Your company is probably continuously collecting and analyzing data.
But are you getting the business insights you need out of that data? Is your data enabeling you to make educated business decisions? We frequently come across companies whose management team lacks the analytical insights to effectively manage day to day operations.
Here are 8 signs that your company should be rethinking its BI.
1 - You Don't Trust Your Data
2 - analysis or reports that require too much effort
3 - Your data Are stored In separate databases or applications
If your data is stored in various locations, it means that you do not have a DWH. This means that –issuing a report or analysis would require merging data from different systems. This would require more time and would make the process more complicated
With an effective BI methodology you would use a DWH to consolidate the data from all the different data sources, making the data readily accessible.
4 - You do not have a “single version Of the truth”
There is yet another disadvantage of having your data on separate systems:
When different reports measuring the same criteria show different numbers. This causes you to distrust your data.
There may be a few reasons for this. The reports might be from different systems that have a different business logic for the same measurement. Or, possibly the calculation of a metric is done over and over for different reports with different logic that was implemented.
A proper BI operation with an included DWH, will prevent these kinds of problems.
5 - Performance issues
Is it taking way to long for automated processes to be completed? An effective BI solution should provide immediate, real time updates.
6 - "Refreshing” reports requires manual work by analysts
Needless to say, having to do anything manually is problematic, as it significantly increases the risk of errors. Your system will never be foolproof if even a part of the process is done manually. By implementing an effective BI methodology and tools, you can automate the entire process, completely removing the need for manual intervention, thereby reducing time and cost and increasing efficiency and reliability.
7 - You are not collecting all available data
There is hardly any data which cannot be accessed and analyzed with an effective BI solution. An advanced DWH can provide access to ALL your data.
8 - Analyzing your data or developing dashboards Takes too much effort
If you’re looking to be data-driven but find there are too many hurdles along the way, you simply haven’t found the right solution. An enterprise level BI operation is available for even the smallest of companies, at a low cost with short time to implement.