According to a Gartner study, Business Intelligence and Analytics are the top investment priority for CIOs in 2015. So, what about your business? Here, we provide an overview of the main challenges and issues regarding the implementation of a BI solution.
Selecting the right Business Intelligence tool from the hundreds on offer is no easy task. Not only will your choice depend on the issues your company intends to understand and tackle, but also on the type of people that will be using the systems. You must identify the who, why, when, where and how.
In addition to traditional criteria, the implementation of tools that support decision-making still pose many challenges; below are the most common:
To bring IT and business units together
Although it is increasingly common for CIOs and business departments to partner for the implementation of a BI tool, agreeing on the solution is still a big challenge.
Most of the time, IT departments tend to focus on security criteria and how easy it is to implement from a technical perspective, whereas business managers are primarily moving towards intuitive and easy-to-use products for the end-user.
The solution? Find a tool that does it all. Business Intelligence solutions that are cloud-based usually offer a well-rounded package.
To empower the end-users
All users crave autonomy and access to relevant information in minutes (if not seconds!), and for Business Intelligence users this is in fact the reality.
The time when sales or marketing teams needed to ask to a third party for reports is over. The order of the day is now simplicity and speed for better responsiveness and agility.
The solution? Find an intuitive and easy-to-use product that does not require technical knowledge and allows dashboard customisation for different types of user
To choose a tool that supports decision making
More flexible and faster to implement, cloud-based Business Intelligence solutions are increasingly considered a massive opportunity for companies
Despite the reluctance of some companies to opt for cloud solutions, many others choose the cloud in order to respond ever more rapidly to the need for data analysis. Be sure to include your IT department in any project so that they can maintain oversight of the solutions used within the business
The solution? Select a tool that offers the choice to implement both "in the cloud" and "on premise" with the ability to change your initial choice if the business requirements change.
To better understand "Big Data"
"Big Data" has been a buzzword for many years, yet it continues to confuse a lot of companies. However, do not be intimidated by the concept: it is still about analysing data efficiently. The difference is simply that now there is a much larger volume of data that comes from numerous sources. And, actually, with technological advances you can analyse it better than before and all in real-time, thus deriving incredibly valuable insight.
The solution? Attend a few events to debunk the myths around Big Data and better understand how your business can benefit from it.