Introduction
All our business strategies whether long-term or short-term are founded on the strong layer of business intelligence. Business intelligence is a term collectively used to represent tools & processes which are employed to glean insights from raw data (whether internal or external) to help sound business decision making. Organizations use this insight to gain competitive advantage, to exploit market opportunities, & to make better decisions. These tools help businesses in day to day decision making through dashboard, powerful reporting, & creative visualizations. Reporting is a key feature of these BI platforms which help executives in making timely, data-supported decisions. DIY is the current trend in the BI where executives get to generate interactive, insightful reports without any professional assistance. WovVTech which has years of experience in supporting digitization & business transformation offers WovVBI – the powerful, lightweight cloud-based solution which is supporting turnaround through analytics in more than 50 countries across the globe. In this blog, we will see how to select the right BI solution & we will also see how such solutions can benefit businesses.
How to select the right BI solution?
In every vertical businesses may have specific needs, however, the basic features remain the same across industries. With that in mind, we have done the hard work for you to zero in on the right business intelligence solution. Here are the tips:
Should resonate well in your ecosystem
Well, in every setup it makes perfect sense that your new software solution should be in congruent terms with the existing infrastructure. Go for a tool that seamlessly integrates with your reporting mechanism. It should be ready to retrieve data from multiple internal & external data sources.
What’s your success criteria
Are you looking for a tool to largely support historical data analysis or your emphasis will be on predictive analysis, or you are looking for both. The bottom line is, be 100% sure in your mind about key business requirements & then while evaluating the shortlisted business intelligence software ensure your major business objectives are fulfilled.
Usability
What’s the point of having the best business intelligence platform if that’s too complicated for me to work through? The idea is ease of use & intuitiveness cannot be compromised. Your business users may not be that tech savvy, besides, certain features may be too complex & time consuming for a user to use them. So, have that thing in mind.
Key features like filtering & data-drilldown
The right business intelligence forecasting & reporting solutions let you view the processed information through different angles – you can filter the records, you can search for specific terms, you can sort the records. And, likewise, there is a provision to drill down on the data taking you from a top-view to the most detailed, granular view. These features have to be there.
Security
Information security is uncompromisable. Businesses need to protect their data & also within the organizational hierarchy everybody has not the same level of access, which means there has to be a role-based access mechanism. The central repository which stores the data should be unbreachable & there must be proper encryption to ensure the data doesn’t fall in the illegitimate hands. Cloud software has the upper hand in security. Our WovVBI is really impregnable & top BI software for analytics, that’s something which you can count on.
These are the key points which you need to keep in mind while selecting the right BI solution for your business. Now we move to the next point – what are the benefits which it offers?
How do the right BI platforms simplify analytics?
Reporting
Reporting is a must-have to get the grip on analytics. Today, BI tools have canned reports, the thing which can take you to the required insight is just a click on the right predefined report. These reports may be used to monitor KPIs from a variety of sources. Presenting insight in real time, these reports have charts, graphs & other graphical features which make it possible to look at the data from various sources.
Business insights
The businesses get valuable insights on revenue, sales, productivity & overall business performance. It helps businesses to find their strengths & weaknesses as then organizations will be able to understand what’s working & what’s not. One can easily track the KPIs which matter most to their businesses.
Competitive analysis
This is one thing which is going to hook in the analysts right away. Yes, business analytics and reporting tools do provide a competitive edge. You get to see competitor’s sales by purchasing data from market research companies. This helps you to give you a comparative insight on where you stand vis-à-vis them. Tracking other players’ sales & marketing performances also prepares you to differentiate your product & services accordingly.
Good data quality
It’s a big challenge to collect & place squeaky clean data at your premise. The best bi reporting platforms have provisions to integrate with various types of internal & external data sources (WovVBI, for example, can integrate with more than 50 databases like Yardi & Salesforce) to give a full picture of what’s happening in & around their organization.
By providing right information at right time
Accuracy & speed of information sharing can make or break things. Failure to get the right information at the right time can lead to lost customers & lost revenue. The right BI software can help you to deliver accurate & timely information to the important stakeholders optimizing time-to-decision. It can help you to listen to the voice of your customers & watch your competitors improving your sales in the process.
So, in these points we have touched upon how the right BI software can help you to simplify analytics.
Conclusion
In today’s data-driven world, companies are facing information overload & the companies which are looking to get advantage over others are leveraging technology to work smarter. These companies are investing in ways to understand & work with this information. The amount of data which we have in the world is doubling at a very fast pace & the only thing which can act as our savior is business intelligence software. WovVBI from WovV Tech is the one which you can count on. Even though there are many barriers in adopting new technology, business intelligence tools usually have a good pay off & there are immediate benefits.
