4 Ways the Cloud Improves Supply Chain Planning

Supply chain planning used to be more of a guessing game, relying on intuitive managers that, basically, had the inventory and sales data in their heads or on spreadsheets. Advancing technologies have been changing how business processes are: managed, planned, and accomplished – shifting thinking patterns from managing inventory and sales to managing functions and tools within ERP systems. 2017 seems to be the year when a balance will emerge more distinctly; let’s discuss this more by examining 4 ways the cloud improves supply chain planning.

#1. Automation:

Manufacturers and distributors have many working parts to manage within their enterprise systems, including supply chain planning. The real-time functionality of cloud based software brings continuous adjustments, and specified filters determine automated functions to streamline purchasing and order management.

Automatic updates to SaaS, IaaS, PaaS systems also help managers and IT departments focus on strategy, rather than managing systems and tools. Effective supply chain planning depends on real-time numbers from a continuously updated system, including: historical business intelligence, special projects, discounts, engineered to order products, vendor costs, and more.

#2. Enhanced Integration:

Cloud based subscription software is easier to integrate into enterprise systems and gives more functionality with add-ons. This enhanced integration brings more flexibility to businesses with supply chain planning. For instance, if there’s a need for an order management add-on or a custom software solution for a project.

There’s no one size fits all solution for manufacturers and distributors; each business has unique supply chain planning needs according to their: clients, products, systems, and compliance/regulation requirements. Enhanced integration capabilities with cloud based software helps businesses adopt necessary tools and functions with more agility.

#3. Predictive Business Intelligence:

Again, the cloud provides real-time automation, enhancing a business’s ability to predict supply chain patterns and needs. Human intelligence augmented with predictive business intelligence, brings the best of both worlds for supply chain planning.

Planning and strategy have always needed business intelligence from data analysis. User defined formulas combining: past history, present demand, material specifics, and customized options – give managers actionable insights into: inventory, sales, times, costs, and needs, with real-time availability and updates. This streamlines supply chain planning with more precise predictions.

#4. Enhanced Collaboration:

Supply chain planning is a team effort for nearly all manufacturers and distributors, involving: sales teams, warehouse teams, executives, vendors, clients, accounting departments, etc. Cloud based software enhances collaboration between team members anytime, anywhere, and with any digital device. This expands remote capabilities, creates continuous planning development, and gives more tools for collaboration methods.

Modern businesses are using mobile devices to their advantage, at home and at the work place. Remote accessibility is a distinct advantage businesses have when using cloud based software solutions, creating efficiency and flexibility in the supply chain planning process, which is often time sensitive.

Using the expanded capabilities of the Microsoft Dynamics platform, including CRM software, businesses will have multiple methods of collaborating during the supply chain planning process. Cloud capabilities will enhance these tools with remote and real-time functionality, enhancing collaboration methods and planning effectiveness.

Summary

Cloud based subscription software is simplifying business processes and adding functionality with centralized integration. For businesses and organizations with many moving parts and large fluctuating inventories to manage, this is streamlining day-to-day tasks, including supply chain planning.

 

Through automation, integration, BI, and mobile computing, managers now have optimal organizational tools with cloud based software solutions.

Max Q Technologies has certified expertise with Microsoft Dynamics and Acumatics products and can help manufacturers and distributors to: choose, implement, and manage the right software solutions for their unique business’s needs.

We also develop custom software solutions with top developers and industry expertise across all fields. We’re offering to be a comprehensive technology partner with nearly 30 years experience, for businesses that want to take advantage of cloud software for supply chain planning and more. If interested in learning more please contact us today.

 

 


Business Intelligence Software: Benefits to Combining Internal and External Data

Business Intelligence

Finding business intelligence software that gives you a complete picture of everything in your business isn’t always easy to find. It’s one reason maybe you’ve waited to invest in BI software, even though you’re realizing doing too much guesswork about business reality isn’t smart.

In today’s more competitive business climate, not knowing everything about your business can end up hurting you in the long run. All it takes is overlooking one tiny piece of information, and it could snowball into a bigger problem financially.

Going with a “gut feel” about your company should never be a way to envision the future. More so, when customers demand quicker responses in services you provide, you have to make quicker decisions.

BI brings all of this to you, frequently using real-time technology. The problem is that while you may have insight into internal issues, should you also look externally?

When you integrate an internal and external view of your company, you get a wider view since outside situations could directly affect what happens internally.

The Online World as an Outside Source

Placing the Internet into the business intelligence equation, you have a vast digital world to explore in how it affects your business. The challenge behind this is far too much BI software out there ignores data from the Internet.

So much is happening online you need to explore, including your own role in marketing. Social media alone has many areas to explore, including how your content performs there and how people interact during conversations. More so, you can get an idea of which social media channel works the best with your content so you eliminate the ones not working as well.

One danger about social media is spreading yourself too thin and not properly targeting the right demographics. BI can study metrics there, plus other places where you’re not directly involved. For instance, BI could scan industry message boards to see what people are talking about and if they happen to mention your company.

Exploring outside databases from financial or marketing research companies could bring deeper insights as well, though it’s not always easy to gather this or put in a readable form.

Remember, offline environments are just as valuable. Looking at variables out in the real world could end up shaping things more than anything you find online.

Using BI to Understand Nature

You may not think something as simple as the weather could apply to your business, and yet it can when it comes to something like logistics. Getting products delivered on time matters when related to weather.

Studying BI on weather patterns and other acts of nature gives you a better idea of how to prepare and the best days for deliveries.

Metrics on Populations in Specific Regions

As part of your marketing efforts, you want to know what regions to target if doing offline advertising. Looking at the analytics behind the populace you sell to gives you more variables on the neighborhoods they live in, what their incomes are, and even what crime statistics are.

All of these potentially give you deeper insight into the people you market to and how your products help them solve problems.

Socioeconomic Factors in Determining Business Success

If you own a brick-and-mortar business depending on in-person visitors, analyzing socioeconomic factors about your area determines what kind of customers you’ll attract.

Studying this before you even open your business doors gives you insight into where you should locate, or if you need to move to a different region.

Contact us at MaxQ Technologies, Inc. so we can help you with reliable business intelligence software in finding thorough data.


The Superb Combination of Power BI, IoT, and Azure Stream Analytics.

Power BI

If John Greenough, who is a Senior Research Analyst for BI (Business Insider) Intelligence is to be believed, there will be an astounding 24 billion devices comprising the IoT by the year 2020, according to an article by John Greenough and Jonathan Camhi titled How the ‘Internet of Things’ will affect the world.  This monumental development now in play is being called the next Industrial Revolution and is expected to generate $6 trillion worth of spending over the next 5 years.

For the business management or high-tech professional in the line of decision making the question naturally becomes, how is value generated from the use of hundreds, thousands, or even millions of sensors, from automated and internet-enabled machinery on assembly lines, in supply chains and throughout transportation networks, from continuous video feeds emanating from countless intelligent devices, etc.  A big part of the answer lies in turning all of this data into a form that the human mind can readily comprehend.  Herein lies the genius of Microsoft Power BI.

Power BI has about 5 million users and features excellent graphic visuals that turn live data into rich displays.  And Power BI just received an extremely useful and powerful update with the addition of Azure Stream Analytics, which acts as a bridge between Power BI and the IoT.  “By integrating Power BI, Microsoft’s business intelligence and analytics product, and Microsoft’s Azure Stream Analytics, it is now possible to create interactive, live dashboards that offer users an up-to-the-minute overview of their IoT device deployments,” according to a blog by apacciooutlook.com titled Azure Stream Analytics Integrates with Power BI; Converts IoT Data into Real-time Insights.

“Devices are becoming smarter and more connected, and the expectation of what can be done with the data generated and collected from these devices continues to evolve both in the commercial and consumer spaces. Whether you are doing health monitoring, building or home automation, social media analytics, application monitoring, energy management, manufacturing, etc., there are millions of events or messages being generated from devices from which you need to gain real-time insights,” according to comments derived from a speech by Dipanjan Banik, Bryan Hollar, Richard McCormack, Clemens Szyperski, and Todd Van Nurden titled Gaining Real-Time IoT Insights using Azure Stream Analytics, AzureML and PowerBI.  The devices which generate events or messages can include things like internet-intelligent sensors, tracking devices, and alerts in appliances and in machinery, to name but a few of the myriad possibilities.  Of course, there are intelligent cars, airplanes, and even entire ‘smart cities’ currently under development, with an untold number of internet-intelligent devices built-in.

One of the things that makes all of this up-to-the-minute information rendered in the graphical format of Power BI so great is that oftentimes problems can be spotted immediately, greatly shortening the response time.  Ryan CrawCour, a program manager at Microsoft Azure Stream Analytics, states:  “This (adding the power of Azure Stream Analytics to Power BI) will dramatically reduce the latency and time to action on your most important business metrics,” from an article by Pedro Hernandez titledMicrosoft Power BI Visualizes IoT Data From Azure Stream Analytics.  A good implementation can conceivably upload, process, analyse and display all manufacturing and other procedural data instantaneously, regardless of physical location.  So “Intelligent systems enable users to parse vast quantities of data from multiple disparate sources and then display the data visually in a way that helps business trends to stand out,” according to Brien Posey in an article titled Microsoft’s Power BI puts business users at forefront.

In the world of software development, APIs that feed data into Power BI are being built left and right, because “data is exploding and the ability to take that and do interesting things with it so you can provide more productive apps is the opportunity everyone wants to embrace,” according to James Phillips, here quoted in an article by Mary Branscombe titled Embedded Power BI Microsoft cloud apps could all turn into platforms.  Software developers like Carl de Souza, writing in an article titled Why I Love Power BI, Top 10 Reasons, love Power BI because of its ability to easily create great visualizations, share reports, run on a wide variety of mobile devices, refresh data according to schedule, and pull data from many different sources, among other great advantages.

The future is shaping up to be an amazing arena of great challenge as more billions of intelligent devices come online and the data continues to flood in at volumes that are so vast and from so many disparate sources that it boggles the human imagination.  Microsoft Power BI and Microsoft Azure Stream Analytics will continue to be right in the thick of this intense and unprecedented wave of development that’s poised to change the world forever.

For more information, please contact us.


Power BI embedded to offer greater compatibility, accessibility

Power BI

Microsoft’s youngest member of the company’s collection of programs for businesses, Power Business Intelligence (BI) will allow for integration into mobile applications.

Microsoft made this announcement during its build conference in San Francisco earlier this month. With the introduction of its embedded capable version of the software, the company hopes that more people, particularly application developers, will be able to use the software. This version will utilize the company’s Azure Stream Cloud service and it is targeted toward independent software vendors.

“You can now take the Power BI data visualization and reporting functionality, and directly integrate it within your own applications,” Scott Guthrie, executive VP of Microsoft’s cloud and enterprise business, said during the conference.

Power BI Embedded through the Azure Cloud would be priced in line with other applications that are currently available on the platform.

Power BI was introduced to the Office 365 platform in 2014. It supplies data analytics capabilities and users can create visualizations and data reports across their organization. Guthrie also noted during the conference that application developers can utilize the embedded version without having to require end users to be aware of the software as a part of their application experience.

According to Microsoft, there are approximately five million Power BI subscribers as of March of this year. With this announcement, the company anticipates that user base will grow as access increases.

MaxQ Technologies, Inc. specializes in reselling technological solutions for multiple industries including manufacturing, distribution, consumer goods and professional services. I Feel free to contact us for your business technology needs.

 


Power BI: Fixing Problems

Power BI

If you’re new to Power BI from Microsoft, then chances are good that you’re going to encounter some issues with using the program exactly the way you want. Here are some problems you may encounter as you make your way through the program, including some solutions as to how you can potentially solve them.

Lack of Access to Reports While on the Go

Power BI has been often thought of as primarily a desktop application. In general, the reports that Power BI generated was being read in a thoroughly immobile situation like at your office or in a conference room. But if you need to view reports on the go for whatever reason, the service has recently updated to allow for mobile reading.

It’s available in the Windows 10 mobile app as well as the app for iPhone and reports are that it will shortly appear in the Android app as well. In the app, this is accessible from the menu icon with three lines in the top left corner next to where it says “My workspace,” for example. This involves opening the tile when you’re in focus mode and then hitting the option to open the report you want.

Trouble Forecasting Sales

Using modern computing technology such as Microsoft BI to predict and manage sales is one of the more popular ways to use it. You can do this in Power BI using something called Cortana Analytics. According to the site, this gives you 95% accuracy when it comes to reporting. Once you activate the prediction you gain access to a number of different visualizations such as predictions per person in terms of money earnings so you can see a comparison.

Trouble Comparing Groups in Graphic Detail

There are plenty of tools for doing a very basic comparison between two groups, but if you want a visualization that has a significant amount of specificity. One option is to use the gap analysis visualization that was recently announced from Microsoft. The tool specifically helps show how two groups are different when it comes to multiple different traits and categorizations. That way, you can see instantly whether one group performed better in one particular category over another group, how much better the first group did in terms of the gap in performance, and so on.

This also includes the ability to organizing the gaps however you want, such as showing which category gap between the two groups was the largest.

PowerBI gap analysisDifficulty with Showing Shopping Behavior

Obviously, the crux of just about any business is going to be the shoppers or clients. In the case where shopping is done online or in another information-rich environment, it’s important to focus on the possibility of accurately depicting the behavior of the consumers of your products in visual form. After all, this is often useful for both intra-company external use. One option for doing this inside of Power BI is called the Sankey Bar Chart. The chart makes it easy to show important aspects of the process such as drop-off.

So, when you’re trying to figure out exactly where a major drop-off for your product is, this chart is useful. It works through a bar chart that quickly shows the difference between various stages of any process like your shopper’s user experience. Each of the bars will be connected since each of them represents a different part in the process. The connections between the bars will show what exactly is dropping off. That way, viewers can figure out what the problem is in their process and immediately put effort into correcting the issue. Creating value for viewers is the important thing in the process, after all.

PowerBI Sankey Bar Chart

Data integration Issues

If you’re having trouble figuring out how to easily get all of your data or the data of viewers into the program, one thing that you can now do as of approximately a year ago is combine Excel BI and Power BI Designer. Essentially, Excel is a program you can integrate with Power BI. If you have the 2013 version of the program, you can use Excel Workbooks to publish whatever you want right into Power BI. This also lets you share any analysis, data, or other types of visualizations with other people also using Power BI.

If it so happens that you don’t’ have a version of Excel such as Excel 2013, this doesn’t mean that you’re completely out of luck, however. You can instead use a similar reporter-creating tool inside of the software. It’s possible to import data from other sources this way directly and then model it and publish it straight to the service that Power BI provides.

Lack of Universal Data Access

Power BI now has the ability to allow you to access cloud services directly from it. So, if you previously had difficulty with importing and streaming data due to using a different program or a version of Power BI that didn’t work well with this, you will be able to use these new capabilities

Falling Behind Competitors Due to Time Lapse

Many options for metrics often have a lapse between when you first activate them and when they portray the metric. This is one of the advantages of Power BI, specifically that you can portray everything in real-time on your dashboard. It means that you can fix any issues that come up in your business exactly as they occur without a delay.

For more information on Power BI and related topics, please contact us today.

 


Power BI illustrates the path of progression through Microsoft Office on-the-go

In a world fueled by growth and progression, efficiency has been on the front lines of booming businesses for the past several years. When speed and efficiency count, PowerBI’s ability to display eye-catching visuals within Microsoft Office keeps you on track for what matters — the success of your company.

What’s new? With the January release of PowerBI mobile updates, the program becomes more user-friendly with not only Windows 10 users, but iOS users as well.

In a world where lugging around that heavy laptop for work outside the office becomes more obsolete due to the payload of advancing tablets, PowerBI’s decision to also advance their program’s tablet payload has been a well-received revision.

According to a recent WinBeta article, some of the iOS updates include things such as:

Real-time data support

No longer will the program need constant refreshing. It will do it on its own automatically so you can keep your focus wherever else it’s needed, and the updates are sent directly to your mobile device!

Offline Indicators

Rather than wondering why nothing is coming through to your mobile device only to discover you’ve lost connection, you will now receive a notification when the connection has been lost.

Indefinite access to cached data

Cached data will always be at the ready whenever you need to access it while offline.

Along with several others.

The PowerBI team has made great strides towards mobility, making their program more tablet friendly within the Windows 10 and iOS community. With stunning visuals and to-the-point data displays, this program is sure to propel any booming company in a positive direction. For more information, contact us.


Business Intelligence Software Trends to Watch for In 2016

Since technology is moving forward so quickly these days, it’s important to make sure you stay on top of it whenever a new year turns over. Business intelligence software is an area that’s particularly strongly influenced by new trends. Here are some trends coming up in the new year that you should take advantage of to ensure that your company doesn’t get left behind by competitors who make use of superior ways of analyzing, automating, and otherwise utilizing the inevitable new upgrades.

 

Self-service Data for Non-specialists

It’s a fact that people are demanding more and more immediate data access from the Internet due to many new people entering the workforce. The new arrivals to the workforce are going to be even more Internet-savvy and even more focused on the immediate access of data than ever before.

Not all businesses have dedicated analysts to figure out data. Many people are having to put on many hats at work these days. As a result, it’s going to be critical in 2016 for there to be the availability of data that’s easy to access and easy to understand even for those who don’t spend their lives doing this.

In other words, 2016 will be the year of the layman. Businesses that have internal structures for data analysis are going to have to adapt and find services that have an advanced UI that allows for easy entry. This basically means that the playing field will quickly become more equalized so that everything is easier to access for everyone.

Visualization Will Be Big

Obviously, pictures always have been and always will be important, including to BIS and analytics, but this is shaping up to be a big year for visualization. More and more organization are taking data and putting up in visual format to get a greater understanding out of it. This is an increasingly common trend among both experts in the field and those who aren’t It will likely continue into the new year.

It’s just a fact that the intense improvement of visualization in data will give those who use it a big picture advantage over those that don’t. It also helps with speed since you can often absorb data much more quickly if you need to make up or down type decisions. The more you work in an industry where this is the case, the more this trend can help you and the more you have to lose if you don’t make use of it.

Automation

The advancement of automation marches on and business information software is going to benefit. One of the main automation trends that will be increasing this year is combining analytics with automated actions. You’ll be able to use services and software that can analyze data trends and then perform simple actions based on the outcome of that analysis, automatically. After all, there are often situations where time is of the essence and if you’re confident enough in your analytics and the risk is worth it, automating tasks such as inventory replenishment could very well be worth it.

Getting constant reports automatically based on whatever parameters you set is another trend with BIS and automation that you can expect to continue as the year 2016 continues. Staying on top of market data in volatile industries such as the Tech Sector is going to be particularly important if your aim is to avoid being left behind.

Cross-platform Integration

The trend of different data sources of various media being totally separate is quickly changing. Everything is becoming integrated and combined. It’s tough to have a hundred different data sources since you often have to translate them from one form or file type into another in order to properly understand everything that’s happening. It’s going to be increasingly possible to combine and translate data sources with better and better integration methods.

Cloud Data and Analytics Synergizing

Companies are putting more of both analysis and data in general on the cloud. This makes everything easier to access and easier to integrate with all systems. For example, if you wanted to do an analysis of market trends put against information from your inventory or sales data, since both data sets can be stored on the cloud, integrating them and spinning out the results you want is going to get continually easier as time goes by, especially in 2016.

Mobile Analytics Becomes Its Own Category

In the past, people were combining the desktop and mobile analytics, always using one in the context of the other. But, due to the fact that mobile units are on the rise so much, there’s a good chance that mobile analytics is going to stand alone in 2016. Projections have mobile ad expenditure being at 40.5% in 2016 and this is projected to rise to over 65% by 2018.

Customers are using mobile more and more, and they are increasingly consuming more and more of the Internet through mobile devices, so advertisers are shifting their responses to match. This means that you should do the same if you want to stay competitive within your field, regardless of what it is. This applies both to being able to get analytics from mobile devices and also being able to analyze data from mobile transactions, such as those that relate to your inventory.

After all, there’s every reason to believe that those who purchase products or services from your online store using a mobile phone are going to be different than those who do so using a more traditional approach such as a desktop computer. The patterns are going to be different. They’re going to require a different approach to inventory control. For one thing, it’s likely that mobile users are going to make more split-second decisions than PC users. They may make more decisions based on impulse. Depending on how much of your business is based on impulse buys, it could make a lot of sense to have dedicated software and analytics for mobile. It’s now true that 80% of Internet users own a mobile device now, which also points in one direction.

Data from the Internet of Things on the Rise

Now, it won’t just be human actors that are tracked in terms of useable data. Physical objects are making their way onto the Internet and their trends can be tracked as well. This has plenty of implications for analytics and other business information software arenas such as inventory management. For example, if you can track how automatic web-connected objects are using resources, you can figure out how to tweak your own inventory in cases where they are connected. A refrigerator might connect to the Internet to automatically order more food when it detects its own is low, for example. If you have access to tracking this information and you’re a provider of this type of product, this information will be of use to you.

Overall, 2016 will be a great year of watching analytics combine with other new trends such as standalone mobile use and the Internet of things. It’s a good idea to get started on your strategies for conquering these trends now as a result.

For more information on BIS and other related topics, please contact us today. This will be the best method for getting a jump-start on the new year.

 


Our Answers to Your Power BI Questions

Power BI

If you have used Power BI, you have experienced the vibrant new avenue to streamlining data and finding opportunities to improve business daily. If you have not used Power BI to its fullest potential yet, or you are experiencing questions regarding the platform, MaxQ Technologies, Inc. specializes in finding solutions to your questions. We are here to provide support so your business can perform to its maximum capacity, so we have researched your Power BI questions to provide you with more insight into utilizing this product to its utmost ability.

How do Power BI and Power BI Pro differ?

As you have probably learned, Power BI is a new product that allows you to more easily and vividly organize your company’s data so you can visualize the trends and business tactics as they work. It provides a whole new level of organization so you can push business to a new plane of success. If you have heard of Power BI Pro, you may be wondering what this investment can do for your business that Power BI cannot. Power BI Pro also provides these vital new features while also offering more storage space (10GB instead of 1GB), live data control, hourly data updates instead of daily updates, and team collaboration using Office 365 Groups. These properties allow you to more easily interact with your data finds to grasp more control over the direction of your business. Find more differences between the two here.

 

Will Power BI work on my phone?

If you are trying to keep up to date with the latest changes in data, you may be wondering if Power BI is compatible with your mobile device. Power BI does have apps supported by Android, iOS, and Windows phones downloadable for free so you can more easily monitor business trends on the go.

 

What information do I need to install Power BI?

The free version of Power BI is available for use with just your Web browser and work email address. For more control over data visuals and report creation, you will need to download the Power BI Desktop– which is also free.

 

What data sources does Power BI connect to?

Data sources that work with Power BI are nearly endless. You can collaborate with data sources from Excel and other Microsoft platforms, Salesforce and similar service providers, Azure SQL Database, SQL Server Analysis Services, Office 365 groups, and some SSAS data sources depending on inherited privileges, in addition to many more. Keep in mind that access to some of these data sources is limited to Power BI Pro.

 

For more answers to your questions concerning using Power BI, contact us. We will find a solution to whatever your business data collection question may be.

 


An Introduction to PowerBI

An Introduction to PowerBI

 

In his TechRepublic article, “Microsoft Power BI Brings Big Data to the Little Guys,” Tony Bradley neatly describes Power BI :

 

“Power BI enables users to search data within their own network, or access data from public sources. Users can query in plain English and easily convert the results into interactive charts or maps to put it into context that can help guide business decisions.”

 

Microsoft originally launched Power BI as part of Office 365 in July 2013.  In late July this year, it became generally available and by that time had gained 45,000 users in 185 countries.   The July updates included“new chart types, a refreshed desktop application, and support for collaboration in groups on shared sets of data.”  Microsoft Corporate Vice President James Phillips said that once the service reached general availability, the pace of launching new features would increase.  In fact, Microsoft is adding new features weekly.  Phillips also said that soon Microsoft Power BI will “offer the ability to make custom visualizations.” 

 

The major advantage of Power BI over competition in analytics products is the ease of use.  “A major point of pride at Microsoft is that you can get started and get productive within 5 minutes of creating your Power BI account, creating charts and “slicing and dicing” your business data in cool and interesting ways …”

 

Trek Bicycle availed itself to the benefits of using Power BI.  David Peterson, Enterprise Collaboration Manager at Trek began using “a Microsoft Power BI workbook daily as a way to efficiently manage and track Helpdesk activity and customer service requests, including how many customer “tickets” – customer requests – are open and for how long.”  With the visual help of charts and graphs, he was able to view his data in a way that increased his reaction time.  This greatly accelerated his ability to make his team more efficient and productive.

 

MaxQ Technologies, Inc. would like to hear any questions you may have about Power BI or any other services, so please, contact us. Thanks.


Four Business Intelligence Software Statistics Every Business Owner Should Know About

Four Business Intelligence Software Statistics Every Business Owner Should Know About

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Have you invested in a business intelligence solution yet? If not, the following statistics will more than likely convince you to do so. And if you have started using a business intelligence software tool, these statistics should give you a better idea of how your business can benefit from this technology.

  • Nucleus Research conducted a study to determine whether or not business intelligence is a good investment. The study found that businesses were getting a little over $10 back for every dollar invested in analytics. The study found that businesses were getting excellent ROI on business intelligence regardless of their size or sector.
  • Info Tech looked at the cost of failing to adopt business intelligence. Three out of four businesses will suffer from not using software for compiling, analyzing and reporting due to the amount of time required and the risks of errors.
  • Business intelligence solutionsare switching to the cloud and to the mobile platform. Cloud-based products are projected to grow and become a market worth $2.94B by 2018 while mobile solutions and social business intelligence will rank slightly lower.
  • Businesses with the highest ROI for business intelligence tools are the ones who focused oncollaboration and who used reports to upgrade their IT equipment. On the other hand, the businesses with the lowest ROI for their spending on business intelligence are the ones who adopted a “wait and see” attitude instead of actively using the data.

Statistics show that business intelligence represents a huge potential for growth. However, a lot of businesses fail to benefit from collecting and analyzing data because they do not use this information efficiently. This is why businesses can benefit from using the services of business intelligence experts who can recommend a relevant tool and assist business owners in getting the most out of the data that is collected. Contact us if you feel that you could benefit from these services.