3 Biggest Misconceptions About Business Intelligence Software

Let’s face it – Business Intelligence Solutions are slowly, but steadily making a headway into mainstream IT investments for many growing enterprises. More often than not, leaders have minimal or no knowledge as to what exactly a typical Best Business Intelligence Software must provide to an Small Business organization.

Is it just visibility and easing up decision making? Is it for easy access of business data? Or is there more? The facts are overwhelming. And, similar erroneous beliefs creep into the minds of those wanting to buy Business Intelligence Solutions.

Top three Business Intelligence misconceptions people have in their mind when looking to buy Best Business Intelligence Software for Small Business.

1. BI Software Will Tell My Business Where To Go Next

A Business Intelligence System is designed to work based on your business data and YOUR GOALS. You can visualize trends and see patterns based on the past using a BI Software. But where you want to take your business next entirely depends on your business goals. So, it is important to first asses your objectives for your projects and business before you begin making sense of what your business data is telling you via the Business Intelligence System.

While more modern innovators in the BI space are developing BI tools that deliver Predictive Analysis, one must know that these results are calculated based on patterns through advanced analytics to predict future outcomes. But the direction your business takes solely depends on your judgement based on hard data and analytics derived from your Business Intelligence Solution.

2. Everyone In My Company Will Benefit From BI Software

A caveat to businesses looking at procuring a Business Intelligence Solution, is to understand who in the organization will need and benefit from it. Take a step back here and evaluate the kinds of reports your various departments generate. That will give you a better idea as to who would require access to the BI tool. Business data is crucial for the growth of a business. Giving access to the right kind of people in your company can catapult success. But, providing random access can also ruin progress since most Best Business Intelligence Software for small Business comes with exhaustive features that can overwhelm standard users/employees. Take precaution. Evaluate user needs before investing in a BI tool.

3. With BI, All My Important Data Is Well Protected

Data breaches are on the rise. Business Intelligence Software bring in great opportunity for businesses. With opportunity comes responsibility and with responsibility – risk. We’re not saying buying a BI tool is going to put your business data out for the world to grab. What’s important to note is without the right kind of safety patrols established internally, you run a risk of having data lost. A recent survey has highlighted that while 41% of new companies are increasing their analytics investments, 50% are more concerned over security matters that come with the same. This makes it increasingly important to have stringent processes with regards to authorization and access to the tool. Close on the heels of the earlier point, giving significance to responsible data democratization becomes crucial to business data security.

SUMMING IT ALL UP

While keeping pace with new trends in analytics and BI for your company is necessary, it is required that a business internally evaluates if it is ready to take on the humongous impact of all the benefits a Best Business Intelligence Software for Small Business will bring. Most Business Intelligence Platform vendors consult with businesses to help pick the best business intelligence software for you.