by Disha Sinha
February 20, 2022
Know top crucial points before implementing BI for automation in a business
Every industry is very well-aware of one of the hottest terms of the digital transformation era known as business intelligence. Businesses with BI are increasing revenue owing to the increase in efficiency and productivity. This is all because of the value of BI for automation. Coins have two sides; on one hand, there are top benefits of business intelligence, as well as, on the other hand, there are cons of BI for businesses. The global market size of business intelligence is expected to hit US$33.3 billion in 2025 with a CAGR of 7.6%. Let’s explore some of the top ten ways how businesses with BI are leveraging this cutting-edge technology.
Top Ten Ways Businesses use BI for Automation
Five Benefits of Business Intelligence
- Faster supply of information: Integrating BI for automation provides one of the top benefits of business intelligence— faster supply of information. Business leaders need to have information faster to make smarter decisions to drive revenue. Thus, multiple BI software provides sufficient information at the click of a second to move forward with business decisions.
- Evaluate key performance indicators: Businesses with BI gain a competitive advantage by getting a chance to evaluate key performance indicators as per the business needs. The alignment of strategies with goals and performances is crucial to driving revenue efficiently. That is why businesses leverage BI for automation to save time.
- Sufficient data access: One of the top benefits of business intelligence is to get access to sufficient data access. This helps in making smart data-driven decisions with the integration of real-time data. This drives businesses with BI to improve professional growth with maximum relevant information.
- Deploy budget-friendly cost: Budget-friendly cost is very crucial for businesses to drive revenue in the highly competitive market. Thus, it is one of the top benefits of business intelligence to save money efficiently and effectively without having the fear of incurring losses. There is BI software to suggest areas to cut the necessary costs with necessary actions.
- Identifying current market trends: One of the top benefits of business intelligence is to identify current market trends to have a deep understanding of customer behaviour, preferences, needs, and wants. Companies leverage BI for automation to gain insights by connecting to social media channels to keep existing as well as potential target audiences updated. It helps to expand the global customer base efficiently.
Five Cons of BI
- Data inconsistency: Real-time data is very crucial for organizations for leveraging BI for automation. If there is data inconsistency or discrepancy, all data-driven insights will create a drastic effect on decision-making processes in the future. There can be two different outcomes and this can create a big issue for the company. Thus, one of the top cons of BI is data inconsistency.
- Cyber hacking from cybercriminals: Too much-integrating businesses with BI can lead to potential changes of cyber hacking from cybercriminals. It can drastically put all confidential data of an organization at high risk. Security breaches and data breaches are needed to be taken care of during the implementation of BI for automation.
- May get expensive: Yes, one of the benefits of business intelligence is to reduce cost. But, getting expensive is one of the cons of BI in businesses. Data management needs some costs and BI software vendors are not sometimes reliable and have transparent pricing with data overages and premium services.
- Not suitable for many companies: Yes, integrating BI for automation is needed for all companies. But, it may not be suitable for many companies— depending on how well-developed an industry is. There can be limited availability in the market as per the business requirements and objectives.
- Poor data quality: Sometimes it is a con of BI to leverage too much real-time data despite having poor data quality. Bi software cannot predict poor data quality efficiently. Thus, these BI tools can be unhelpful and can lead to slowing down business operations for a period of time.
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