If you haven’t upgraded your analytics software in three years or longer, you may be losing out. With leaps forward in BI tooling sophistication, you may not be aware of how much easier it now its to get demonstrable value from analysing your data. We take a look at some of the reasons why it could be time to re-evaluate your business intelligence tools and see how your business could benefit from an upgrade.
1. Goodbye complex BI tools; hello self-service embedded analytics tools
Perhaps the biggest improvement in the world of BI tools is the arrival of ‘self service analytics tools’. Rather than having to request reports and data insights from data scientists or BI specialists, modern embedded analytics software puts tools in the hands of the domain experts in a way they can both build and understand the outputs of models, which shortens the time to delivery and increases the trust of the output of the model.
2. You can now slice, dice and visualise like never before
We're all sick of playing hide and seek; applications that can drill, dice, slice and visualise are brilliant, but busy people don’t have the time to be fiddling around with legacy BI tooling, trying to find the one piece of data that enables them to make a key decision. Modern embedded analytic tools enables almost anyone to quickly find what they need, without having to rely on others because they are designed to be simple, intuitive and easy to use.
3. Legacy BI tools could leave you behind in the data race
In an increasingly time poor world that we live in, not working effectively will continue to drain you with your precious time. And failing to use the most modern business analytics tools which enable you to make valuable predictions, means you’ll also be wasting the data that you've spent an awful lot of money collecting, and could therefore lose out on business opportunities and improvements.
4. Get ahead of the competition in your sector
Whilst some sectors, like finance and marketing, were early adopters of business intelligence tools, other sectors have been slow to take advantage. For example, the manufacturing industry in general are yet to capitalise on the vast volumes of data that they generate to make predictions and better business decisions. So, by upgrading or adopting the latest embedded analytics tools now, you will be able to get ahead of your competition.
And one reason not to upgrade your BI tools...
Using the latest in business intelligence tooling allows you to reduce costs, reduce wastage, make predictions, and make overall better and much more informed business decisions.
But before adopting or upgrading your BI systems, make sure you have the right permissions to be able to use your data sets for machine learning, and make sure you have enough data to analyse in the first place.
Whilst these two reasons could be could be barriers to upgrading your analytics software, perhaps the biggest barrier is knowledge and understanding, and realising that there are tools that can help you overcome most problems associated with data collection and analysis.
To see how the experts at Panintelligence could help your business reduce costs and get a competitive advantage, book a free demo now.