The Pros and Cons of Investing in Business Intelligence Software
According to Microsoft, “business intelligence (BI) tools are types of application software that collect and process large amounts of unstructured data from internal and external systems, including books, journals, documents, health records, images, files, emails, videos and other business sources.” With the use of BI software, you can transform data into easy-to-apply insights which can help to inform your company’s strategic decisions.
With lockdown lifting and work returning to business as usual, we wanted to explore the advantages and disadvantages of business intelligence software, to see what overall impact it has.
Pros
Track Employee Progress
It’s important to keeping track of your employee’s overall development to ensure they are progressing on their career journeys within the business as they should be. HR software tools allow you to gather KPIs and targets, storing the results of each individual employee in one easily accessible place.
Free Up Time By Using Automation
Business intelligence tools enable companies to streamline, automate, and measure work activities quickly and efficiently. It allows businesses to generate more leads, save time on carrying out repetitive tasks and personalise marketing campaigns to individual customers.
Benefit From Real Time Data
Another great aspect of business intelligence tools is that it has the ability to pull through live data as it’s being produced. This allows you to easily impress your clients within meetings by having up to date figures on hand at any time they may be required.
Cons
Potential Data Leaks
The number one concern with any data analysis system, including BI software, is the risk of potential data breaches. Using any automated systems to handle sensitive information, can lead to errors, resulting in that information being exposed. Not only would this harm the reputation of your business but customer information being out in the open without their consent could even lead to potential lawsuits. When comparing different data analysis providers, always consider their security options as one of your highest priorities.
It Can Be Costly
Different platforms for business intelligence software vary hugely from one to another, each involving different pricing plans. Some platforms may seem cheap to begin with under a basic package, yet once you begin using the software, you may find you need to pay more for additional packages with certain data analysis requirements that you may find you need.
This can quickly add up and what initially seemed affordable at a glance, can ultimately be much pricier in the long run.
You May Require Multiple Applications
There are various different business intelligence products on the market today, however often one piece of software may only offer one function. In order to get all of the information you require across the board you may need to purchase and install more than one piece of software overall.