Business Intelligence (BI) according to the definition from webopedia refers to: “the tools and systems that play a key role in the strategic planning process of the corporation. These systems allow a company to gather, store, access and analyze corporate data to aid in decision-making.” Therefore essentially whether a business has a Business Intelligence software solution or not, day to day activities such as— strategic planning, marketing research, product development, product assessment for profitability, inventory management—all fall under business Intelligence. However, there are many myths surrounding Business Intelligence tools and/or implementations that sometimes make companies shy away from Business Intelligence software solutions.
Myth #1: Business Intelligence tools are for large companies only
Truth: Yes, many large corporations realize the importance of having a business intelligence tool in order to streamline their data management, planning and analysis processes. However, small businesses can benefit from gaining a competitive edge through real-time strategic planning and data analysis that help in identifying opportunities for growth.
Myth #2: All Business Intelligence tools are too expensive
Truth: Most Business Intelligence software solutions are priced in accordance to your needs. For instance, Company A with about 100 users may have to pay for each user license and specialized customization’s. Company B with 10 employees but only 2 who will be actively using the Business Intelligence tool and require little to no customization – may pay significantly less. PARIS Technologies does employ a pricing model that fits your needs so you don’t have to overpay for your Business Intelligence software solution.
Myth #3: All Business Intelligence implementations take a long period of time
Truth: This depends on the Business Intelligence tool that you get and/or what type of business intelligence implementation change that you embark on. For some companies, changing one system at a time works best so it may seem like a lifetime of business intelligence implementations. If you don’t like to be the data migration stage for a long period of time, just choose a solution provider that implements solutions quickly. For instance; an initial deployment of Olation takes less than an hour for each user.
Myth #4: All Business Intelligence tools are too complicated for non-technical people
Truth: Although having a technical background in data management systems and business intelligence development can be advantageous, there are so many tools out there that are non-technical user oriented. Some of these products such as PowerOLAP easily integrate with the end user dashboard of your choice such as Microsoft Excel, Access, web browsers etc. This helps you to leverage your existing skills in a familiar environment.
Have any other Business intelligence myths that you will like to add to the list?
Image courtesy of Stuart Miles / FreeDigitalPhotos.net
Blog contributed by -Hellen Oti-Yeboah, Marketing Associate, PARIS Technologies