The top considerations that a buyer needs to think about before investing in a Business Intelligence System include:
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Secure data is of vital importance to any business, and the Business Intelligence System must ensure that the data warehouse is protected against unauthorized access. An efficient Business Intelligence System will ensure data encryption, manage data security, responsible data sharing, manage cloud security, and ensure data safety against phishing or social engineering scams that could breach cloud security.
As the amount of data that companies work rapidly increases, the number of users of the Business Intelligence System will also be on the rise. Business Intelligence Systems must provide a scalable and expandable environment for filing, restoring, updating, and recognizing data for both business intelligence and data storage systems to support this data growth as well as numerous users.
SaaS or On-Premise
There are several SaaS-based visualization tools for BI which are popular and offer a cost-effective solution. However, businesses going for full-stack implementation might prefer to choose on-premise deployment due to data security and privacy issues. Also in some cases, it might be required by law to keep the data within the boundary. The choice of deployment option should be made based on business requirements and regulations.
Full-stack vs Point Visualization
Businesses can choose between going for a full-stack Business Intelligence system or opting for a visualization solution instead. While full-stack systems help enterprises create stable operational reports consistently across the entire organization, visualization systems are geared towards enabling technically-oriented business users to go beyond data reports and perform intuitive querying and visualization of their data to uncover patterns.
Business Intelligence Systems should be able to integrate with the existing infrastructure including internal SQL server, 3rd party data warehouses, configurations, and other data sources. As all data sources are connected, it helps bring data to a single place to help companies in leveraging the most out of their data.
The mark of a modern Business Intelligence System is its ability to span multiple devices and platforms, yet provide a native experience for every device. As newer and more efficient devices continue to flood markets, modern Business Intelligence Systems and their solutions must create applications that can instantly adapt to any platform readily.
Challenges in Adopting a Business Intelligence System
A few of the common challenges faced by buyers while implementing or using the Business Intelligence System include:
The cost of deploying and conveying Business Intelligence is huge for small and medium-sized enterprises. Constrained assets and tight spending plans, can stress costly framework speculations expected from BI programming, which make it a challenge to implement.
Lack of Qualified Personnel
The real power of BI systems can be harnessed only when business analysts are able to use the system effectively and are able to translate business requirements. While many organizations today are readily opting for a sound Business Intelligence Systems and apparatus management, there is still a need for specialized abilities needed to run them. Traditional Business Intelligence tools are complicated to use and only a few individuals in a company may know how to use them, which would then require the firm to make investments into training and execution.
Incompatible Data Sources
Organizations derive data from a number of sources including legacy systems which may need to upgrade and data unified before the implementation of a Business Intelligence System. This could result in time and money spent cleaning and organizing data first, before using the BI service.
Lack of company-wide adoption and usage is another challenge faced by enterprises that choose to deploy a Business Intelligence System for their business needs. Companies that lack a data culture could experience a push back in terms of adoption of the Business Intelligence System. Administrators may not be able to effectively communicate how the organization would benefit from BI, business users may be unable to utilize data in the existing framework, and in some cases, users may not even know the system exists.
ROI of a Business Intelligence System
While investment in a Business Intelligence System is high, the benefits a business can enjoy are extensive. Some of these are as follows:
While manually integrating data sources like web services, CSV files and databases are not only time consuming but also error-prone, it also becomes stale by the time it is integrated into the systems and analyzed. Instead, Business Intelligence System software sorts data efficiently and prepares reports instantaneously making it possible for companies to analyze large amounts of data and information quickly. As per a blog by Data Virtuality on ‘Calculating the Return on Investment (ROI) of Business Intelligence Projects, customer journeys, and their digital footprint can now be optimized in 80% less time than usual.
Business Intelligence Systems offer business users flexibility in analysis and remove their dependence on IT departments, or business analysts to seek business insights. The tools offered by BI enable companies the creativity to make decisions quickly without going through a time consuming, traditional or lengthy processes which are people led, rather than data-driven.