5 Benefits of Business Intelligence That Makes It A Must-Have For Every Business
Business Intelligence (BI) enables critical performance analytics in organizations, aiding them in taking smart business decisions. Contrary to popular believe that BI is expensive, difficult to deploy, and slow in ensuring effective business solutions, self-service BI is cost-effective and can be deployed rapidly, across job profiles and departments. Offering a reliable and updated set of data, it is beneficial for organizations of all sizes.
Here’s a list of benefits that it ensures for delivering successful BI solutions:
Aid organizations in being self-sufficient
Self-service BI empowers relevant departments in organizations with the tool and data to perform their own analysis. This does away with the need to co-ordinate with the IT department to generate special reports or take their help to assemble data manually from various sources while preparing spreadsheets. This not only enables them to sharpen their analytical abilities but also get timely access to accurate data for analyzing them from different perspectives. The efficiency of Qlik products ensures that departments deliver results independently.
Ensures accuracy in the data delivered
Technology has been a boon for organizations across industries, helping them in delivering speedy and accurate business solutions. Self-service BI has been an integral part of technological advancements, aiding organizations to make a much-needed transition from the tedious and time-consuming process of analyzing data manually. Previously, departments in organizations needed to copy and paste data onto spreadsheets, merge it with spreadsheet formulas and crosstabs, and subsequently prepare reports to the relevant department for necessary decision-making. With the advent of technology, accuracy of the data delivered is no more a distant reality. Self-service business intelligence has made it possible to extract, transform, load and update the collected data into a data model automatically, avoiding unnecessary conflicts that usually arise when done manually. This gives organizations the opportunity to devote their time on discussing important issues like analyzing prospective business opportunities, optimizing existing processes, and understanding possible causes of waste.
Enables more efficient integration of data across departments
Self-service business intelligence enables relevant departments in an organization to make informed decisions, and enhances the opportunity for in-depth analysis. When an organization requires custom reports, finance and IT need to put in additional efforts to prepare them manually. Qlik Products enable organizations to receive data reports for aiding in quick business decisions.
Remove fatigue from decision-making
Differences of opinions and perspectives of those involved in manually delivering effective BI solutions in an organization are eliminated. With business intelligence dashboards, and reports designed to analyze and turn available data into valuable insights automatically, waiting for hours to receive the necessary spreadsheets have become passé.
Aids in eliminating unnecessary expenditures
Easy availability of data analysis process, without tech training or involvement of additional costs, as much as it is with complex business intelligence solutions, has made self-service business intelligence a solution to reckon with. Being a browser-based information system, data can be accessed and analyzed from almost everywhere. Contrary to conventional business intelligence solutions, self-service business intelligence does not need an associated database licensing costs or data warehouse. This eliminates unnecessary costs, and contributes to convenience.
With technological advancements readily available at arm’s length, it is important to simplify our lives by integrating it into our daily lives. The above are the benefits that organizations can enjoy by adopting self-service business intelligence for analyzing data and converting them into insights.