Business Intelligence systems have improved in performance dramatically over the years, becoming a technology-driven process for analyzing data and presenting information in a way that improves the decision making process at all levels of management. Many organizations, whether they are small or large, are using old, outdated, manual business Intelligence tools and are in need of a replacement. So how do you know if you’re using an old, outdated process? We’re going to highlight three of the signs you’re ready for a business intelligence upgrade below.
- Data, but no information
A common mistake many people make is thinking data is synonymous with information. You may have great data but that doesn’t mean you can interpret it into something meaningful. Information is data that has been interpreted into something useful for decision makers. If you’re lacking the ability to make informed decisions off of your data, that may be a sign you need a more powerful business intelligence system.
- Limiting your business
Three important aspects of business intelligence is ease of use, flexibility and collaboration. If these are not three words you would use to describe your current business intelligence processes, than it’s time to rethink. Business intelligence should not be only easily usable by the IT department, every end user should be able to find the information they need in a quick search. The system should be flexible, meaning accessible from anywhere at any time, whether that is on the go through on-premise, web-based or mobile based. And finally, business intelligence should offer collaboration for end users and decision makers.
- Experiencing growing pains
If you’re growing quickly and still relying on spreadsheets, you will hit a wall with your business intelligence processes. Excel spreadsheets can only handle so much data before it becomes sluggish with reports. In a growing business you need the ability to see real time data to share, update, and make quick decisions.
So where do you go from here now that you have realized it is time for an upgrade on your business intelligence processes? Cloud-based software applications can automate the business intelligence process, as well as offer reporting, budgeting, dashboards and data warehousing. Considering a new business intelligence solution will give you real-time information that can aid your business’ growth.