8 reasons you need a BI solution
Are you looking for a way to accelerate and improve decision making in your business? Perhaps you want to optimize internal business processes or increase operational efficiency? Maybe you’re thinking about driving new revenues or looking to gain competitive advantages over business rivals? Or you’re more interested in identifying market trends and spotting business problems that need to be addressed?
A Business Intelligence (BI) solution is what you’re looking for.
The platform allows enterprises to build BI applications by providing capabilities in three categories: analysis (online analytical processing), information delivery, (reports and dashboards), and platform integration (BI metadata management).
Whether it’s analysis, information delivery, or platform delivery, BI is capable of data security, deploying and managing analytics, accessing, integrating, transforming and loading data into a self-contained performance engine, and is highly interactive.
Essentially, if you are looking for a way to gain actionable insights from your huge piles of data and to speed up your data extraction process, a BI solution is what you need. The capabilities of an analytics and BI solution go beyond what you may realize but we’re here to tell you why you need one.
- With the amount of data stored by companies growing exponentially, it can be difficult to find the right data management solution. You need a solution that will not only secure your data but also help you make important business decisions. A BI platform can provide this for you.
- Companies need to translate complicated data into English. The information needs to be consumable so you can actually use it to make future business decisions. A visual representation of your data can help you understand your data.
- Currently, your data may be stored in massive spreadsheets or servers. But what if it were all in one place? How much easier would it be to handle your data?
- The data you have may provide information on sales trends, consumer behavior, and resources allocation. The data indicates the viability of your product and helps in the planning of your growth, which is why you need a data solution that can help you see how to maximize revenues and reduce costs. With a BI solution, these calculations can be automated for you.
- A BI solution helps in producing accurate reports by extracting data directly from your data source. You will be able to eliminate the time-consuming task of consolidating data manually. Because the data solution is automated, you reduce labor and human error.
- Since BI tools produce recent data, it allows managers to monitor businesses in near real time. The BI solution provides reports directly to managers on-demand from any location. Imagine full access to your data whenever you want it.
- Not only can you get near real-time information about your data, but this will help you with forecasting. Knowing about your data now can help you understand how your business may be like in the future.
- One of the main concerns with data is security. But the BI solution also focuses on providing data security by using established security infrastructures to keep data private. You won’t have to worry about others accessing your data.
You may have noticed now that BI tools are essentially data-driven Decision Support Systems (DSS). The applications tackle sales, production, financial, and many other sources of business data for purposes that include business performance management. If you want to know more about why you need a BI solution or the purposes, you can check out the following websites: https://financesonline.com/purpose-business-intelligence-business/ or http://paristech.com/blog/why-do-you-need-a-business-intelligence-bi-solution/.
If you would like a BI platform built for your data, check out Chameleon’s data services! We would love to help you understand and gain better insights into your data. Get your free consultation today!