Executives who have used BI and seen the benefits it brings to a company are well-acquainted the importance of Business Intelligence. Their perception is not due to change, but what about the many who have been oblivious to BI? Companies who have, for example, not been in a suited industry or those who cannot afford it? Perhaps the family-ran business that has been successful for over 100 years and believes it has no need to look for a BI strategy.
For many businesses the importance of business intelligence is set to change and here are five reasons why.
1. SaaS BI
Bringing the Software-as-a-Service mechanism to BI definitely influences the importance of Business Intelligence. It makes BI more cost-effective as there are no large up-front costs and in most cases no never-ending consultancy fees. Allowing more companies and more executives to harness the power of BI will allow them to realise the importance of business intelligence and what they can now achieve with better and faster data.
2. Cloud BI
Cloud BI has allowed more and more companies attain ROI on Business Intelligence projects. Advances in the Cloud have made it more of an affordable option whilst also keeping data secure. To top all this, with Cloud BI, users can get at the data they need anywhere at any time through a web browser.
3. Self-Service BI
Self-Service BI has been a hot trend for a few years now but many businesses have failed to capitalise on its value. When implemented successfully, business users – with no IT skills – can easily drill down into their data and find useful and actionable information in less time than before. Only then do these business users recognise the importance of Business Intelligence as they would normally have to wait days or sometimes weeks for data they can access in minutes.
4. Mobile BI
With Mobile Business Intelligence, executives can use a tablet or phone and realise the importance of business intelligence on the go. A recent report suggests mobile usage is set to jump eight-fold and there is no reason to believe Business Intelligence will be immune to this.
5. Data Visualisation and a BI Dashboard
Dashboards are another tool that have been used for a number of years yet with Data Visualisation people are truly beginning to get benefits from a BI Dashboard. With an aesthetically pleasing Dashboard built around best practice tips and techniques, users can get a snapshot of where their business is and how they can improve it.
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