When is it worth to implement Business Intelligence class systems such as Power BI?
Business intelligence tools such as Power BI are very useful in business. They help to make key decisions, support the process of achieving and evaluating the effectiveness of achieving marketing and sales goals, and facilitate deepening the knowledge of the needs and behaviour of customers. However, as with any investment, implementing a data analysis system involves individual costs and reorganization within the company. So how to determine whether it is time to do it? You will learn this from the article.
What indicates that you should use business intelligence solutions?
Each company has different goals, needs and budgets. Therefore, it is difficult to determine when to implement these solutions. However, if your company's turnover grows year by year, and your primary goal is to develop your company and become a market leader, then tools such as Power BI will undoubtedly support your business in the implementation of the adopted strategy. What should other factors make you think about the application of Microsoft Power BI in your company?
1. You have many data, but you cannot draw any specific conclusions from it
If the collected data does not lead to any particular feedback, you will probably need a BI system. It will help you to see correlations, trends and adjust your actions to achieve your business goals.
2. Data analysis is strongly linked to the IT department
If the IT department controls all the company's data and generates reports, their comprehensive analysis may become problematic. Without a system like Power BI, it will always require someone with technical skills.
3. You still rely on spreadsheets, despite the vast amount of data you collect
Excel has a specific limit of scalability. When you exceed this limit, data analysis and reporting become very time-consuming and inefficient. The solution in this situation are business intelligence tools, for which the analysis of data from many sources and in real-time is not a problem. What is more, they allow creating useful visualizations of data and reports.
What shouldn't stop you from introducing business analytics?
- ERP system integration
A great moment to implement Power BI is the installation of an ERP system or other sales management solution. Business intelligence systems do not complicate ERP deployment. On the contrary - they help to see if the data flow is correct immediately. You can even say that implementing both systems at the same time can bring your company measurable benefits.
- Lack of qualified staff employment opportunities
Do you know what data analysis gives you, but you can't afford to hire a business analyst? It doesn't have to be an obstacle. Today's business intelligence systems, such as Power BI, are very intuitive and help to perform accurate analyses even for people without in-depth technical knowledge. What's more, many of these tools can recognize and analyse data by themselves, creating entire spreadsheets. Power BI streamlines data analysis and provides valuable business information.