15 November 2017
BI course is important for every corporation. Business Intelligence (BI) can be essential to determining the success of a business, but there are many misconceptions about business intelligence floating around that are preventing businesses from utilising this game changing tool. In order to address some of these misconceptions, here is a list of 4 common misconceptions about BI.
BI is Not Worthwhile
Many are quick to dismiss current trends without proper understanding of their purpose and how they work. With data analytics become more important, ignoring BI will put a business at a competitive disadvantage. Contrary to popular belief, BI is not just for large businesses or businesses with large amounts of data. These are often just excuses used to rationalise avoiding implementing BI strategies. In fact, BI can and should be used by any business with data.
Measuring Data Will Mean Successful BI Implementation
Often times businesses who conduct data analytics are incorrectly using BI. Measuring data is only one aspect of BI. In order to successfully use BI, action must be taken based on what the measured data is saying. In other words, the data must drive change within the business. Furthermore, data should be collected from various sources and analysed differently in order to reach more accurate conclusions. If a business is not using this data to make decisions and alter strategies, then the business is not using BI.
BI is Improved With More Data
Business intelligence relies on data quality as opposed to quantity. It is a massive waste of resources to analyse every piece of data, as most of the data will be irrelevant to helping make decisions and improving the business. Only relevant data should be analysed, and the reports created from this data should be made accessible, accurate and reliable.
Just Having BI Software is a Sufficient Strategy
Software is generally seen as the heart of BI, but true BI success involves internal change, which is often much more difficult to implement than software. Having BI software does not automatically mean that the business has a strategy. While software is useful for analysing data and creating reports, it isn’t going to make decisions for the business. At the end of the day, it is people who make the decisions, and the successful implementation of BI will involve a shift in business culture towards a data-driven approach, where employees are rewarded by making decisions based off relevant data.
Now that these misconceptions have been made clear, you may want to learn how to do business intelligence for yourself or your business. For more information about BI training, or to complete a business analyst course online, visit JBI.
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