An array of Business Intelligence (BI) tools is being used greatly by organizations of various sizes and sectors. The BI market is estimated to be worth $33.3 billion by 2025. These tools have been a staple of enterprise data-driven strategies, but time seems to be catching up with tried and tested methods and tools.
Data volumes, velocity, and variety are all intensifying, and so is the need to drive insight-led actions in real time. With data management challenges also constantly intensifying, there is a pressing need for organizations to upgrade their BI tools and approaches. In a world where change is happening at the speed of light, an outdated and legacy strategy must take only a short time.
The Need to Migrate Older BI Solutions
Through rich data analysis and seamless reporting, BI tools help improve every aspect of the business. Whether it is customer behavior analysis or process evaluation, BI tools help unearth data-driven insights, enabling organizations to optimize operations and drive competitive advantage.
However, as market trends and business needs evolve, an outdated BI strategy can impede decision-making. The inability to collate and cleanse data and dive deep into the nitty-gritty can hurt overall business operations. The lack of granularity in the information parsed often forces decision-makers to fall back on gut and intuition. Because BI teams are constantly wading through pools of irrelevant or outdated data, they are left with little time (or energy) to focus on the more critical aspects of their business.
If you want to boost the data visualization process and make more informed decisions, you must move away from your rigid, siloed, and archaic BI solutions. Upgrading your BI strategy can allow you to:
Keep pace with dynamic and changing business environments and ensure your organization’s goals, objectives, and market conditions align with current business priorities.
Harness the power of the latest BI capabilities and innovations across machine learning, Generative AI, RPA, and advanced data visualization.
Efficiently deal with the proliferation of data sources and the increasing volume, variety, and velocity of data.
Extract deeper insights from your data and make more accurate predictions around customer behavior, business demand, and overall performance.
Identify inefficiencies and bottlenecks in business processes through deeper visibility into operations.
Enable seamless scalability of your BI infrastructure and ensure your tools can handle increased data loads and user demands.
Ensure the data practices you build comply with emerging regulations, such as data privacy laws and other industry-specific standards.
Get your hands on real-time insights and enable quicker responses to economic fluctuations and market trends.
Improve enterprise-wide communication and collaboration through better integration and sharing and enable collective decision-making.
The Role of a Partner
Upgrading your BI strategy can completely transform how your company collects, processes, analyzes, and utilizes data to make informed business decisions. However, undertaking this complex and critical process is not easy. With internal teams already burdened with several competing priorities, investing in a qualified and competent partner is extremely valuable.
With an excellent track record of long-term client relations, a BI partner can profoundly understand and resolve your problems. Leveraging engineering expertise and an innovation focus, a partner can constantly evolve your BI strategy and add value using cutting-edge technology.
Excelling in data analytics delivery, a partner can implement a well-crafted methodology and ensure process excellence in all aspects, including security, IP, and audits. Strong partnerships with data and analytics product companies and a skilled workforce can help foster innovation, collaboration, and continuous data analytics.
As you move forward with your BI strategy upgrade, here’s what a partner like Ellicium can help you achieve:
Overhauling your BI strategy isn’t just about implementing new tools. It’s about recognizing your organization’s unique needs and crafting a roadmap that addresses current challenges and future demands.
A partner can pave the way for strategic BI planning. They can provide recommendations on the best steps forward through detailed business case preparation and SOP development. A partner can also carry out a thorough BI platform evaluation, comprehensive architecture and framework design, and necessary risk analysis.
Once you have the right strategy and tool in place, a partner can assist in conducting detailed POCs to demonstrate that the BI tool design and concept are feasible. Through rapid prototyping, a partner can create a working model of the various parts of the BI system.
A partner can also help automate metadata backup, install and configure required tools, and enable necessary self-service BI capabilities for better user adoption and experience.
A qualified partner can take up the task of BI platform upgrade and migration in a seamless manner. Through comprehensive, end-to-end assessments, a partner can craft a robust BI upgrade roadmap and facilitate an effortless transition to newer platforms.
When you upgrade to a new BI platform, you need to be able to customize dashboards as per unique user or team requirements. A partner on board can assist in smooth Agile dashboard development.
The partner can support effective data modeling and dashboard design through detailed discovery and requirements gathering. They can also help in data preparation and validation, UAT, and test case documentation, along with necessary training and support.
24/7 Managed Services
The job of a partner doesn’t just end with upgrading your BI strategy. Offering a suite of Managed Services, a partner can offer hyper care, ensuring your new BI organization is up-to-date and working properly. Via 24/7 support, a partner can establish robust governance, enable continuous improvement, and ensure user issues are addressed quickly and effectively.
If you want your data to paint the true picture of your business, you need a BI strategy that is robust, consistent, and up-to-date. The right strategy streamlines access to data and tells stories in a user-friendly manner. Leveraging the latest tools, you can consolidate information into value via meaningful data displays.