If you’re in business, you’ve probably already heard of business intelligence (BI) tools.
With the use of embedded analytics, BI helps organizations improve decision making and planning by providing them with a valuable way to manage, analyze, and visualize data that is often difficult to access or even find. Spreadsheets and ad-hoc reporting are now a thing of the past.
When used correctly, it can be a great way to help you keep your finger on the pulse of your business.
A good business intelligence platform is even better. A BI platform is a software package that integrates multiple BI tools so users can use your data to quickly gain insight into your business.
Unfortunately, many companies find themselves stuck with a bad BI platform that does not meet your needs. But the cost of not dealing with it may be much higher than the cost of getting rid of it. So, how do you know it's time to separate with your business analytics platform?
When Should You Switch Up Your BI Platform?
It's easy to get overwhelmed by the sheer number of choices in the BI space. If you're a business owner, it can be hard to know which tool is right for you.
Luckily, there are a few telltale signs that will help you determine whether or not your current BI platform is worth keeping around.
1. You're wasting time by doing things manually
In this digital age, data storing and sharing happen in such a fast-paced manner.
Business users need access to their data, and they need it now, which is why many turn to the solution of a BI platform.
One of the main benefits business intelligence software has is that it is supposed to cut back on information management and provide valuable insights in real time. But how much do your current business intelligence tools actually save you time?
A lot of business intelligence and analytics tools out there are built in such a clunky way that you can't simply move information from one system to another. Instead, you need to use manual methods like spreadsheets or word processing documents. This means that your time is being wasted.
So, if you still end up spending a lot of time manually creating reports, organizing your data, and analyzing it, then it's time to find a new BI platform. A good one should have ample automation capability in your analytical processing.
You need a BI platform that can provide you with ongoing project support by easily automating your data discovery and monitorization.
2. Your team is not using the dashboard
Business intelligence tools are supposed to be an easy way for your team and any advanced analytics business users to get access to the data they need.
Most business intelligence platforms will come with a dashboard that gives you an easy way to access the data your team needs. But is your team actually getting much use out of it?
Perhaps your current BI platform is outdated, and cannot be integrated with the latest data sets. Or perhaps the way the software presents your company data is inefficient, and so your team ends up spending more time searching for information rather than actually analyzing it.
A good BI platform should be up to date with the latest trends in business intelligence and analytics software. If your business dashboard ends up getting left out in the dust most of the time, it may be time to change your BI platform.
3. The cost of licensing overweighs the benefits
When you're trying to determine whether or not to switch your business intelligence platform, the cost of licensing is often a big factor. If you're on a tight budget, it's important to be aware of how much your BI platform can actually cost you.
The cost may seem fine at first. But as your company grows in size, you may find that the cost of maintaining your current BI platform begins to outweigh the benefits.
You want to find an affordable solution that won't require drastic changes or re-tooling for your team. Your BI platform should be able to be easily integrated with your current systems and information systems as well as any other company information.
And above all, a good business intelligence platform should have an upfront cost that makes sense for your company's needs. It needs to have a pricing model that allows for flexibility and scalability in the long run. That means no hidden fees!
4. You rely too much on IT intervention
The problem with most business intelligence platforms is that they rely too much on IT intervention.
The idea is that IT is supposed to come in and do all the heavy lifting, and then deliver the information you need in a format that your team can use.
This works for some businesses, but for others, it's just not feasible. Maybe your business doesn't have IT resources to dedicate to the upkeep of a BI platform, or maybe you don't want your IT department managing it all.
A good BI platform should be easy to use and manage. Many options out there tout themselves as providing self-service business intelligence tools that you can easily use without any help from IT.
5. Data visualization is a struggle
Data visualization is a key component of any business intelligence platform. It's the reason you're using it in the first place, after all.
The information your team needs should be easily accessible, but also made easier to understand by allowing for easy access to charts and graphs.
Looking at a table full of plain data will inevitably make your eyes swim. If this happens often, it's time for a change.
Instead, find a solid BI platform that can provide visualizations which allow you to see trends at a glance and make better decisions as a result.
6. Your platform is only used to view data
The main benefit of a BI platform is that it allows you to see your data in an organized way. But many BI platforms don't go far beyond this. They don't provide you with a way to make changes or prevent mistakes from being made.
One thing to look for in a BI tool is functionality. For example, find a BI platform that can automatically alert you when a critical data point is not meeting your business requirements. Or one that can help your sales teams to quickly take advantage of shifting trends.
This way, you can make use of your future-proof BI platform beyond a simply reactive manner.
Why is Yellowfin the Right Choice for Your BI Needs?
In this age of technology, there's no reason for your business to be stuck with an outdated or inefficient business intelligence platform.
So, now that you know the telltale signs that a BI platform is not right for your business, it's time to make a change. Look no further than to Yellowfin.
Modernize with the best embedded analytics
The Yellowfin analytics platform is known for its ease of use, on top of providing ongoing support and scalability for any company. If you want to optimize your business, start with Yellowfin.