Access the company’s knowledge thanks to business intelligence tools. Through reporting and BI solutions you can get a quick and reliable view of the organization. The Financial Manager is who should be in charge of the digital transformation, through the implementation of a reporting software that allows obtaining and analyzing the information necessary to create future scenarios and be able to make forecasts, with the aim of making better strategic decisions.
The first step to get a report is the digitalization of the company, since it is necessary to be able to obtain truthful information in real time from the different departments. In addition, this process must be designed specifically for the needs of each company. ERPs offer structured business information, but to cover these more specific analysis needs, BI or business intelligence software appears.
Reporting, a key piece in company decisions, offers us detailed information and gives us the power to make better decisions.
Thanks to a BI solution we obtain real-time reporting of the information, so we can observe different patterns or trends, which can allow us to anticipate unwanted situations, while correcting current errors. Being able to convert data into intelligent actions.
Without this type of technology, the work of preparing management reports would involve hours of work and processes for the different departments. According to the report ‘corporate information: what do investors want to know?’ Workers spend an average of 20% of their work time in seeking information, for the subsequent preparation of reports. So, in addition to having a better view of the information and faster, you get more productivity.
Therefore, we observe that the analysis of business data is essential to prosper, therefore, the importance of having reporting tools. With these analyzes we get to obtain a knowledge that supposes a competitive advantage for the business. Business reporting provides us with the necessary information to control and manage the business.
Business intelligence: what is the main problem that companies face?
Whenever business intelligence is talked about, it is inevitable to talk about data and technology. After all, business intelligence (Business Intelligence) involves the use of data for strategic business decision making. And new technologies have greatly facilitated that access.
Having the necessary technological tools is essential for data extraction. But they are not everything.
In addition to tools, it is necessary to have professional profiles and an organizational culture oriented to data analysis. Many managers continue to underestimate the importance of these resources in business intelligence.
When this occurs, any business intelligence strategy fails.
If you have the necessary tools but not the equipment, the company is likely to collapse. The amount of data that can be collected with new technologies is considerable and without analysis, they are nothing. The incorporation of a data scientist profile, therefore, is more necessary than ever. Ensuring data analysis and nurturing business culture is a necessary requirement to continue improving business intelligence.
The correct implementation of business intelligence encompasses more than a set of technologies and some people locked in an office.
The business intelligence, finally, after all, should be driven from the organization itself. It must be incorporated into all strategic decisions on sales, marketing and other key departments.
How to start building a solid and effective business intelligence?
The basis of business intelligence is in the strategy. The strategy must reflect clear objectives and the appropriate KPIs to measure the actions. The strategy will arise from an organizational culture based on the commitment to improve.
Business intelligence must be a key to the development and execution of the business strategy, detect market opportunities and market trends.
Once a company embarks on the data analysis, the data will be a necessary point for decision making. However, they will require continuous analysis in order to detect errors that affect the quality of the data. It is necessary for leaders to trust their teams and maintain the need to obtain accurate information.
60% of business intelligence projects fail
The resistance that opposes the organizational culture is one of the main obstacles. According to Gartner, culture is one of the main reasons why 60% of BI projects fail.
On a few occasions, the lack of a solid organizational structure and alignment with the business strategy are those that affect the organizational culture. And that makes any business intelligence project fail.
The business intelligence projects that work take place in companies that have a developed analytical capacity. These companies have data scientist capable of detecting insights and using the necessary tools to obtain relevant data and nurture strategic decision making with quality information.
One of the most recurring failures in BI projects is excessive investment without planning. For much money that is invested from large companies, if there is no strategy and a road map, little can be done. You have to understand that advanced tools are accompanied by a strategy.
Currently, Business Intelligence technologies are one of the most demanded technologies. However, according to the International Data Corporation, less than 25% of organizations feel that their data and analytical capacity has increased.
Featured image source