Implementing and using a Business Intelligence (BI) solution can be scary for some. This can be due to many factors, including the idea that BI should only be used by Data Scientists or specially trained business analysts, only people in the C-Suite need access to the findings, BI is expensive, there is no data security with BI, etc.
Well, we’re here to tell you these factors are pretty outdated and from our perspective, not at all accurate. Business Intelligence solutions nowadays are being created for and are in demand by all business users across all departments.
Let’s look at the top 6 BI myths that could be scaring you from turning your business into a data-driven machine:
- BI is only for large enterprises.
- BI tools are too complex for the average business user.
- BI is too expensive.
- Self-service BI will compromise data security and privacy.
- Self-service BI will overwhelm database and server resources.
- Organizations can only utilize one BI platform.
Here's the truth - Any size business in any industry can benefit from using BI. Whether you’re a small company or a large enterprise, the need for data analysis is always there. By implementing a BI solution, businesses are at an advantage because they can use the data they have at their finger-tips to make data-driven decisions. According to Better Buys, businesses that use Business Intelligence are five times more likely to reach faster decisions than those that don’t. For example, a small to medium size business that is able to accurately track sales performance that can identify growth markets and is able to make quick decisions based on the data, can make the difference in keeping their doors open or having to close up.
Here’s the truth - Current BI tools are being designed for self-service BI, allowing organizations to empower their teams to explore, analyze, and generate insights. Wyn Enterprise features an easy-to-use web-based dashboard, report designer, and interactive viewers for both technical and non-technical end-users. Implementing a self-service BI tool increases productivity and team collaboration while not being reliant on your IT team.
Here’s the truth - Some BI solutions can be expensive. However, this depends on how the solution is licensed, the number of users, the amount of data, etc. With Wyn Enterprise, you’ll find that the transparent, server-based licensing provides a low total cost of ownership compared to other BI solutions. Wyn also has no per-user fees and no data limitations. These factors help to accommodate business growth and predictable BI budgeting for years to come.
Here’s the truth - Data security and governance play a significant role in deploying any business intelligence tool. Implementing role-based security with BI tools will ensure that the appropriate people access the correct data and information across all departments. Setting security roles keeps confidential information confidential. Role-based permissions allow admins to organize and funnel data to the appropriate users. These permissions streamline processes and ensure a smooth end-user experience.
Here’s the truth - Many BI solutions allow you to blend data from disparate sources using live data, cached data, structured data, semi-structured data, cloud data, and file-based data. By blending your data, at no point are you overwhelming any one database or server resources. For example, with Wyn Enterprise, you can take the load from the databases with Cached data, which will handle the processing and storing and will only connect with the database for scheduled or manual refreshing.
Here’s the truth: There are a lot of BI platforms available, each with their pros and cons. With that being said, it doesn’t hurt to mix and match your BI platforms if possible. In fact, according to the Dresner Wisdom of Crowds Market Report: Self-Service BI (paid report), the average number of Business Intelligence tools in use in a business is between two and three. For power users, like data scientists or DBAs, you could use a highly technical BI tool. However, for the everyday BI user, like a user in the marketing or customer service department, you could expose them to a more user-friendly, self-service BI solution, like Wyn Enterprise, could save tens of thousands of dollars while empowering your complete user base at all levels of the organization.
Yes, implementing a Business Intelligence solution does take some time and work, but it should not be scary. The benefits of BI far outweigh the challenges. I hope the myths we busted today put your mind at ease and pushes you to take the first step in your BI journey. When you are ready to get started, Wyn Enterprise is with you every step of the way, from your first introduction of Wyn, to a personalized demo, all the way through implementation.
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