Your company is probably collecting and analyzing data.
But can you really get the business insights you need out of that data? Does your data enable you to get the best decisions?
We often meet companies in which decision makers lack the proper analytic insights for their day-to-day operations.
Here are 8 signs that your company is experiencing this and needs to rethink its BI.
1 - You Don't Trust Your Data
If you do not trust your data and do not have anything you can do about it, then you have a problem with your BI solution. Normally, when something does not seem right with the data there are various things that you should be able to do to investigate what is wrong.
2 - analysis or report that requires too much effort
When you need some analysis or report to help you make a business decision, you mostly likely need it NOW. If you keep getting long time estimates for reports that seem very simple (since you supposedly have all the data) then something is wrong – it’s either the wrong infrastructure or the wrong skills that your team has.
If you are waiting for BI tasks to be done by software developers, the problem is both the lack of infrastructure + skill set.
3 - Your data for analysis is stored on separate databases or applications
If you already know that your data is stored in various siloes, it means that you do not have a DWH. This means that for every report or analysis that would require merging data from 2 systems some extra work would be needed to bring the data sources together.
With proper BI methodology you would use a DWH to consolidate the data and then reports that require merging data are readily accessible.
4 - You do not have a “single version of the truth”
This is another symptom of having your data on separate systems…
You take a look at a report, the numbers are different compared to this other report that you saw and you start to develop dis-trust.
A few things could have gone wrong. The reports might be from different systems that have a different business logic for the same measure. Also, maybe the calculation of a metric is done over and over for different reports with different logic that was implemented.
A proper BI operation with a DWH in the middle solves these sorts of problems.
5 - Performance issues
Are you waiting too long for automated processes to complete so that you report are updated? You should not have to wait.
6 - "Refreshing” reports requires manual work by analysts
Needless to say, this is terrible… manual work means mistakes. You cannot improve the process and build on top of it if there is always a chance for mistakes. By implementing a proper BI methodology and tools, chances are you can get rid of manual work that is needed to generate reports.
7 - You are not collecting all of the data that you could be collecting
There aren’t too many occasions that important data that is generated by your system or users cannot be collected or is too costly to collect.
A modern DWH can withhold everything.
8 - Analyzing your data or developing dashboards is too much effort
Generally, if you want to be data-driven and are encountering obstacles that make it seem out of your reach, you just didn’t find the correct solution yet. Nowadays, an enterprise level BI operation is within reach even for the smallest of companies.