Why and how
to choose the
appropriate
BI tool for
your business
More and more businesses are adopting Business Intelligence or BI applications to support their decision making or to ensure a strict follow-up of their finances. Previously used only by large businesses, BI solutions now serve all types of companies, even the smallest. Amazingly, even though BI solutions have never been so accessible, many SMBs still deprive themselves of them today.
In order to demystify BI solutions, this article answers the questions most frequently asked by business managers:
- What are the benefits of using a BI solution?
- How much does it cost?
- Which solution should I choose?
What are the benefits of using a BI solution?
By presenting business data in the form of indicators, BI solutions offer users control, report, forecast and analysis options. They provide entrepreneurs with the means to make better decisions faster.
Concretely, businesses that add a BI solution to their toolbox have the possibility to:
- Have access to detailed reports in real time.
- Rapidly obtain information on the business’s performances.
- Get a clear picture of the business’s evolution and forecasts.
- Identify new business opportunities.
- Receive alerts in order to be informed in case of potential problems.
- Be assured that the financial ratios imposed by the bank are respected.
- Optimize the work methods of sales teams (and, consequently, their results).
How much does it cost?
The BI solutions market is fairly large. There are applications for all business types and sizes. As expected, the prices vary just as significantly from one product to another.
What is very appealing for SMBs is that the simplest solution will provide much the same advantages and benefits as the most complex solution offered on the market. Therefore, for less than $10 per month, businesses can have access to a performing, simple and complete software application.
Which solution should to choose?
With the number of BI solutions available on the market, it has never been easier to benefit from business intelligence. However, you have to find the optimal solution for you. The market is large and it is important to choose the appropriate tool to meet your needs. Other than cost, what are the most important criteria to consider?
The resources to invest to successfully implement a new application in a business often go beyond the price of the application itself: you have to train the staff, adapt established practices in the business, etc.
To facilitate the introduction of the new tool, ideally you want to choose a product which easily integrates into your current computer ecosystem and business practices.
For example, it is in the interest of Acomba users who want to obtain a BI solution to consider a subscription to Acomba BI Mobile. This application is specifically designed to operate harmoniously with Acomba, is installed rapidly and offers a familiar environment which users can easily get used to.
One of the strong points of business intelligence is its capacity to generate reports and alerts in real time. To benefit fully from these advantages, you should opt for a solution that allows you to view your dashboards on a device that you can have with you at all times, like a smartphone or tablet.
BI solutions often target a specific market: they are optimized for businesses of certain sizes or specific sectors. Consequently, not all of them offer functions perfectly adapted to your business needs. A good approach is to determine two categories of functions: those that you must have and those that you would like to have. This allows you to make a more informed choice.
Ideally, you should opt for a scalable solution that allows you to add and remove functions as needed. This type of product can more easily follow your needs as they arise.
The Acomba blog is brimming with articles on business, IT and business management.
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