Companies are facing pressure on several fronts. There is an economic slowdown that is demanding companies to become ever more efficient and extract more from their investments. The competitive environment has become fiercer with new competitors emerging in Asia and other parts of the world and it has become essential for companies to extract every bit of competitive advantage if they are to survive and grow. In such an environment, Business Intelligence tools become essential differentiators.
Companies that have made large investments in ERP and CRM software are looking to unlock the data already stored in their databases to get more ROI from these investments.
However, not all BI solutions are built equal, and there are major differences between vendors as well. Making the right choice could mean the difference between a successful implementation or wasted time, opportunity and money.
Any BI solution vendor must meet certain essential criteria. These can easily be listed as:
Each of these parameters has to be maximized in balance with each other for you to be sure that you are selecting the right vendor. The requirement is to ensure the largest possible circle in the figure above. If all the capabilities are in balance, the figure will be a circle and that is important. A vendor may have great values on every measurement but if it lacks company strength and stability, you may not want to go with it.
So much for the vendor, we now shift the focus to the BI Solution. While there could be many issues to focus on while considering the software, we have identified five major subheads.
Five major factors to consider in BI software
Is there a possibility that you might be considering acquiring a company? In that case, it is important that you understand the data and applications of the target company and see how the BI solution you are considering can fit with the likely acquisition. You may need to make the selected vendor sign a non-disclosure agreement and then give them relevant details of the company you are acquiring.
Your solution must ensure that authorized people have access to data as per your company policy. Security should be fine grained and allow sensitive information to be controlled in such a way that different users see different versions of the same report with varying levels of detail based on their authorization. Editing profiles of various users to alter their security clearances should be easily accomplished. The entire security overlay should be centrally controllable by the administrator.
It is also important to audit usage of the BI solution and the solution should have audit built in from the very start rather than being added as an afterthought.
To conclude, implementing a BI solution is an important initiative in any organization. While considerable organizational support is required in its implementation, it is equally important to insure that the software and the vendor is selected very carefully. The implementation is complex and can pose a major challenge if legacy software is involved as well, therefore the experience level of your solutions provider is very important.
The selected vendor must have a proven track record and should have several successful implementations to his credit. The software must meet your requirements fully and be capable of future extensions and development. Ensure that you look at cloud computing needs and a possible shift to cloud based operations in the near future. Work this into your contract so that you are not forced to re-negotiate when the move does take place.
Security and audit capabilities must be native to the software and not be an afterthought. You should be able to control rights of various users centrally and see who has been accessing what reports. Not only does this help security, it also helps in finding out which of your executives are not getting the best out of the initiative and helping them along.
Who are the top BI vendors in 2016? Don't get bogged down with contradictory reviews and complex ranking systems. Check out easy-to-use guide! more
With the advent of Big Data, businesses are now in possession of an ever-increasing mountain of data about their customers and business operations. Now, businesses need to leverage data into actionable business plans. That’s where Business Intelligence (BI) comes in. more
Big data and analytics change how businesses interact with customers by helping them deliver unique experiences, initiate personalized communications, build long-term relationships, and realize value. Read on the learn how big data and analytics can help you acquire, grow and retain customers. more