Business Intelligence (BI) is changing the way small to medium sized enterprises (SMEs) make decisions and enables immense usage effects for those who do it well. As an entrepreneur, you know how important information is for decisions that affect the future of your business. Data-driven decisions help to improve results by minimizing speculation in favor of analysis. Industry experts even say that data and business intelligence have become indispensable tools for all management boards and departments.
Business-relevant data and business intelligence enable companies to make more targeted predictions as well as to target them more effectively - both internally and externally, an important added value for making the right decisions.
Research institutions such as Gartner, BARC or Forrester are not alone in predicting the importance of BI for decision-making purposes. They also think that it can be used strategically and commercially. Companies that focus on and collect business relevant data will have profitable departments in the future. At present, enterprise data is an unused resource for most companies and therefore discarded business potential.
It was reported that only 40 percent of the company data is ever used to enhance the business. Companies that can use this information to improve existing processes are likely to see significant improvements in their strategies, and those that learn how to market and sell this data are likely to see higher revenues. Gartner predicts in an article on different trends in the BI environment that augmented analytics will be a dominant driver for new analytics and business intelligence purchases by 2020 (Gartner Top 10 Data and Analytics Trends). The following points are essential in order to make better use of Business Intelligence for your company:
Until recently, access to Big Data was almost impossible for smaller companies. Developed platforms that offer self-service BI solutions now provide access for anyone who wants to evaluate their data. Business users are now able to perform analyses and create reports independently of the IT department. Organizations using self-service tools will improve operational efficiency and business performance. However, it is currently still very often the case that the individual and unfortunately error-prone Excel folders continue to play a dominant role in medium-sized companies.
Data is becoming increasingly important, but it must also be understood by the right people or departments.
Software vendors, like us at CoPlanner, are working hard to provide high-quality data visualizations that can be prepared and made available according to the guidelines of information design. A uniform notation is indispensable, even if each company creates its own individual reports for its recipient groups.
The preparation of data via self-service BI and the visualization of data naturally increases the need to secure this collected and prepared information. According to estimates, 20 percent of companies will develop targeted plans for solid data protection by 2020 to protect themselves against data breaches in the cloud. Companies like CoPlanner take a holistic approach that helps companies use web-based business intelligence software while taking into account the plans for securing their data.
Business Intelligence, Corporate Performance Management and data (Big Data) have a high potential to improve the quality of decisions and strategies. Software solutions such as CoPlanner, for example, in combination with artificial intelligence (AI) or integrated corporate planning, already refine this process today.
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Tim Erben, Head of Marketing has been working for CoPlanner Software und Consulting GmbH since January 2019. Prior to this, he was Head of Digital Marketing at pmOne AG for over 9 years and was also responsible for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.