Business intelligence tools are used in almost every company today. They are considered indispensable for data analysis - and yet the hoped-for added value fails to materialize in many cases. This is not least due to inefficient processes and the lack of data competence in many organizations. Only in combination with other solutions can BI tools unfold their full potential.
From SMBs to large corporations, nearly every company now relies on business intelligence (BI) tools to analyze ever-increasing amounts of data. In fact, such software solutions are currently so popular that the entire BI industry is expected to be worth over $40 billion by 2026.[1] But what exactly is the reason for the great interest in these tools?
What Business Intelligence Tools Can Do
"Business Intelligence (BI) transforms data into insights and helps with decision making in the company"[2]To do this, BI tools use data from internal and external sources (e.g. sales figures, production costs or search volumes for certain keywords, which can then be made accessible in the form of dashboards.
Application areas: How are BI tools used?
BI tools are used by data professionals in almost all business areas. The applications developed from a niche product to a real fundamental technology, especially within the last ten years. Today, people from marketing and sales, IT, finance and controlling use corresponding business intelligence solutions. This can be traced back, among other things, to "the development of self-service BI and data discovery tools". [3] However, many users repeatedly encounter difficulties in doing so - and decision-makers complain about the quality of the analyses.
Difficulties using BI tools? These are the most common causes
Because the reality in many companies is different than expected: BI tools are often purchased for a lot of money because of the great potential for strategic business decisions. However, the output fell short of expectations. The reasons for the difficulties can be manifold: perhaps the software was implemented too quickly or the solution does not optimally fit the needs of the company. In most cases, however, not all users have sufficient access to the existing data knowledge in the company because the data is only available in a decentralized and unstructured manner and the logic behind it is difficult to comprehend.
Cause 1: Lack of access to data knowledge in the company
BI tools are highly complex - even if the clear dashboard suggests otherwise at first glance. Often, BI tool users do not have sufficient access to the underlying logics behind the data and to the existing data knowledge. Moreover, since business analytics, data mining and ETL engines are predominantly used to integrate the various data sources, there must be knowledge of the data structures. In addition, users should also be able to assess the data quality - otherwise there is a risk of serious misinterpretations. In case of doubt, a lot of money is invested in powerful software solutions, but in the end nobody can really handle them. The hoped-for added value fails to materialize, and the return on investment (ROI) is correspondingly low.
Cause 2: Decentralized information
Especially in large companies, there is often a silo structure when it comes to the availability of information. After all, each area has its own processes, procedures, data and documentation. Users of BI tools are therefore constantly faced with the challenge of finding data sources and linking data records in a meaningful way. Analyses are not stored centrally in one place and are certainly not searchable. This leads to cost-intensive redundancies in the workflows as well as to an enormous loss of time. If responsible employees leave, the knowledge is lost - and has to be relearned again and again.
The problems are known, but the search for a solution often remains unsuccessful. Does this mean that strategies have to be changed from skretch? No! Because the Lyntics Data Literacy Platform provides all users with central access to information with just a few clicks. This way, BI tools can finally be used more effectively.
Better understand data logics with the Lyntics Data Literacy Platform
Lyntics optimally complements business intelligence tools in that the platform easily solves typical application problems:
Solution 1: Data competence at the push of a button
The innovative technology of Lyntics makes data knowledge accessible and scalable for all users within seconds. Thanks to Lyntics, every user becomes a data expert - without any training, studies or years of experience. This is because the platform not only works with the superficial information, but also makes the structures and logics behind the data visible. This makes data expertise immediately accessible and the use of BI tools (even) more successful.
Solution 2: Centralized knowledge base
Lyntics answers every "Where can I find...?" question for all users with one click. This is because the platform collects all relevant data assets and information automatically and makes them searchable for users. The contextual documentation also stores information exactly where it is needed. Time-consuming searches, knowledge loss and redundancies are a thing of the past, because users benefit from the knowledge and experience of their colleagues and predecessors.
Lyntics plus BI: Power Combo for Enterprises
With Lyntics, data can finally be transformed into tangible and measurable business value in an application-oriented manner. Companies benefit twice: The output of BI analyses improves in quality and quantity; the costs for a lack of data competence and difficult information and data procurement decrease. This means that you not only receive reliable data, but also truly resilient analyses as a basis for decision-making.
[1]https://www.mordorintelligence.com/industry-reports/global-business-intelligence-bi-vendors-market-industry
[2] https://www.cio.de/a/bi-definition-und-bedeutung,3608609
[3] https://www.computerweekly.com/de/definition/Business-Intelligence-BI