Making Business Intelligence Software Work for Your Company

A lot of companies that have business intelligence software don’t know how to leverage it to get the full benefit from their investment.  Although, the software simply tracks and analyzes company data, knowing what data is important and how it can improve the profit margins and operations of any company can make all the difference.  Since the concepts and methods of collecting and analyzing data can vary greatly and can sometimes be a bit complicated, it’s important to understand your tools and how to use them.

Most software will be oriented around spreadsheet creation, reporting, and querying.  The results of these programs will give companies an idea of what trends are at a glance, but will reveal more detailed information when looked at closely.  Important questions to ask when deciding on a program or re-evaluating a current one are: What goals should be analyzed and measured by the program?  How will the information relate to the success of the company both long-term and short-term?  And will the information improve results, performance, and operations?

After determining your company’s goals, you’ll want to determine if you have the right tools for the job already or if you need to invest in a different type or brand of business intelligence software.  Can the program you’re using monitor the information correctly and draw important conclusions?  How much storage is needed for the data and how will it be stored and analyzed?  How will this data be collected?  Determining if you have the right tools from the get go will save you and your company a lot of heartache later on. 

Finally, if investing in a new program, determine the ROI (return on investment) before you make your purchase.  What will be the cost of the operation?  What is the risk if the software program does not deliver?  What is the gain if the program helps the company accomplish its goals?  How will the benefits of the program be measured?  Does the company need a control example in place to compare business with the program vs. business without?  How much time will be required to determine if the project was a success?  What is the Plan B if the project does not work?

Most business intelligence software programs can work wonders for a company.  However, having the wrong features because your company did not set goals before making the purchase will result in wasted time and resources.  Make sure that the information you need can be produced by your software and that the program is able to collect and process the volume of data required.  Business intelligence is valuable to businesses of all sizes, but only when you have the right tools and are moving in the right direction.