9 reasons why adopting BI tools in your company is worthwhile
In the modern, dynamic business world, BI tools have become essential for success strategies for small and large enterprises across various sectors. In this post, we present 9 specific reasons for implementing advanced business intelligence solutions in your company. We also highlight the leader among analytical platforms and BI systems, recognised by Gartner’s magic quadrant.
What are business intelligence tools (BI tools)?
The definition of BI, provided by artificial intelligence (in this case, ChatGPT), is as follows:
“Business intelligence is an integrated set of technologies, applications, analytical processes and tools that enable businesses to efficiently collect, analyse, interpret and present business data. Business intelligence aims to support decision-making processes at various levels of the organisation by providing current, comprehensive business information.
In short, business intelligence is a data management strategy that helps organisations better understand their business processes, identify trends, analyse historical data and forecast future events. Business intelligence systems may include various tools such as reporting, multidimensional analysis, data warehouses and technologies related to big data and artificial intelligence.
Through BI, enterprises can make more informed decisions, contributing to improved efficiency and competitiveness.”
Business intelligence capabilities
As can be seen, business intelligence software solutions is a broad concept, and the definition itself may be complex and challenging for non-technical individuals to grasp. Meanwhile, business intelligence tools are solutions designed to enable advanced data exploration for all end users (including all non-technical users).
If we were to explain to a seven-year-old what these solutions are in a company, we could use a metaphor: a business intelligence tool is like a machine into which we input all the data and information we have about our company. We then activate it, and in an instant, we receive a mapped-out way to improve the business.
In today’s world, data analytics, without the support of modern tools, has become a challenging, time-consuming process that requires expert knowledge. This is due to the enormous growth in the volume of data businesses collect. Information is collected from various data sources, both internal and external systems. Moreover, data are stored in many formats and on multiple technologies.
An average company has data stored in internal systems such as CRM (Customer Relationship Management), HRM (Human Resources System), ERP (Enterprise Resource Planning), warehouse management system (WMS), IoT data, monitoring systems and production monitoring systems.
At the same time, companies gather external data, including currency exchange rates, weather information, customer orders, social media insights, geolocation data, economic and macroeconomic data, market research and transactional data from business partners. Using traditional methods (expert knowledge of specialised staff), cleansing, analysing and concluding data is a time-consuming process susceptible to errors.
Considering these difficulties, creating a report on the company’s status and development predictions takes much time. On average, a fully updated report may take, for example, a month to generate. However, modern business intelligence tools can automate this process, updating such reports in real-time.
A significant difference, isn’t it?
9 reasons why adopting BI tools in your company is valuable
Improvement of business processes
Business intelligence software enables quick access to relevant information, supporting decision-making based on data. Decisions made using reliable data are a much more beneficial way to develop a company than guessing trends based on personal experience.
Increase in efficiency
Experts who previously spent a lot of time on routine analytical tasks can now, with the adoption of business intelligence tools, devote their time to more creative activities. A company can identify areas where operational efficiency can be improved and optimise business processes through data analysis.
Enhanced customer experience
BI tools allow a more profound understanding of customer preferences through behaviour analysis, enabling the delivery of more personalised products and services.
Identification of market trends
Business intelligence tools enable effective tracking of market trends, allowing companies to adapt to changing conditions and ensuring the competitiveness of the business.
Reliable and easy reporting
Business intelligence software allows for the rapid creation of accurate reports, facilitates monitoring key business metrics and key performance indicators (KPIs), and presenting results to management.
Integrated data management
Business intelligence tools integrate data from various sources, eliminating the need for multiple tools and facilitating data management in one central location.
By opting for BI tool implementation, a company becomes more flexible and prepared to respond to market changes, resulting in increased competitiveness compared to other enterprises.
Modern entrepreneurs must be vigilant about the security of digital data – hacking attacks, internet theft or simple trolling have become serious problems. Data security using BI tools is guaranteed through advanced encryption mechanisms in transmitting and storing information.
Users can precisely control access to reports and data sets using advanced authorisation options, authentication and configuration of roles and permission levels. Additionally, the tool allows for row-level security and user activity monitoring to identify potential threats.
Improvement of processes, trend prediction and more accurate decisions – all contribute to identifying areas where costs can be reduced. Scientific studies confirm this: Nucleus Research, surveyed in 2011, indicated that companies earn an average of $10 for every $1 spent on business intelligence tools.
Moreover, studies from last year show that every dollar invested in data integration returns $3.03 to the company. This means that the implementation of business intelligence software not only pays off but also helps generate revenue.
What are the signs that your company needs BI?
Modern enterprises operate in an environment where generated data are growing exponentially. However, how do we recognise it’s time to implement business intelligence solutions? Below are some key signs indicating the need for BI tools in the organisational structure.
Required workforce growth
Your HR, finance or accounting departments constantly struggle with a human resources shortage. New people frequently need to be hired for invoice processing and document sorting.
Separate reports from each department
If different departments generate separate reports, working independently and then trying to combine them to conclude strategic decisions, it clearly indicates the need to standardise the reporting process throughout the company.
Prolonged data analysis
If data analyses are complex and time-consuming, business intelligence tools will enable quick report generation and analysis, allowing employees to work more efficiently.
Manual keyword analysis
Suppose your organisation employs someone whose job involves analysing and sorting dozens of documents or has a department where all correspondence is received to be later distributed to the appropriate recipients in the company. This is a clear sign that a BI tool can save time and money in this area.
Information is stored in several separate places and other formats when using different data sources. This leads to a lack of information consistency, and predictive analytics becomes significantly more challenging. Implementing BI tools will facilitate data integration and unified data management, making them more consistent and easier to manage.
Lack of market trend monitoring
When the market is rapidly changing, and the company lacks tools to monitor trends, business intelligence tools can help track the market, providing necessary information for adjusting the business strategy.
Business decisions based on experience
Suppose decisions are made based on personal market intuition due to inadequate or outdated report data. In that case, implementing business intelligence software can significantly improve decision-making processes by providing real-time information. This allows decisions to be based on facts rather than intuitions.
Ineffective advertising campaigns
Business intelligence tools support the personalisation of marketing activities by analysing customer preferences, enabling the creation of more targeted and effective advertising campaigns.
Market competition growth
Increased competition requires quick responses to market changes. Incorporating business intelligence software into the company allows for the monitoring of trends and competition, thereby quickly adapting business strategies.
Why is Power BI the best business intelligence software?
Power BI stands out among other business intelligence programs due to its user-friendly interface, flexibility and strong support from the Microsoft ecosystem. But what makes it truly exceptional? The tool enables the quick and intuitive creation of attractive data visualisation that helps better understand business information.
Integration with popular platforms (Microsoft Excel, SharePoint) makes it easy to use data and share reports within the organisation. Additionally, the dynamic Power BI user community contributes to continuous tool development and improvement, creating a rich source of knowledge for all users. Thanks to these features, the software has become a leader in the BI field, providing comprehensive and effective solutions for enterprises in various sectors.
What sets Power BI apart from other BI Tools?
Microsoft Power BI distinguishes itself from other business intelligence tools for several reasons:
The software features a straightforward configuration process and includes management dashboards for services such as Salesforce, Google Analytics or Microsoft Dynamics.
Accessibility on multiple devices
- Web browser: Power BI is accessible through a web browser, allowing users to use the tool on various operating systems such as Windows, macOS or Linux. An internet connection is all that is needed.
- Mobile apps: Power BI offers iOS (iPhone, iPad) and Android systems mobile apps. Users can track data and view reports and dashboards on their mobile devices.
- Desktop application: Power BI Desktop is a separate tool that can be downloaded and installed on Windows desktop computers and laptops. It provides a complete environment for creating reports, analysis and data predictions.
- Application extension: Power BI Embedded is an extension that allows embedding data analysis functions into custom applications, websites or portals available on various devices.
Microsoft Power BI software offers an intuitive user interface, making the system easy to learn and use for individuals with varying levels of technological proficiency. Specialised knowledge is not required to initiate actions.
Integration with Microsoft
Power BI integrates seamlessly with Microsoft Office products, such as MS Excel. Users can utilise Power BI features directly in any program within the MS Office 365 suite.
Variety of data visualisation
The tool offers a wide range of data visualisation, allowing the creation of attractive, clear reports and dashboards, enhancing the understanding of business information.
Cloud and on-site availability
The software enables the use of services in the cloud (Power BI Cloud Service) or in an on-site version (Power BI Report Server), providing flexibility in customising the solution to the individual needs of each small, medium or large company.
Microsoft Power BI offers competitive prices and even provides a free version with limited functionality compared to other business intelligence tools. This allows the tool to be easily introduced to companies with differing budgets.
Does introducing business intelligence tools to your company make sense?
Introducing business intelligence software into the company structure is a decision that can significantly impact effectiveness, competitiveness and the ability to make informed business decisions. Based on the above arguments, introducing BI tools appears to be a crucial step in the data analysis process, refining business strategies and developing business operations.
In a world that increasingly recognises the power of data, BI tools have become an essential element of success strategies. Thus, if you’re wondering whether business analytics and implementing business intelligence tools make sense for your company, the answer is yes.
It is an investment in the future that can contribute to achieving higher levels of efficiency, process optimisation and gaining a competitive edge in the market. Break the information barrier and follow the data advantage.
Your company will undoubtedly see tangible results.