No business should be without insights from it’s own data. Business Intelligence BI software is a must have for any company. Make sure you have the right solution and you get the best return on investment ROI from your software. Here are 8 things to make sure you have from your BI.
“Being able to demonstrate extra information, extra trends that the business had never looked at or viewed before – that was the primer to realizing that we need to go with a proper system” ~Rob Smith, Head of Finance
- Separate finance from technology: It’s important to realize those are two separate angles. Sure, the BI tool can work for both but the requirements can be very different. Make sure you have accountability in each department.
- Training is crucial: Sure, everyone touts their software is user-friendly, but that doesn’t mean you automatically are a pro at using it. Make sure to train your end-users from sales, to finance, to the executive team. Everyone needs some hands-on learning.
- Know your BI vendor: Make sure your partner has knowledge of and experience in your industry. Out of the box reports are great, but many businesses don’t fit in the box. Partners can help with building reports and dashboards specific to your industry.
- Data quality: Good business intelligence comes from good data. Building a BI solution on top of a good data warehouse can give you great insights and results, but equally true is bad data = bad insights.
Data location: Where you store your data can have implications on your insights. Think about size, security, access, etc. For example, on-premise storage can physical size limitations; whereas, cloud storage is easily scalable and has higher levels of security built-in. If you’re wondering which to use, go cloud.- Real-time access: Make sure you know if you are looking at real-time insights or a snapshot of your data from yesterday. Depending on your business, the delay could put you behind the competition. Most modern-day, cloud business intelligence systems access your data real-time, meaning your dashboards, KPIs, and reports and showing you the most up-to-date information.
- Flexibility & Scalability: Whether it’s a growing business, or one with busy seasons, going to the cloud can give you flexibility and scalability when you need it. Imagine, increasing your server size to accommodate 10x more transactions during a busy season with just a click of a button. No need to purchase and configure additional hardware. Can your BI support your business needs?
- BI partner: From choosing the right system, to implementation, training, and support, your BI partner can make or break your ROI on a solution. Make sure to find a trusted advisor!
Learn more how Crestwood Associates can help you. Not only with Business Intelligence but also with all your managed services needs.
