The ‘gut feeling’ has long been a part of business decisions. In the past, experience, business acumen, and that feeling in your stomach helped drive many business decisions. Over the last two decades, analytics, data, and statistics have pushed their way to the front becoming as, if not more, important as business experience.
Business intelligence tools and software have fostered a new era of data-driven decisions. While experience and the ‘gut feeling’ will always be important, more and more businesses are relying on business intelligence to help them make calculated decisions. Over 50% of businesses utilize business intelligence.
When it comes to enterprise-level businesses, how does business intelligence play a role? What tools and software are necessary for enterprise-level businesses to succeed?
Today, we’re going to run over how enterprise business intelligence can benefit your business.
Enterprise Business Intelligence-An Overview
Defining business intelligence is easy. Business intelligence services are all about storing, gathering, and analyzing data from a business to give a top-down, encompassing view of business operations.
When it comes to enterprise BI, this is simply applying business intelligence methods to a larger corporation. An enterprise-level business is going to have more data, more information, and much larger processes. This requires business intelligence experts to be more thorough in their data gathering and reporting.
It also provides unique challenges in presenting a large amount of data in an easy-to-understand report. Where a small business might have limited data reporting, an enterprise-level business is going to be drawing data from multiple sources.
The end goal of business intelligence for an enterprise business is to increase productivity and efficiency.
Why It’s Different than Regular Business Intelligence
While the end game of all business intelligence experts is similar, enterprise business intelligence runs into a few unique challenges.
For starters, many BI software is not handled to equip enterprise-level businesses. While some software is almost ready as a ‘plug and play’, the same software for a larger organization requires a more intensive setup and management.
The manpower required is also more intensive than a smaller business. While many business intelligence platforms are managed by an in-house IT team, they often must outsource or bring in a third-party expert to assist with numerous tasks and processes.
In other organizations, a BI expert may be able to work independently but in a larger corporation, they must work closely with other team members.
The amount of data is also a unique challenge as data may be coming in from multiple sources from around the country. A business with storefronts around the country will have to work harder to gather, store, and analyze that data at the same time. Not only does this present an operational challenge, but it requires businesses to have a higher data capacity through the cloud or their servers.
And while smaller organizations may be able to use basic tools like Excel, enterprise-level businesses will have to use more robust tools with better data storing possibilities. Data management is never easy, but you need the right tools to make the most of it.
How Enterprise-Level Businesses Can Use Business Intelligence
The last two sections highlighted the unique challenges large organizations face when using business intelligence, but it’s time to focus on the benefits it can provide.
Improve their Infrastructure
When correctly implementing BI into your organization, you can easily improve your infrastructure. Since multiple people will be using these BI reports and tools, you need customizable dashboards, easy-to-organize tools, special features, and more. With this, you can make it easy to access, organize, and report on data.
Collaborate More Effectively
With so much data floating around, it can be overwhelming to try and get a feel for everything. With a business intelligence strategy implemented, you can easily collaborate between various users and departments. Even if you’re sending reports to third-party vendors or outside clients, you can make it easy to share crucial information.
Make Data Visual
To many, data may just look like a bunch of numbers, spreadsheets, and information. BI can help enterprises take all that data and visualize it. It’s much easier to make decisions on data when the data is better understood. Misunderstood or hard-to-comprehend data can be detrimental for an organization, either appearing useless or too hard to understand. This can be through scatter plots, heat maps, pie graphs, and more.
Establish Clear Governance
Business intelligence is supposed to help bring reliable and consistent analytics and data. A proper BI platform can make your data more reliable, reusable, and consistent. This allows you to regulate your reporting and provide more regular and accurate analytical reports. You can also store and maintain data while giving access to the right users.
Find a Business Intelligence Expert
When it comes to finding a business intelligence expert, you need one with the right capabilities, experience, and knowledge. Enterprise business intelligence can be a tough challenge, but with the proper implementation, you can start procuring data and analytics to help improve your organization.
BI is always evolving and adding more features and abilities. Here at Atiba, we’ve been providing business intelligence solutions for businesses for over 20 years. Having worked with a number of enterprise-level businesses, we can help make sure you’re ready for the unique challenges that your enterprise may face. Reach out and contact us today!