The right business intelligence software can help companies beat out the competition and become market leaders in their industry.
We reveal how to leverage three key benefits of business intelligence software - and overcome some potential drawbacks!
1. Integration across disparate business systems
In order to derive the best strategic insights, you typically need to analyse data from across a number of different systems. Your company’s operational results, for example, require a financial perspective. That means your business intelligence solution should be able to integrate data from various sources to generate answers to your business questions.
2. Historical analysis and reporting
Successful decision-making relies on a comprehensive understanding of how your company has grown in recent years and the reasons behind that growth. Your business intelligence solution must be able to both map and analyse historical data from years in the past. Ensure you choose a tool that can extract, manipulate and parse large amounts of data – in many enterprises, millions of database entries are standard fare.
3. Predictive capabilities
Your solution’s ability to analyse and report historical data means you’ll be able to harness current opportunities, while also predicting your company’s future steps. This power of forecasting should always remain top-of-mind when striving for success.
Overcoming potential challenges
So what about the potential drawbacks? There are a couple of cons to consider, but with the right knowledge you can overcome them to truly realise the power of your business intelligence software.
- A difficult learning curve can hamper take-up. For non-technical employees, business intelligence solutions can be challenging to adopt. If this is the case in your company, choose software with a user-friendly interface that is easy to learn and use on a day-to-day basis. Further, invest in business intelligence training so you can be comfortable your employees will be able to use the tool and deliver the expected returns.
- Unnecessary features. Some vendors will try to entice you with gimmicky, useless features, and in most cases you’ll never end up using them. The best solution is one that understands the functionality you require while eliminating any features you don’t need.
Interested in leveraging the strength of business intelligence software in your enterprise? Contact Octane Software Solutions to find out how we can help.