Understanding the concept behind business intelligence development is pretty simple: figure out what data you already have at your disposal, find a way to analyze that data, and then create new ideas that will help your business become more successful.
Putting business intelligence strategies into action, however, is another story. Business intelligence services have become incredibly popular in recent years, but like any trending topic, it’s been subject to quite a few fads that don’t produce results.
So with all of that in mind, let’s take a look at some of the most common myths in modern business intelligence services so that you can make sure to stay far away from poor practices:
- Myth 1: Business intelligence development is a one-time project.
As long as your business is growing and changing, your business intelligence tools should be changing, too. BI isn’t about creating one platform of data that you’ll be able to use forever; it’s about figuring out what data is useful for your business and then figuring out how you can analyze that data to benefit the company. It’s estimated that abut 99.5% of all data is never used — and you want your BI strategy to allow you to use any data you can.
- Myth 2: Big data and data warehousing tools are only useful for executives working in big corporations.
The truth is that every business can benefit from data analysis — but not every business will benefit from the same data. Although the strategies behind BI development can become complicated very quickly, it’s really all about figuring out how to collect and analyze what you already have. In fact, a 2014 survey found that 56% of small- and medium-sized businesses listed business intelligence as one of their top priorities.
- Myth 3: More data automatically leads to better decision-making.
It’s true that companies using business intelligence analytics tend to make decisions five times faster than those that don’t, and a 2015 survey found that 70% of businesses already using data warehousing services for BI are planning to increase their investments in the near future — but it’s important to realize that the amount of data a business acquires isn’t indicative of the decisions it will make. Not only do you need to need to have plenty of data to work with, but you have to be using the right data, analyzing it carefully, and remembering that no big decision should be made on numbers alone.
So now we’re asking for some input from our readers! What myths have you heard about business intelligence services, or what strategies seem questionable to you?