Myth 1: Excel is a universal and entirely sufficient tool for data analysis.
Excel spreadsheet is, of course, handy, but its possibilities are limited if we want to analyse large amounts of data that come from many sources. The problem is also the issue of not adjusting to the sophisticated reporting, scaling or sharing of the obtained report results. Excel also does not provide permanent access to data for all employees of the company, which makes the analysis of data and making business decisions based on them difficult. An example of a comprehensive solution adjusted to the needs of modern business analytics is Microsoft Power BI.
Myth 2: Installing the right software is enough for data analysis
Of course, you have to start with something – implementing a data analysis system is the first important step. However, it is not enough to stop there. To actually take advantage of the opportunities offered by business intelligence and tools such as Power BI, you need to change your attitude in business management and decision-making. What is required is a kind of cultural change that will prioritize the data extracted from the analyses in decision-making meetings, not personal preferences or assumptions. By basing an organizational culture on data analysis, we can be sure that every decision made in the company will be based on solid pillars.
Myth 3: Data analysis systems are too expensive for the needs of most companies
Many companies assume that modern data analysis systems, such as Power BI, are designed only for large corporations with huge budgets. As a result, they do not take such solutions into account and rely on manual processes, usually implemented using Excel.
Unfortunately, such an approach does not take into account hidden costs. It is worth calculating how much time a company spends on manual data collection and creating reports from scratch and how much the decision-making process suffers when it is not easy to access data. Of course, the costs of investing in data analysis systems must be considered in the long term. However, for example, the price of Power BI Pro starts at USD 9.99 per user per month, which should not be a barrier for most companies.
Myth 4: Business analytics makes sense only in the case of large corporations
The effective functioning of companies on the market largely boils down to a proper assessment of feedback. Therefore, large and small companies should implement the available tools to make business decisions. The size of the data itself is not so important. Apart from it, what counts is also their diversity, context or timeliness.
As mentioned in the previous section, data analysis tools do not have to be very expensive. However, their functions can be successfully scaled regardless of how big or small the needs of the company are and adapted to the stage of company development.
Modern systems for data analysis significantly improve work and give entrepreneurs a constant insight into the condition of the company. So, it is worth to take a closer look at them and use their potential in your own business.
