Business Intelligence systems are nothing new. Large enterprises have tapped the benefits for years.But, as the marketplace and availability of BI systems have changed along with the general IT industry, now may be the first time your company is considering adopting BI.
It’s not surprising if this is so. A recent report concluded that nearly 60% of CFOs now put business intelligence systems as part of their next top priority. Which means you are not the only company looking to this field and thinking of allowing BI to take centre stage. The question is how should your business take hold of this changing technology and take advantage of what is available.
Using business intelligence systems effectively
Carmaker Ford is a great example of the benefits of BI. After a torrid few years, business intelligence systems helped the company focus on its customers and take a positive turn in profits. Now its business intelligence strategy looks at using data to help make every decision better.
Whereas any business will more than likely store data on its customers, suppliers and more, most companies do not use that data to its full capacity. If used effectively, that data can be turned into useful information which allows you to understand and identify your top customers.
BI dashboards are a key component of most business intelligence systems and they can save managers time by helping them understand their business situation in moments. Instead of compiling data through several sources and reports, information can be presented in a simple and automated fashion. This allows directors and other executives to gain a snapshot of what is happening and decide on the best possible outcome solution in an informed manner.
Problems adopting business intelligence systems – and how to overcome them
There are several reasons why BI systems have not yet been universally adopted. The time and cost involved in a typical implementation of an on-premise business intelligence system is one of these. On-premise is the solution that has been around longest and it most commonly leaves a bad taste in the mouth of most CIOs. This article explains why 47% of CIOs list scarcity of expertise and resources as a primary concern when considering business intelligence solutions.
In this, they are mistaken, however. Thanks to the advantages of Cloud BI and SaaS BI, companies who have little resource to cope with a new BI implementation can look elsewhere and have a business intelligence system completed at a faster speed, at less cost and also with a higher success rate than was the case in the past.
If you are interested in knowing more about how a BI system can benefit your business, download our free e-book below.