BI myths holding back businesses
Business Intelligence (BI) is growing rapidly as getting, combining, and visualizing data becomes easier than ever before. According to Martin Butler, a BI expert, “An organisation without Business Intelligence bears a striking resemblance to a ship without a rudder.” Some of these one-time truths over the years have evolved into myths. Here are some BI myths that impeding efficient decision making and overall business strategy and innovation.
Business Intelligence tools are for large companies only
Most large corporations realise the importance of having a BI tool in order to streamline their planning, analysing and implementation. However, small businesses can also benefit from BI by achieving a competitive edge and strategising in order to attain key goals. Companies investing in this strategic insight are able to leverage these market truths to take strategic or tactical action in order to gain advantages in growing and protecting their business, immediately transforming advanced BI into a necessity.
Basic “buzz” on our business is the best we can get from social media
Companies need to understand that nowadays, basic buzz is no longer enough. Basic buzz or general sentiment of consumers on whether they like a brand/ business or not cannot aid companies’ strategic decision making processes. Various advanced softwares can filter, classify, structure and report the slew of social commentary about the company. For example, ListenLogic’s streams big data platform processes over one billion operations per second, delivering real-time answers to incredibly complex questions. With advancement in technology, it’s no longer about buzz anymore, it’s about getting enough insight into consumer intelligence online and using that to enhance companies’ decision making.
BI is too complicated
BI is a simple framework for agreeing on and delivering the data needed to make better decisions in an organisation. It’s not just a random assortment of data; it helps organisations achieve key goals and objectives. Most importantly BI is multi-layered, as a good BI strategy cannot only aid decision making but give reasons on how and why to achieve a particular goal. It’s all about mapping data to business needs to make better decisions.
Boolean keyword search is the only solution available
Boolean keyword search technology may be specific in the results they provide but is very limiting in what it delivers, typically providing only 10 percent of the relevant results out there and 90 percent noise. For example, a company to identify irate owners of their products without specifically declaring themselves “irate owners” of their products. This modelling has made Boolean keywords obsolete.
Our company has to hire a team of experts to achieve true BI.
Nowadays, a myriad of self-service, keyword tools available online. This provides the facility to produce graphs and reports at the touch of a button while eliminating the need to delegate this aspect to technical members of staff. This saves time, effort and money. Within a short period of time, companies are realizing that the cost and quality benefits of utilising an advanced BI provider with to provide an excellent return on investment.
BI is expensive
Most Business Intelligence software solutions are priced accordingly to the organisation’s needs. For example, major corporations have achieved advanced social intelligence with low costs, without making massive investment in hardware, software or personnel investments like general-purpose data systems require. Leading companies such as pharmaceutical, food and beverage, technology, media and consumer packaged goods segments are using this technology today at cost that is typically lower than that of an analyst.
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