One of the most cumbersome tasks in today’s corporate world is data accumulation. Data is produced in abundance every day and most SMBs and enterprises are leveraging the power of data analytics to collect information. It means that data analytics is no longer a large-scale business solution any longer. It has moved out of the enterprise zone and can now be adapted by small-medium scale businesses.
Organizations make their important decisions after going through a list of requirements. And in order to better profit from these informed decisions, business analysts utilize the inventive business intelligence (BI) services. Just like Data Analytics, Business Intelligence remains no luxury that only big organizations can afford.
BI-driven insights matter in organizations where data is of the utmost importance. However, alongside rising opportunities come some of the biggest challenges.
So here are 5 biggest business challenges that every entrepreneur face in today’s day and age.
Challenge # 1: Implementation of Business Intelligence is Cost-Inducive
If you own a small business and running your own show, then spending the budget on BI can put you in a tight notch. For instance, you worry about the cost of acquiring the right software for your business practices or would you be able to acquire qualified data analysts to do the job right for you.
When we hold discussions about consultants or specialists to these SMB owners, that’s where they get the real fright of investing their money. However, with self-service (SSBI) platforms such concerns have significantly minimized. Some platforms provide BI vendors which can offer a scalable solution with a minimum total cost of ownership (TCO).
To make the challenge a whole lot easier, a product such as Sisense provide flexible BI solutions for businesses. They manage a combination data structure sets through which you can later go through without passing a complex procedure of coding.
Challenge # 2: Business Intelligence Inquires A lot of Individual Training
Another leading factor which changes the mind of many SMBs in investing in BI solution is the lack of funds required for training individuals. Previously, organizations would assess the capability of a data analyst based on certifications and on-hand experience. However, data management applications are upgrading by the day and it will ultimately call for additional investments in training.
But with the introduction to SSBI platforms, insightful and actionable information is collected without the inclusion of any data scientists. It means that your business does not require any data scientists to collect, prepare and analyze complex information before generating a report which you can present to the management.
SSBI analysis has become incredibly powerful. Take, for example, Microsoft platform with its Power BI.
Challenge # 3: Business Intelligence Can Reap a Good Amount of Time
Now, this particular notion will be true for traditional implementations which were kind of a lengthy process back in 2010. If your enterprise planned on deploying a BI solution, the deployment usually occurred involving a lot of customization of specialized software.
However now, we live in the digital age where everything is run on cloud and dedicated servers. To give you a clear picture, what used to be done by an entire IT department back then can now be done with a single office PC in much less period of time. Imagine that. Besides with modern day BI tools, you can simply curtail down the requirement of installation of software over hardware. Additionally, you can perform some of your most important business tasks in just a matter of minutes.
When we talk to modern day business analysts about the discrepancies they face; it usually surrounded problems like data assembly, data storage and data configuration. But with an SSBI platform, all such hassles are greatly diminished. Even if you want to generate a visual report, you can achieve that with only a few clicks and pull relevant information from almost unlimited sources present across the Internet.
In short, a modern day BI tool greatly enables you to shave off a good amount of time from your clock.
Challenge # 4: Does BI Deployment Requires a Big Infrastructure Cost?
Back in the days, deploying a BI solution would incur a lot of cost because of two reasons. Firstly, a traditional BI system deployment would require a lot of hardware and maintenance cost. Secondly, setting up a BI system required warehousing and a separate IT environment which altogether summed up to a huge investment.
However, with modern day BI tools things have dramatically changed. Modern BI tools are mostly cloud-based offering simplicity and efficiency. They are now making their way into the tech world as self-service platforms which are enabling the latest startups to gain access to actionable solutions. They are more cost-effective and require less capital for infrastructure cost.
The Empowering Benefit of Deploying SSBI
Whether you want to compile data or create visual reports or streamline critical processes, you can now do all that and much more with the SSBI services. One of the best thing about an SSBI platform is that it comes with a user-friendly interface with an intuitive panel. Even if you don’t have expert knowledge on query languages such as SQL, you can still get your way around SSBI with its panel.
The only training you will ever require with a BI platform is to get familiar with the visual interface. In my opinion that will not turn into a problem because BI platforms are not only agile but extremely user-friendly. It is a point and clicks interface which will only require you to choose options. In case, you are not getting familiar by undergoing a tutorial, then there are several other videos on YouTube or other website resources which your BI platform has to offer.