Implementing a BI into your organization is one of the most crucial decisions that a business takes in its life cycle. This article will take you through some basic needs of having a BI solution in your business. It will also answer crucial questions on, is BI essential for your organization at this particular point in time.
The first question to be asked is. ‘Is there a need to implement a BI solution?’
- Time effort – Do you feel that in your organization the amount of effort that goes into collecting/compiling / formatting data manually can be better utilized for other tasks?
- Reporting Delays- Do you feel that the data you get from your traditional platforms is always delayed and it delays decision making in your organization?
- Decision-making anxiety – Have you ever come across a moment where you felt that if you had more data pertaining to a certain thing it would have improved your decision-making capabilities?
- Incorrect information – Due to human errors while collecting / compiling / formatting data the information that you get is incorrect and instead of focusing on understanding the information you spend a lot of time correcting those mistakes?
- Visual challenges – Due you always waste crucial time finding insights by juggling between multiple spreadsheets / pdfs / emails?
If the answer to most of your questions is a Yes then BI is the solution for you. Implementing a BI solution does take some time and effort. Is this investment in implementing this solution justified?
A lot of time we make irrational decisions that end up doing more bad than good for the entire organization. It is best to not jump into something which does exactly that. Implementing BI is not an easy task. Getting people to migrate to new and better reporting software reduces their efficiency for a few months till the time they get used to the operating system.
Here are a few questions that might help make this decision
- Do you feel that organization time saved by implementing BI can be better utilized to increase either bottom line profits or top-line sales?
- Do you feel that getting instantaneous reports will help in taking better-informed decisions?
- Sometimes the way in which the reports are presented takes away substantial cognitive power and increases your stress levels?
- Do you feel you that your entire organization needs to upgrade to a modern reporting and analysis tool to be competitive in your industry?
- Do you feel that you need to upgrade to cloud-based systems for your business processes?
If both these are answers are a yes then BI would be of tremendous help to you and your organization. If it is a NO for most cases you should avoid it at this point in time. You can come back to this blog post may be after 6 months or a year to see if things have changed. To understand more on how to implement the process in your organization head over to the following page.