3 mn read
The digitization trend is driving the demand for predictive business intelligence (BI) tools that enable businesses to scrutinize data and generate reports automatically. With digital transformation gaining increased attention, simplified interfaces and BI tools are preferred over traditional business intelligence systems. While it may come as no surprise that digitization revolves around businesses, the use of self-service business intelligence practices has been a game-changer for users who gain key insights without deep functional expertise.
Top-performing organizations driven by a clear center of gravity for data analytics usually include an ecosystem of business intelligence services that enables users to harness the power of data in a secure way. Transforming a business to be self-service BI-driven is a massive task that should not be undertaken in one fell swoop, but instead gradually, based on functional expertise, analytics capabilities, and sourcing the right talent. Since the BI approach is and will be a game-changer, the effort to cultivate BI practices is most effective when a mix of in-house talent and strategic partnerships walks hand in hand.
Self-Service Business Intelligence Tools are Definitely Worth Attention
Let’s take you to how self-service BI tools go beyond just its ease of use to find effective results and bring multiple benefits to the table:
Easily accessible, multi-industry solution: Until recently, BI tools were too expensive for many small businesses and start-ups to use. But self-service business intelligence is increasingly upending the competitive landscape by enabling easy access & empowering non-technical users to analyze data and generate customized reports based on their needs. Beyond enabling easy data accessibility, the use of BI tools is reshaping organizations by allowing meaningful decisions that impact business outcomes and optimizing existing work processes. By fostering the use of self-service predictive analytics, users can update their work models based on feedback and results. With its distinctive feature of eliminating detrimental effects of disparate data silos, users can focus on analyzing insights and collaborating with strategic business partners instead of spending long hours generating reports. The non-conventional process provides a dashboard to track business performance in real-time, determine potential bottlenecks, and discover optimization opportunities.
Reduced dependency on IT teams with data-driven decisions: In the modern business world and uncertainties looming across the globe, it is difficult to precisely peg the future but nevertheless, data-driven business models are coins of the realm. Competing effectively means achieving data diversity by aggregating data from multiple disparate models into a single comprehensive report and eliminating efforts required from IT teams. More often than not, multiple computing systems are not integrated properly – resulting in uninformed decisions, cumbersome tasks, and increased business costs. With self-service business intelligence practices in place, you can capture value by pursuing ever-finer microsegmentation and turn opportunities into winning models. When companies capitalize on BI-powered techniques, it becomes a win-win situation for both users and IT departments as users get the accurate data readily available and IT departments can focus on software development to stand at a digital frontier.
Lower costs: With data analytics available at demand, self-service BI channels can scale with ease reducing significant amounts of time and expense altogether. Tech giants and digital native organizations bringing together data talent, tools, and decision-making have been gaining real-life business benefits. The simplified interface and efficient BI tools help increase ROI, engage with potential customers, and streamline operating processes. The ability to make simplified applications promotes the adoption of self-service methods and adds value-proposition to the brand.
Ensures high-security of mission-critical information: Across industries, the more important data passes through, the higher chances of it getting breached. More than half of all data breaches are linked to third-party and it is difficult to safeguard sensitive information when data walks through business partners, suppliers, or vendors. Considering the massive threat of data breaching, there is no better way to turn to self-service tools and keep data in-house securely. When the data remains within a company’s firewall, it’s easier to access, analyze and make confident decisions
Enhances speed-to-answer: In the world of IT literature, response to client queries occupies a great space in business performance throughout the client journey. Firms deploying self-service techniques have a faster response time in comparison to companies lagging behind. Advanced analytics and deeper data insights readily available helps produce cost-effective results in no time when decision-makers need it the most.
We have outlined the benefits top-performing companies see: considerable growth and competitive advantage in self-service business intelligence tools and its significant impact that distinguishes successful market players from the rest. Self-service BI may be just what you need for your business to catch up with industry leaders before it’s too late.
Polestar can help you build a personalized self-service BI tool for your business needs and get ahead of the curve.