Top 3 Business Intelligence Myths & Misconceptions You Should Know
Big Data analytics and business intelligence (BI) are not new terms for most of us. Explosion of the data, increased cloud adoption, the increasing Internet of Things (IoT) have been enabling organizations of all sizes to connect, interrelate, communicate, and making sense of their data. Yet even as business intelligence analytics is on increase, some data analytics myths persist. To make them down, here I have collected the top 3 business intelligence myths and how to get over them.
1) My organization is too small for BI
This is one of my favorite business intelligence myths. Smaller organizations often suppose that they don’t need business intelligence and the size of their data isn’t big enough. I am here to say that your business and data is not too small for BI. The advantages of Bi services for small business are:
· It help you in the data analysis and in combining various data sources online
· Less dependent on Excel and PowerPoint
· It replace static business reporting with interactive real time dashboards
· Collaboration and cooperation of the Fosters
· Helps you in making better and faster business decisions
· Help you to fulfill different analytics needs
· Increased relationships and transparency with customers
2) You need to have all data from day 1
Let’s just get out of this assumption that your data is perfect. You will drive yourself in wrong direction and waste precious time trying to be perfect and collect all data point before its analysis. Business Analytics is an iterative process. Analyze deeply what you have at your end. Figure it out what isn’t working or what is the data that you are missing. Best analytics impel the question “What next?”
3) All I need are stunning visuals
Data visualization is a sort of the graphic presentation of data. The selection of the right data visualization type is powerful, just when done correctly. It is the most effective way to briefly translate the large amounts of data and complex data to a wide audience. Successful visualizations are crucial and pretty helpful. It also provides layers of detail that efficiently produce insight and develop new understanding. They can be interesting as well as interactive.
At Bilytica we get really energized about data visualization. We knew that not every data visualization is the same, or able to tell the right data story. Just a bunch of pie charts on a dashboard is not enough. You need to have the right visualization tools for your data. The right data visualization software will help you with variety of chart and format options. This will take you on the right way to unearthing actionable insights.
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