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How Your Business Can Benefit from a Business Intelligence Solution

4/16/2010 at 7:00 am by

Recently, I came across a spoof on the harmful effects of “information overload syndrome” (IOS). The video is hilarious, but the reality of information overload can leave accountants, executives, and managers alike feeling a bit like our poor donkey friend in the picture.

DonkeyWhat can we do to combat IOS? Enter business intelligence (BI) software.

According to webopedia.com, a business intelligence solution “allow[s] a company to gather, store, access and analyze corporate data to aid in decision-making. Generally these systems will illustrate business intelligence in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis to name a few.”

Benefits to BI

Bottom line, BI solutions can help companies of all sizes use the data found in their applications to solve problems and make better, faster, and more intelligent business decisions. And while many different size, shapes, and styles of BI exist, specific benefits can include the ability to:

  1. Combine data from various applications in some type of a “data mart” or “data universe.”
  2. Validate and clean data to make sure it is accurate and useful (the fancy term for this is called ETL or “Extract, Transform, and Load.”
  3. Enable report creators or viewers to access data and reports via the Internet or company Intranet.
  4. Store a library of custom reports.
  5. Provide ad-hoc query capabilities. This can include data cubing or pivot-table type capabilities.
  6. Secure the information so that users to only see data for which they are authorized.
  7. Deliver a single version of the truth to all stakeholders. Eliminate “spreadmarts” — a fancy term for a vast array of complicated spreadsheets, which far too many companies employ as a reporting “solution.”


Sounds Great! I’ll Take Two!

For all of the wonderful things that BI can deliver, implementation can be complex and the promised benefits elusive without proper planning and preparation. With that in mind, what’s a responsible, data-loving, budget-conscious, decision-maker to do?

  1. Remember, it’s not your fault. The existing solution of spreadsheets, post-it notes, random reports, and hieroglyphics are not your fault. Look in the mirror and repeat if need be.
  2. Quantify the problem: what is the current solution (or lack thereof) costing you?
    • Employee hours
    • Postponed decisions
    • Lower profitability
  3. Determine your requirements.
    1. What is the overall strategy / what are you looking to accomplish?
    2. Who needs information?
    3. What capabilities will provide the most significant return on investment
      • Web-based access
      • Ad-hoc query
      • Report distribution
      • Data universe capabilities
      • Data security
  4. Ask questions. A good business intelligence solution will provide answers to your critical questions. Take some time to ask those questions and document them accordingly.
  5. Explore your options. Work with a knowledgeable partner who understands your needs and various business intelligence solutions. A reputable consultant will seek to understand your requirements and priorities and then match those with the best possible solution.


What About You?

  • What are your biggest reporting challenges?
  • Has the “spreadmart” approach left you with an acute case of “information overload syndrome”?
  • Do you plan to explore BI solution to address your critical reporting needs?

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About the Author

Mark Severance is the drector of sales and marketing for Arxis Technology, Inc. in Simi Valley, CA. His responsibilities at Arxis include overseeing lead generation, corporate communication, new client sales, and client satisfaction. Mark has been recognized as one of the “Top 40 Under 40” by the CPA Technology Advisor and the San Fernando Valley Business Journal. Mark has presented workshops for the Information Technology Alliance, the California Business and Accounting Show, and the Los Angeles Westside Technology User Group. He received his Master’s degree in Business Administration from Pepperdine University’s Graziadio School of Business and Management in 2003.

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