Instead of navigating through a never-ending maze of data and statistics by themselves, company executives can rely on BI software to help guide them toward growth and success.
When you look at global brands, such as Facebook, Uber or eBay, you can spot one major similarity: they have mastered the art of gathering and analysing data, and then turn it into action. They extract data continuously from every facet of their operations and this, in turn, is studied by experts. Though clearly effective, this is an expensive use of human resources that not every company can afford.
There is, however, an alternative that puts the power of data closer to everyone’s reach: Business Intelligence (BI) software
What Exactly is BI Software?
Naturally, the first component is the data that is fed into the software. Without data, the rest of the processes cannot take place. The information contained in this data can come from any source, such as subscriber forms, web cookies, members’ details, etc. It can also be stored anywhere, and very often will not be found in a centralised location.
A Central Hub
Since most data is not stored directly in the BI software, but rather spread across many different data acquiring solutions, a hub is required to gather all the information in one place. Rather than having offline hubs, which cannot be easily accessed unless you’re on site, software such as the WiSDoM BI makes use of the cloud for instant access: everywhere you go.
A Series of Analyses
Certainly, the most important component of this technology, the analyses allows users to visualize and better understand the data. In one word, the software simplifies the data to show past and present trends.
Main Benefits of BI Software?
With BI technology growing, the opportunities for small and large businesses are expanding. While many different software solutions exist, the main ones all share similar characteristics. Software like WiSDoM BI is a tool which a business would gain from utilising, thanks to its many benefits, including:
You cannot solve a problem until you know it exists. But it may be very difficult to know a problem exists if you have to manually hunt it down on a spreadsheet with endless numbers and no other reference. BI Software can turn those meaningless numbers into bold, clear results and trends. With a few clicks, you can visualise past, present and future trends through a variety of graphs and charts.
More time for business
While the importance of data has long been accepted as a way to improve revenues, many small businesses don’t have the human resources to analyse it. BI Software saves you time, allowing businesses to do what they do best; conducting business. The way the software is developed, it is easy and intuitive to navigate, allowing novices to learn the ropes quickly.
Access anytime, anywhere
Today instant access to data has become a necessity. This is why WiSDoM BI and others invested in a cloud-based solution. The advantages of this are simple: you can access results and create new graphs whenever you need to, instantly. This functionality also means that access to the software can easily be given to all team members and partners at a moment’s notice. It is vital, for the success of a growing business, that a team has access to data even when a key person is unavailable.
BI Software in the Future
For the reasons explained above, avoiding data loss should be a major concern when deciding to use one or more MSP’s within your organization. The first and most important issue is to always know where your data is, verify that it’s safe, and ensure the MSP has proper backup and disaster recovery procedures in place.
Regular audits and DR tests must be scheduled to verify all the necessary steps are taken to protect your sensitive data. Using an MSP that directly controls your company’s most sensitive information requires a huge leap of faith, so choose wisely.
As the popularity of BI software continues to grow, especially amongst smaller businesses, developers are seeking ways to make it even simpler to use. Just like anyone can create a website today without needing any programming skills, BI software solutions in the future are expected to become more intuitive and easy to implement in any business.
Thanks to the reliance on cloud-based systems, mobile BI software is also expected to play a very important role in obtaining faster results in a more convenient manner. Thanks to BI Software, even the neighbourhood store now has a real chance of competing with big name brands.