3 inefficiencies that affect your Business Intelligence

3 inefficiencies that affect your Business Intelligence and how to overcome them

Business intelligence has become key to improving the company’s productivity and competitiveness. One of the main advantages is that it facilitates business decision-making by making information available clearly and visually. It makes it easier to detect opportunities, needs, trends, and problems.

Although many of the benefits mentioned above are widely known, many companies do not take advantage of the business intelligence potential. This results in the chosen solution operating inefficiently and ending up becoming underutilized. In this scenario, BI value will be called into question for not delivering the expected benefits for the investment.

Can you identify the inefficiencies that affect your Business Intelligence?

The ability to answer the above question results in the capacity to take advantage of the benefits of business intelligence. That is why we present 3 points that will help you identify the inefficiencies that affect your business intelligence and correct them.

Unnecessary accumulation of data

The volume of data generated by people and companies is increasing, so it is likely that data accumulation without a clear strategy will happen. It impacts costs since having data stored and available generates costs that are hardly attributable to a process inside the company. In other words, accumulated data does not provide any benefit to the company but does generate expenses.

In a similar scenario, the stored data has a purpose but is not well organized, which makes finding information difficult. It directly impacts the company´s competitiveness because its response time becomes inefficient.

It is crucial to have an updated data strategy that meets the needs of companies and their stakeholders. As a result, only data that responds to some need or interest of the company will be stored. Likewise, they will be correctly hierarchized so that the storage and availability strategies are the most cost-efficient.

As a direct benefit, it will be much easier to find the data you need promptly, and you will eliminate all inefficient costs from your enterprise data management.

Lack of integration between systems

There is an interesting parallel between the accumulation of data mentioned earlier and the accumulation of tools and platforms in companies. This similarity is because both accumulations occur due to a lack of strategic vision guiding the decisions made.

In the case of software, the enterprise digital ecosystem is growing without a clear north, so commonly, there are not all the necessary integrations for information to flow efficiently. One of the main symptoms is the duplication of effort since it must do redundant tasks of data compiling, cleaning, and validation. As a result, data processing times and the likelihood of data having mistakes increases. This directly impacts BI’s ability to display complete and quality information that facilitates decision-making based on data.

As in the previous point, it is important to have a strategy with a complete view of the data that the organization works with, how data flows, etc. As actions to be taken, you may establish processes with ETL and choose BI tools that have the necessary integrations.

At a more global level, we can say that you should strive for centralized data management and technology infrastructure that allows interoperability between systems, that is to say, that can exchange data securely and automatically, regardless of geographical or organizational boundaries.

Lack of training

As with any organizational change, data-driven decision-making requires people’s involvement. It is inefficient to acquire the most advanced technology in data management and business intelligence if the work team is still using spreadsheets because it is the option they feel more comfortable with.

To combat this inefficiency, it is important to continuously train all levels of responsibility so that information flows properly. This ranges from the person who enters the customer’s data into the system to the senior executive who makes decisions based on the company’s data. Incorporating the data culture into the organization’s DNA will result in taking advantage of the tools and solutions that the company acquires.

In conclusion, we can highlight the impact that resolving the three points mentioned above has on companies on an ongoing basis. While it is crucial to have an initial strategy with integrated data management, it is also vital to ensure it remains current and timely.

If you want to learn how to manage data and get the most out of business intelligence, request a free trial of BI4Web and discover all its advantages.

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