Sep 08 2015
BI Reporting & Dashboards
As business intelligence has increasingly gained new strides over the last 10 years, business leaders have realized that without measurable metrics, businesses cannot really improve for the better. This article discusses some tell-tale signs that you, as a business owner, need to recognize to decide whether it is high time you invested in BI metrics tools for enhanced business management?
According to 5 Real-life Reasons Why You Need a Business Dashboard, business operators can evaluate some practical situations, which can help in determining whether the existing BI systems should be augmented with powerful metrics? The large business owners may have the financial muscle to strengthen their in-house, analytics frameworks with newer and more advanced tools, but medium and small businesses often have to settle for low-cost solutions. The compromise with cost in BI investments can often mean a compromise with BI infrastructure capabilities.
Taking a cue from the above referenced article, this post offers seven, solid indicators that your business requires more enhanced BI metrics tools:
Sign 1: If you have really exhausted all the capabilities offered by tools like Excel and need to think beyond now for more powerful KPI-measurement solutions.
Sign 2: If you regularly utilize non-financial data to make business decisions, like for example, customer profiles on social media or new products on competitor sites. Also, you regularly need to look at multi-dimensional data for improved and instant business decisions.
Sign 3: If your existing BI system is no longer providing up-to-date data in a easily understandable format for daily use.
Sign 4: If you’re BI system is not able to integrate data from disparate sources, which have become a routine part of your business, for example, website data, social data, CRM data, and sales data etc.
Sign 5: Your large data sources are about to explode. That means you need to expand both your data storage and data analytics capabilities, which includes improved metrics. Your data analytics system must be able to handle the complexity of the volume, velocity, and variety of your business data.
Sign 6: If you think you need more interactivity in your BI reports like customizable dashboards and interactive visualization tools.
Sign 7: You have a definite idea about what type of KPIs you need for effective performance measurements, but do not have the adequate metric tools.
In 10 Reasons BI Is a Perfect Call Center Investment, the author points out how enhanced metrics can help to monitor the process failures, thereby providing better understanding of what requires change. Businesses can also compare qualitative evaluations of staff against performance data provided by metrics to substantiate human evaluations. With improved metrics, it gets easy to tell which business operations or strategies have the greatest impact. Based on metrics reports, business operators can instantly re-strategize or implement corrective procedures to improve business operations.
In a KD Nuggets Poll of 2800 CIOs, BI analytics tool with powerful metrics was deemed the top business investment in 2015.
The BI industry reports suggest that the two most valuable enhancements in the current generation of BI systems have been the diverse data integration and advanced data visualization capabilities. A modern BIS Dashboard can report selective performance data on the fly. The function of a modern BI system is not just to aid decision making, but to deliver actionable decisions. The metrics-intensive dashboards deliver faster reporting, improved visibility, and convincing storytelling.
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