Modern BI vs Traditional BI. Is my company up to date?

Do you have urgent questions and need a business intelligence approach to answer them? Understanding data is essential to make the right decisions and stay ahead of your competitors.

We all know that the market, and consequently companies, are subject to continuous change; but especially now, in a situation that has put the entire planet in check, these changes are more than evident and necessary for any company that wants to remain competitive.

Telecommuting and e-commerce have become essential for a large part of society, and their advantages are now more evident than ever. We could say that "they are here to stay" and not many would be surprised by this statement. Taking the above into account, many companies have been forced to change their working methods and administrative structure.

Therefore, it becomes evident the need to stop and analyze whether as a company we are responding to the needs that arise, or if otherwise, our Business Intelligence (BI) strategy has been left behind and needs a "modernization".

Business Intelligence helps companies to make decisions in a much more agile and accurate way

Nowadays, BI enables organizations to identify ways to increase profits, analyze customer behavior, compare data with competitors, track performance, optimize operations, detect market trends and many other crucial activities in the flow of business.

Organizations that started using Data Analytics "long before their competitors" are three times more likely to record "significantly higher financial performance than those organizations." But despite the wealth of evidence, traditional business intelligence (BI) approaches generally fail to harness 100% of the power of data.

What do we mean when we talk about modern BI?

Before the emergence of management systems, company managers made decisions based on their intuition and experience. With the advent of ERP and CRM, companies started to generate and control a huge volume of data based on their daily activity, but without taking full advantage of it.

At first, Data Analytics was reserved for members of the IT department with more technical profiles. We are talking about the first data warehousing solutions that were exploited through Excel or generally static online reports, an emerging trend fifteen years ago.

Data became more and more important as we became aware of its relevance in decision making. These processes passed into the hands of information analysts whose main tool was still Excel, to which a specific suite of lists, maps and visualization elements was added.

Today, data is no longer the exclusive domain of analytical departments, but is incorporated into the daily work of all members of the organization. This trend is directly related to the concept of Data Driven and Data Driven Growth. Data Driven companies are based on the efficient use of data as the backbone of their processes and decision making.

Employees can make the difference as they play a crucial role. Business intelligence starts with making a balance of which employees understand and use their tools in their jobs.

Modern BI provides agile and intuitive solutions that could be coined as "self-service". Using tabular models and at no great cost, the business user can connect to their data easily, quickly and no less attractive than a traditional solution. Thus, he gains in real-time analysis capacity of his company and, above all, in autonomy.

Reasons to use modern BI, what possibilities does it offer?

1. We are faced with an infrastructure without limits, which grows efficiently and smoothly to adapt to constantly evolving business needs. Mobile access is a key feature of the modern BI approach. Support for smartphones and tablets allows analysis to be observed, interacted with and shared on any device.

2. Availability: Users will be able to access data where and when they need it. Whether on a dashboard, in a mobile app or through an automated alert.

3. Provides an extensible framework for integrating actions into your data stack as it evolves.

4. It focuses on simplicity for all phases of implementation, allowing companies to take full advantage of the latest technological advances.

5. Modern BI enables organizations to identify ways to increase profits.

6. It optimizes operations, helps make sense of data in comparatively less time.

7. Allows analyzing customer behavior.

8. Tool to detect market trends.

9. We can compare data with competitors and track performance.

10. It gives us a consistent view that ensures users query information correctly to get accurate information (instead of wasting time over which data is the "right" data).

These are just some of the possibilities it offers us, among many other crucial activities in the business flow.

Although we already defended it in another article of our blog, What is not measured, cannot be improved and as a consequence, more and more companies are making the leap to BI. Likewise, there are frequent and numerous studies that show that adopting a strategy of this type improves the profitability of all business areas. Thus, having access to the data that is most important to the company is a guarantee of success.

New modern BI tools, among which we can find Biuwer, allow companies to have current solutions and offer the following advantages:

• A good use of data leads to making the right decisions, which translates into achieving the results we want, or even improving them.

• We obtain information that allows us to act in real time to direct the strategy according to our business interests. So you don't have to wait for something to happen before you can measure its impact.

• The impact on the final results in any area of the company (commercial, financial, logistics, personnel management, etc.) is reflected in the return on investment.

• Expansion of the number of analytical users at all levels of the organization, which increases the possibility of process improvement.

• Self-service BI: Users can easily create their own reports and queries without having to depend on others.

• Providing relevant information that users were not initially looking for, applying artificial intelligence and machine learning models.

• Increased security and information management mechanisms.

Biuwer was born as a tool to help SMEs to promote the transition to modern BI, so if you are looking for a platform with these features you can request a demo or take a free trial.

We remain at your disposal to answer your questions and comments. If you don't know where to start, don´t hesitate to contact us. Shall we take the step together?