying trends. Once the company knows what consumers are most likely to buy, or their journey until the `order` button, it can use this information to develop new products, update the current ones and even improve the overall experience of the consumers. In the end, the result would be increased profitability since the company will understand who and how to attract.

4/ The company needs more visibility and control

When dealing with vast amounts of data, it’s not hard to lose control over it. Instead of jeopardizing the business due to lack of visibility and control, organizations can implement BI solutions and automate most of the analytical processes. The tool will allow them to track all the important processes and also identify the areas that need improvements. After seeing what’s working and what isn’t, the further investments will make more sense for everyone.

5/ Efficiency is not a business strength

Being efficient is what everyone wants. We want to be efficient as individuals, we want to make others efficient, and we also want our business to be that way. The general belief would be that it won’t happen overnight. Actually, this might be real.

Business Intelligence can serve as a way to improve efficiency and, as a result, the productivity. The tool will help different departments and business areas to communicate and exchange information to align all the activities. The sharing will also help businesses reduce the duplication of roles within the enterprise, making the teams more productive.

Final thoughts

BI solution has a lot to offer to each company that implements such solutions. Efficiency, productivity, visibility, and control are only a few things that a BI solution can improve. Sometimes it can be hard to determine the best time to implement a solution, but the signs mentioned above should make you consider the implementation.

Do you experience any of the above challenges? Let’s talk and figure out a strategic planning solution together!

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