With all of the ways available to mid-sized businesses to gather and store data today, it’s easy to get overwhelmed. What sets a successful business apart from the rest is their ability to handle all of the data that is available to them and transform it into useful insight. In order to accomplish this, it is important to equip your organization with the right business analytical tools to exploit more data, prepare decision makers with the right information, and improve overall business efficiency. There are many challenges that are troubling mid-sized business who don’t have the proper Business Intelligence (BI) tools. Companies who are able to adopt BI analytics are more prepared to make smarter decisions, streamline business processes, and develop a competitive advantage over others.
What are some of the specific disadvantages for mid-market companies who have not yet put BI solutions into place? If you find yourself stuck in any of these ruts, maybe it is time to look into BI solutions for your business.
Lack of accurate and relevant data – Companies who don’t have the right tools to transform all of the raw data available to them into useable information and ultimately lack proper decision making insight and hinder business processes.
Inefficient ability to recognize and improve poor business operations – BI offers you a complete 360 degree look into all of your business processes. This means that you can catch inefficiencies before they become a problem. And with historical data at your fingertips, you can better predict any future issues.
Data complexity and fragmentation – Problems arise when data is spread across multiple departments, in different systems, and in different forms. Companies are able to normalize and centralize this data to make it usable for all departments which ends up saving a lot of time and money.
Information becomes moot before decisions can be made – When you risk having duplicate or not the most up-to-date information, it can hinder decision making. When you implement the right analytical tools, data is automatically updated so you know you have relevant, correct information to empower your decision makers.
Lack of agility in the generation of insight – It is often difficult for mid-sized businesses to house the proper IT staff it takes to run certain analytical systems. BI provides a self-service environment so users can interact with data on their own time so they can have the right data at the right time.
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Source: “Analytics for the Mid-Market: Can You Survive and Thrive without BI?” by Aberdeen Group