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Business Intelligence: Where BI is Headed and Why

How many times have you heard this statement: “You absolutely have to get this or that business intelligence software. It will change the way you run your company.” Unfortunately, most companies that implement business intelligence reporting tools wind up being sorely disappointed.

The disillusionment you felt with your business intelligence software doesn’t have to continue into this year. Read on to learn how to choose an effective business intelligence solution in the coming year so that you can move your business into the future.

What’s Wrong with Your Business Intelligence Software?

When business intelligence solutions came on the market, they were touted as a fantastic tool to transform data into actionable knowledge so that companies could make better, more profitable decisions. Sadly, business intelligence reporting tools haven’t lived up to their hype.

The goal of business intelligence reporting tools is to provide access to and analysis of your ERP data alongside additional critical data sources. There’s some confusion about business intelligence tools, though. Firms tend to believe that they’re a software solution. However, the business intelligence tools on the market require more infrastructure in order to get information out of your ERP system. Demos make it seem easy with plug-and-play capabilities, but there’s quite a bit of back-end infrastructure required before they’re usable. Then users still have to export data out of their ERP system to use in their BI tool, which is quite limiting.  That leaves some companies pushing data to static Excel spreadsheets just so that they can format and analyze information.

What Can You Do to Change This Situation?

How do you avoid getting into a situation in which you invest heavily in a popular business intelligence tool that doesn’t do everything it’s supposed to? Remember this adage: Forewarned is forearmed. Do your research before making an investment. Bear in mind that business intelligence tools don’t use real-time data. They’re not connected to ERP systems, in which information is frequently updated.

While business intelligence creates the slick visualizations that the C-suite craves, it can’t actually give you the information you need when you need it in order to make the best possible decisions. As a result, you’ll spend precious time and energy asking the IT department to help you obtain real-time data. So what are your options if business intelligence reporting tools simply aren’t getting the job done?

Enter business performance management solutions: a holistic approach to managing your company. BPM solutions integrate reporting, analytics, and planning, so you can take care of all of those things in one place.

Once you’ve got a BPM solution in place, you can run ad hoc reports, transactional day-to-day reporting, and drill-downs. You no longer need the IT department to get the vital information so you can make the right decisions. Everything is at your fingertips.

This year doesn’t have to be a repeat of years past. You no longer need to be stuck with a business intelligence reporting tool that is more of a hindrance than a help; information will no longer be held captive within the boundaries of your ERP system. A BPM solution will bring your business into the future. To learn more, download our ebook to determine if BI is right for you, and what to do if not.