Knowing when to deploy business intelligence software tools to handle a task is just as important as having them available. Some jobs lend themselves to BI analytics software more than others, but you can bet on using these tools in the following 5 circumstances.
Establishing Metrics and Performance Indicators
Many businesses struggle to identify which data points are worth monitoring. Business intelligence solutions allow you to rank how different data points influence outcomes. You can then use these metrics to establish performance indicators and assess improvement.
Business intelligence software is excellent for trying to make projections. If a store is considering expanding its retail space, for example, BI can inform decisions by providing projections for how well the space will perform. This can include making projections about different potential uses for the spaces and their costs. The business can then compare several scenarios to determine which one stands the best chance of making the most money.
Especially with the advent of business dashboards with BI software integration, reports have never been better. If you have real-time streaming data, you can even get reports as situations develop. A company can empower dashboard users all over the world, too. If a fashion design firm needs to send social media trend data to buyers half a world away, they can make the information readily available.
Traditional reports work well with BI analytics solutions, too. You can run analysis, produce insights, and generate charts from a single package. Likewise, you can push reports to dashboards so decision-makers can digest them sooner.
How you share insights is just as important as what you include in them. The right set of visualizations can simplify the decision-making process. Modern business intelligence software packages coming with many options, allowing you to quickly sort through them until you find a winning presentation.
Data analysis doesn't have to occur in a moment and stay locked in it. Some of the best analysis involves events that unfold over time. Trends, for example, often come and go, and the best approach isn't necessarily predictive. Instead, ongoing monitoring of trends makes it easier to spot ones that are emerging from background noise. Your business intelligence software will let you get a jump on capitalizing on trends.
Security needs fit into this category, too. A business that has to monitor server intrusions, for example, might spot changes in the security threats as they appear. The company can then examine these security problems and deploy appropriate resources to respond to them.
For more information, visit a website like Grow.com.