Due to the need of BI within the supply chain, by 2020, 75% of entrepreneurs began to use business intelligence in their businesses. This is a global trend, thanks to the increasing importance of analyzing the information gathered in high volume. So, if your company is not applying BI, we recommend your company start adopting this approach sooner or later.
Does my company need BI?
But how could you know when is the right to embrace this technology? How to understand if your company needs BI? Check below our list of what you should consider answering these questions according to your business!
Assess data quality
Not all data is information. Keeping this in mind is important when talking about assessing the quality of the data you have been acquiring in your business. Although companies are becoming experts in acquiring a large amount of data, they often fail to provide any strategic and truly relevant information for the business.
If this is happening to your company, then you need to adopt a Business Intelligence strategy! More than just collecting data, you will need to analyze and cross-reference that data to generate valuable information. In fact, companies that use proper data analysis make decisions 5 times faster than those that don’t.
Speaking of decision-making, it is very important to highlight this factor when you are evaluating whether to use Business Intelligence in your company. Ideally, your decision-making process would be dynamic and assertive, and this is only possible with quality information.
Sometimes, having the data and the analysis, may not be enough. If obtaining data is difficult or too centralized – as in the IT sector – or if data visualization is impaired, the decision-making process suffers.
Approximately 64% of business and technology decision-makers have difficulty getting answers from their data visualization. Business Intelligence, therefore, helps to overcome this difficulty when used correctly.
Take the competition into consideration
The Business Intelligence industry is expected to grow by 16% per year. This means that more and more companies are investing in this business solution, including your competitors.
If your competition always seems to be one step ahead of your business, and always seems to have more powerful industry insights, then it means that these companies have, among other things, an excellent and effective BI framework. If you don’t want your company to be left behind, it is also necessary to invest in this kind of solution.
Match the realized and the planned
For successful and quality performance, your company makes action plans, such as for investments or projects. The result of what has been done does not always correspond to the plan. To know where your company stands in this sense, it is important to relate the results to the planned ones, and find why they did not match.
If there is a large gap- i.e., the planning was not so good or was not the best for your situation. Whether the option, there are clear signs that the use of data in your company is incorrect.
BI and your company
The use of Business Intelligence, in this case, is necessary, as it will provide dynamic and relevant information about planning and history, and also about processes and projections. As a result, it is easier to narrow the gap between the obtained and planned levels.
To know if your company needs Business Intelligence, it is necessary to perform a quantitative and qualitative analysis of results. Evaluating data quality, decision-making, competitors’ performance, and the relationship between achievements and planning are factors that help identify clear signs that BI is necessary. Thus, your company can take advantage of the benefits of this approach and start to obtain improved results.
Would you like to adopt Business Intelligence? We can help you! Contact us and start narrowing the gap between your performance and your dreams!