Why You Need Business Intelligence Software

The business intelligence software packages on the market today are geared towards all sorts of businesses and some can even be customized to fit the specific needs that your business has now and will have in the future.  They also come at a variety of prices, so you’ll want to shop around in order to find the best package for your company’s needs.  Perhaps the most compelling reasons to invest in a software package can be summed up in the pros and cons of using business intelligence to make key business decisions in general.

Pros of Business Intelligence

Business intelligence can be an extremely valuable tool for companies when it is used correctly.  The ability to look at the results from the analysis of actual business data and make decisions can be critical for success.  Key decision makers are able to make decisions based on fact instead of on hunches or hearsay.  With the reports generated by a good business intelligence software program, they can make convincing presentations during meetings with sellers or buyers so that the best business decisions are made all around.  Measureable goals can be set and tracked for the company using the BI system, so that both individual departments and the company as a whole can be on the same page.  The transparency created by the system breeds accountability and makes it easier for individual employees to move in the right direction for the business.  Less time is wasted on menial tasks and more time is spent making the business a success. 

Cons of Business Intelligence

Without a good BI system, the lofty promises of business intelligence usually go unfulfilled.  Valuable IT teams spend more time collecting data than they do developing a good plan to analyze it.  The time they spend creating a business intelligence system is time that could have been spent developing new technology for the company per the analysis of an existing business intelligence software program.  Because they have to create everything from scratch they might miss or be delayed in developing valuable analysis tools for the company.  By investing in a good business intelligence package, you can bypass these delays and choose the applications that will benefit your business. 

When choosing a package, don’t feel compelled to invest in the standard offering.  Your company is unique and a good software company will work with you to find the best applications to compile your data and produce the business intelligence that your company can use now and into the future.  The out of pocket cost might seem a bit high now, but the amount of time and energy your company will save by having valuable information that can be used immediately and an entire IT team that can focus on your business instead of on reinventing the wheel will be a better return on your investment over the long term.