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Category Archives: Business Intelligence

Your guide to smart BI planning

You have finally decided your small or medium-sized business is ready to utilize Business Intelligence (BI) software. This is a big step for your company and one that must be approached with diligence. If you are not careful the cost of BI software, not to mention training, could far outweigh the actual benefits you end up receiving. However, with thoughtful BI planning, you are likely to see results you would have never thought possible.

Quite a few business owners see other companies using BI software and tools successfully and hope to emulate those results. Unfortunately, BI goes far beyond installing a program on your employee’s computers and expecting them to churn out results because of it. In fact, without proper planning in place, you could end up losing money on your BI investment.

If you’re ready to bring BI software and tools to your small or medium-sized business but aren’t quite sure what your should be looking for, here are four things you need to consider during the planning process.

What data do you need to know

BI software is great at helping you obtain data and presenting it to you in all kinds of different ways. But it’s only helpful if you can actually use the information. Too many businesses jump on the BI software bandwagon because they hear about the great results other companies have achieved using these tools. However, if you don’t know what information you’re looking for or how to use that data to your advantage, BI software essentially becomes a toy for you and your staff to play with.

That’s why you need to fully understand what information and data your business needs before implementing any BI software. This will help you pick the best tool for your needs and then utilize it to great effect.

Create specific goals

When you are planning to implement BI software it is vital to have a specific endgame in mind. Increasing profits sounds great but it’s hard to utilize BI effectively when tackling a goal of that magnitude. Instead focus on performance metrics you can measure like higher closing rates or more online conversations. This will help make your planning easier and allow you to find the BI tools required to reach those goals as well as track your progress along the way.

Think about today and the future

It is important to not only think about BI software in correlation to your short term goals but your long term ones as well. You want to make sure your BI software is useful both now and in the future. Find something that can grow alongside your company over the long haul. You don’t want to constantly be changing or adding on to BI tools unless it is absolutely necessary. If possible, find BI solutions that are scalable and flexible so they can help over a longer period of time.

Keep it simple

Sometimes the desire to know more about your company can see you end up overloading your staff and employees with complex toolsets and data. The goal, especially for small and medium-sized businesses, should be data that is quickly accessible and easy to comprehend. This will allow you and your team to make speedy and informed decisions. Convoluting the process with unnecessary information or complicated process will only serve to negate what you are trying to do by installing BI software in the first place.

BI tools and software are designed to help you work smarter, not harder. When you plan to bring them to your company, this is something you will want to keep at the forefront of your decision making process.

If your company is looking to start utilizing BI tools, our team of experts can help. Together we can create a BI plan that works best for your business.

Why you should go for self-service BI

Business intelligence (BI) tools are powerful platforms that allow organizations to gain significant insight into their business activities, clients, employees, infrastructure, and much more. But as data volume continues to grow exponentially, more and more business owners are realizing that traditional BI tools are becoming less effective – and so they turn towards a more modern, efficient, and self-service approach.

What is self-service business intelligence?

Self-service BI is a reporting and analytics platform that business users with limited IT knowledge and experience can use for themselves. Simply put, if an end user trying to find an answer to a business question can access, use, and generate reports without bothering the IT department or data analysts, then they’ve done self-service BI.

The end goal of self-service BI is to eliminate redundant processes where users have to request access and assistance from data analysts and technology experts. With self-service BI, users are able to gather information, analyze it, and share the reports with others, without having to know the technical protocols required to access the data.

Traditional vs. self-service

In traditional BI systems, analysts create reports based on input data, and deliver them to key decision makers. In the case where the decision makers need more detail or different data, or change their business questions, analysts have to adapt the report or create new ones.

Self-service BI is designed to eliminate this time-consuming reporting process, placing much of the responsibility for report creation on end users. It opens the door to data exploration and new possibilities. Instead of asking analysts to generate reports, end users have the ability and tools to find the answers to their own business questions whenever they want.

How self-service BI can benefit your business

Self-service BI helps improve organizations in various key areas. Here are just some of the benefits it has for your business.

  • It saves time – most likely there are far more people asking business questions than there are IT experts creating reports to answer them. By removing the dependency on data analysts and technical staff, companies are able to improve the efficiency of their analytical process and save time, as end users can find the answers to their questions themselves.
  • It eliminates mistakes – the more decisions users have to make, the less likely they are to make the right ones. Self-service BI helps ease the decision-making process by delivering nearly instant reports and visualizations that are easy to understand. Users can analyze their data from any angle and deduce answers without having to consult specialists.
  • It reduces costs – since end users are able to utilize self-service BI with little to no training, training and support costs are significantly lower than other BI solutions. What’s more, self-service BI platforms can be accessed from anywhere and at any time, without the need to install expensive hardware and servers, allowing businesses to save money.

There are plenty of benefits of adopting self-service BI. As more employees are able to analyze and explore data by themselves, decisions can be made much faster and at a far lower cost. Want to learn more about business intelligence and how you can implement it in your organization? Give us a call today.

Is-IT-adding-to your business value?

We all know IT plays a valuable part in your company’s operations, but is it possible to quantify that business value? By asking your IT guy the right questions you should be able to get an idea of what they are adding, or subtracting, from your business’s value. Whether your IT is handled in-house or through a Managed Services Provider, here is some advice on what you can do to help determine its business value.

Don’t accept metrics

IT people love using metrics to show how they are contributing to your business. The problem is most of these metrics don’t show you anything. Sure, high uptimes sound great and low mean-time resolutions are probably a good thing, but how do these impact your business? Don’t arbitrarily accept these as signs IT is contributing to the value of your bottom line. Dig deeper and get an explanation as to why these metrics matter. There is a reason your IT department wants you to see these metrics, but it is important to have them explain it.

Ban “tech speak”

There was a time in the world when it was impossible to avoid “tech speak”, but that era has passed. Your modern-day IT person should be able to explain just about everything to you in plain English. Realistically, if they are doing a good job, they should want to share that information with you in a way you will understand easily. If you find your IT department relying heavily on “tech speak”, chances are there is something they don’t want you to know about.

Make sure your IT provider understands business goals

If you want your IT working for you and adding value to your company, then those responsible for it have to know what your goals are. It is then, and only then, that they will be able to manage your technology with these goals in mind. Too often companies assume their IT provider knows what their priorities should be, founded on company principles, but the reality is that the contractor will operate on the basis of what it thinks is best. These two entities pulling in separate directions can hurt your business in many ways. By making sure your IT department – again, whether in-house or outsourced – is pulling in the same direction as everyone else, technology can add a whole lot of value to your company.

Meet with your IT provider often

It doesn’t matter if you have in-house IT or use a Managed Services Provider, you should be meeting with them on a regular basis to understand what they are doing. There is no need to banish them to some dark corner of the building, or only summon them when something breaks. By incorporating them into the operations process and maintaining open lines of communication, you are likely to see things in your office run a whole lot more smoothly. Not only will you get a better understanding of how IT is providing value to your business, they will gain a deeper appreciation of how your company operates. This will help both sides understand how the other operates, and enable you to find new ways to help each other.

Listen to IT recommendations

Chances are that whoever is handling your IT has numerous different ideas on how your company can use technology to decrease costs, increase productivity, and become more profitable. You would be foolish to not at least consider what they have to say. One of your company’s most valuable assets is technology,and your IT department should be up-to-date on what improvements can be made. There could be nothing more valuable to your company than an IT department proactively finding ways for you to get ahead of the competition using technology.

Is IT hurting your business value? Want to instead use it to drive increased bottom-line profits for your company? Contact our technology experts and find out how we can help.

This entry was posted in General Articles A and tagged business goals, Business Value, IT, metrics, tech speak, value. Bookmark thepermalink. Both comments and trackbacks are currently closed.

BI is easy when you ditch these mistruths

BusinessIntelligence_Apr28_BBI is easy when you ditch these mistruths

What does business intelligence mean to you and your company? Most business owners think they have a pretty good idea, when the reality is that our grasp on this most vital of business tools is all too often outdated and no longer fit for purpose. Just like other concepts and tools inside and beyond the corporate world, the ideas behind business intelligence have seen dramatic changes in recent years – fuelled not least by the arrival of a new generation of entrepreneurs who have set out to do things differently. If you can still see these outdated beliefs in your approach to business intelligence, it’s time to change.

Business intelligence should be simple

For too long now, business owners have been fed the idea by business intelligence tool providers that the means by which we understand our organization’s success should be as easy to digest as possible. That has led companies to take an overly simplified view of business intelligence. It is one that just doesn’t deliver the same depth of useful analytical detail that we need if we are going to really understand what’s behind growth (or lack of it). Nor does it allow us to genuinely develop a sense for the direction our companies need to be moving in – and how to get them there.

While simple BI tools will work just fine for some organizations, the majority of us need to be demanding more complex, sophisticated tools to manipulate and generate value from the wealth of data that is at our fingertips. We are in an era where there is still value to be gained, but you have to dig a little deeper for it – and if you’re using outdated software that just isn’t up to the job, you’re going to struggle.

Big data is the be-all, end-all

We have no problem with big data – large-scale changes in industry practices, and our understanding of the ways our businesses work and grow, depend on it. But there’s a mammoth difference between using big data for the sake of it – because we’ve got into the mentality that its ability to deliver industry-wide improvements means it’s the magic cure for our organizations – and putting in place solutions that enable our front-line staff to actually use it.

After all, what’s the point in generating terabytes and terabytes of information if our outdated business intelligence tools aren’t capable of empowering non-technical staff to gain true insights into customer behavior, sales patterns and the like? Recent business intelligence sector developments mean that our companies can benefit from quality tools to visualize simple data collections, but the ability to do the same on a larger scale is still lacking. The lesson? If you’re looking to reap the rewards of large-scale data collection, equip your team with the tools that allow them to perform quality analysis.

The cloud alone is the answer

“The cloud” is the IT industry’s latest buzzword, but too often it gets touted around as an all-round solution that will solve each of our woes, without us really understanding its true purpose or how we can get the most from it. This is particularly the case in relation to business intelligence, where company owners are frequently led to believe that they can instantly enhance their business intelligence capabilities simply by moving everything upstairs to the cloud.

We’re big fans of the cloud and believe that with proper understanding and implementation it can pay real dividends. But the truth is that simply repeating your usual business intelligence routine – but doing so in the cloud – isn’t going to change much. If your business intelligence tools are too conventional and don’t offer enough flexibility, that will still be the case even if you put cloud technology over the top of them. It’s important to address the underlying issues before you contemplate a move to the cloud, so that you can truly reap the advantages of both changes.

If you’re guilty of being stuck with an outdated, or just off-center, view of business intelligence, give us a call to see how we can update you and help you to get the most out of it.

This entry was posted in Business Intelligence, BI, General Articles C and tagged analysis, Business Intelligence, Cloud, Data,development, growth, information. Bookmark the permalink. Both comments and trackbacks are currently closed.

Three Business intelligence terms to understand

BusinessIntelligence_Mar17_ABusiness intelligence is all about taking valuable raw data from your company’s operations and turning it into useful, understandable insights that help you understand what you are doing well, what you need to improve on and where your company is headed. Insights gleaned from business intelligence can also help you to identify new opportunities for further growth. But if you’re just getting started, understanding business intelligence can be a headache in itself. Here are three terms to get under your belt as you make your debut.

Reporting

Whether simple or more sophisticated, reporting forms the foundation of business intelligence and is key to knowing how your company is doing – and how to make it do better still. No matter the size of your company, financial reporting helps you to understand your position in terms of revenue and expenditure. Typical reports you might produce on a regular basis include balance sheets, cash flow statements and profit and loss accounts. Business intelligence tools like Enterprise Resource Planning applications can help you get a hold of these reports and customize them to suit your needs, to a level of detail and usability that most of us just aren’t going to manage with a spreadsheet alone.

Data Visualization

Having access to reams of business data is all very well, but in reality it’s not of much use if it doesn’t mean anything to everyday humans. You and your colleagues are business focused and, while you might know your way around a bit of data analysis and your IT systems, you don’t want to spend your lives with your head buried in sheet after sheet of formulae. Frankly, you’ve got better things to be doing than that – like getting on with the day-to-day management of your business.

That’s where visualization comes in. Just what it sounds like, visualization is about taking your raw data and presenting it in a way that’s instantly understandable and meaningful to its audience – whether that’s you as business owner, your boss or your company’s investors. Visualization can help you to convey a high-level overview of business performance, before you drill down to consider more specific areas of your products and services. Some business intelligence tools also offer interactivity to allow you to get exactly what you need from complex data.

Corporate Performance Management

The performance of your business depends on a huge number of factors, and if you are properly preparing for the future then you are considering a multitude of scenarios depending on how those factors play out. That can leave you with multiple versions of your budgets and cash flow statements but, without effective business intelligence software, you’re likely to have that information stored in a messy tangle of spreadsheets.

A better solution is a business intelligence application that allows you to import data from various locations, and adjust your reporting output according to variables in the numerous factors you are forecasting. With speed that those clumsy spreadsheets just couldn’t replicate if they tried, you’ll have at your fingertips a set of responsive, adaptable reports that enable you and your team to spend more time on analysis and making plans for the future.

Want to learn more about using business intelligence to propel your company to greater heights? Get in touch with us today.

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How BI supports small businesses

BusinessIntelligence_Mar10_AIn today’s fast-paced business environment, companies need to adapt to stay in the game. Interpreting and utilizing data has become more important than ever, and small business owners are turning to business intelligence (BI) to gain an edge over their competitors. BI systems were once very expensive. Nowadays however, advancements in technology have pushed prices down, and small businesses are taking advantage of BI’s many benefits.

What is business intelligence?

As a business owner, you may have come across business intelligence at some point in your research for efficient business tools. Business intelligence is a term that sounds intimidating, but it’s actually really easy to understand.

BI is a set of tools and techniques that transform raw data into information that companies can actually use for business purposes. You can use BI tools to collect data from internal systems and external sources. That data can then be analyzed and compiled into text or visual reports for corporate leaders, assisting them in making important business decisions.

Benefits of BI for small businesses

When it comes to analyzing data, business intelligence is a cut above other methods like simply pulling data from Excel spreadsheets. Businesses can use BI for many purposes. Here are some benefits.

  • Boost sales – Business intelligence tools can create and analyze data to improve sales. You can send an email to your clients, inserting a link to your website, then monitor their behavior with an analytical tool to subsequently target your emails more successfully. You can also use BI for sales forecasting and to decide on the best method to reach your sales target.
  • Identifying opportunities – BI tools allow you to assess your company’s capabilities and compare your strengths and weaknesses to your competitors. You can also identify market trends in order to respond quickly to change.
  • Better customer service – Customers are the lifeblood of any small business, and you should take customer service seriously. There are BI software programs that collect post-service customer feedback. Your customer service team is informed when they receive low feedback scores, so they can follow up and resolve any issues.

Implementation

After you’ve researched the benefits of BI to your business, the next step is to implement it in your company. The first thing to clarify is your need for business intelligence. Do you want to improve your sales? Are you looking for new customers? It’s important to be clear on this, so that you can choose a BI tool that will provide the best solutions to your problems. Once your objective is clear, it’s time to determine what resources you already have to get the job done. In some cases, your existing tools may be sufficient.

There are lots of BI options to choose from, and you should pick the one that best suits your needs. Want to know how to adapt business intelligence to your company? Give us a call and see how we can help.

Three BI terms explained

In order for a business to get more out of their existing and future data, many are relying on Business Intelligence (BI) solutions. If you are looking into a BI system for your business you will likely come across data related terms that are important to know about. Three of the most commonly asked about are data mining, data warehouse, and data mart.

What is a data warehouse?

The concept of a data warehouse is an interesting one and also a difficult one to define and pin down largely because it can cover such a broad area. The most concise definition we can give is that it is a database that integrates data from many different locations and databases into one consolidated database.

Data warehouses store both current and historical data, and rarely contain unique data. Instead, they aggregate data from other sources in order to make this more accessible. They might store important information from sales, marketing, ERP, customer interactions, and any form of database in order to quickly generate BI related reports.

The name undoubtedly conjures up the idea of a large warehouse-like building storing infinite amounts of data. However, most data warehouses are actually tables which are created by taking data from various sources and cleaning it up so that relevant data is stored in the warehouse in a way that makes it easier to reach when needed.

What is a data mart?

A data mart is a smaller data warehouse that stores data. These are based on a specific area or business function e.g., finance or marketing, etc. In fact, most modern data warehouses are actually made up of a series of smaller data marts.

The key difference between a data mart and a data warehouse is that data marts are usually smaller, focusing on one specific area, while a data warehouse covers the whole organization.

What is data mining?

When talking about Business Intelligence, many experts will refer to data mining. This is the act of analyzing data in order to identify patterns. The data that is mined can then be transformed into useable information. Many companies store this mined data in databases, a data warehouse, or a data mart.

Want to learn more about these terms and how your company can benefit from a BI solution? Contact us today.