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Big data is not only for the big companies. There are also types of BI tools for small and mid-sized business. Data doesn’t have to be big in order to be useful. All the information only becomes valuable when put to good use.
What can my department get from this?
Almost all parts of a business can improve with the use of a BI tool. Finance experts can generate reports much faster. Marketing strategists can plan effectively. The sales department gets better ideas on how to turn prospective customers into regular ones. Business intelligence should fit every part of the company. The key to successful business intelligence is proper getting the proper BI tool and integrating it, letting the company’s system completely adapt to it. In order to maximize the use of your software, you must be ready to invest in user training.
How can I get my employees involved?
Business intelligence is slowly gearing towards mobile use. According to a survey on Mobile BI in 2013, the number of employees engaged in business intelligence doubled when mobile BI tool was introduced. Another report discovered that companies could make decisions for your business 6x faster than those without having a mobile ground for reports and analysis.
What’s in the future?
One of the reasons why more and more companies turn to business intelligence services is the promise to predict the future. It is actually simpler than it sounds like. If you sum up all the answers to the rest of the questions on this list, you almost have the best decisions in your hands. Here are a few examples of utilizing BI tools to predict the future. When it comes to finance, experts can create what-if scenarios and analyze financial reports in the past to find solutions. They can also monitor previous patterns to foresee cases that would mess up budget plans. In sales and marketing, strategists can look for seasonal and occasional trends, analyze which deals would be gainful or unprofitable then build marketing strategies around it.
There also advanced analytics that you can explore for more specific and critical targets and goals. However, it is still not widely used among BI users. According to a survey, 31 percent of respondents plan to utilize their BI tool for predictive analysis and data mining but only 10 percent are actually using it.
In the dynamic world of technology, everything keeps on expanding or completely transforming. With all these improvements, a BI tool in the future can give more and more insightful answers to the never-ending series of questions in business. To find out more about BI tools, contact Bilytica. Bilytica is a well-known business intelligence solutions and services provider.