3 Business Intelligence Myths that are holding your company back

According to a Gartner report, by 2020, the Business Intelligence (BI) business volume will move $22.8 billion worldwide. This figure is the result of the strengthening of the global data culture and the growing adoption of intelligence tools.

However, there are still many entrepreneurs who have not decided to implement this solution in their businesses or who have not been able to get the maximum profitability out of it. During some interactions with several of them I have detected that, in such a situation, three myths that have been created around BI tools have an influence.

1. The graphs and data it provides are very complicated to interpret.

I'll be honest, at the beginning it was like that; there were times when business intelligence was executed by top level analysts and IT experts who generated graphs and data that only they could interpret and convert into digestible information to optimize business operations.

But nowadays, like any technology that evolves and seeks a larger market, Business Intelligence tool providers have reached a level of graphic visualization that is incredibly intuitive to read and operate, in such a way that the information of our business metrics and KPIs really allow us to have an accurate perspective of our company at a glance.

2. Enterprise information is too varied and difficult to graph.

It is often said that BI cannot integrate the analysis of a vast amount of structured and unstructured data from spreadsheets, raw files, ERP, CRM, databases, business communication channels and IoT sensors, among others. But this is false.

A cutting-edge tool with Big Data can centralize and analyze this information, and even combine it with data provided by external sources such as online maps, macroeconomic indicators, social reports and even historical weather readings.

3. The system is a luxury and will not bring anything new to the company.

It is often said that business intelligence is very expensive and, therefore, can only be implemented in large companies. As with the first myth, this may have been true, but many years ago. Technological development and globalization itself have served to democratize the tool.

Today, you can access this technology through SaaS (Software as a Service) where you pay a monthly subscription fee without making large investments in infrastructure and licenses. Any company can use Business Intelligence, we live in the information age, where data has become the most valuable asset for a business.

Recent reports indicate that most Business Intelligence users see their platforms as a means to obtain faster and more accurate information in order to make decisions, improve employee satisfaction, optimize data quality and enhance competitiveness.

The key to implementing a business intelligence system is to ensure that the specific needs of the company are aligned with business intelligence and analytics initiatives.