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It is the era of Analytics.
Companies no longer grow by expansion instead they grow by exploitation. They make the best of what they do. To help in this you need analytics.

This article is a checklist to enhance your business understanding

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  1. 1. Business Intelligence Suite V1.0 – July 2014V1.0 – July 2014 FAQ for BIFAQ for BI Q1. How is BI better than Reports? There is a world of difference between Reports and BI. While Reports collate information, BI only focuses on the specifics. What this means is that Reports provides you with day-to-day data on operations and BI allows you to notice trends on a macro level using the same data. Another reason is that BI has a pictorial representation of data. Reports show your data in the form of a huge number of rows and columns. BI shows hundreds of rows worth of data in one easy to understand graph that gives you a clear picture. Q2. How does dashboard enhance the productivity? Dashboard is a one-stop information center. The best way to describe it is “your entire business on one screen”. It may not seem too useful at first but the moment your business increases in size and complexities most managers across the world have found BI very useful. This is because you do not need to keep every scenario in your mind while making a decision; everything is in front of your eyes (much more than can be in the mind). Q3. Can BI help me grow Business? Yes. However it is not as simple as implementing BI and getting results. It is an indirect growth, but over the years research proves BI grows business revenues. Here is how:  No dependencies for decisions  Really converts time into money, with readily available data at your fingertips enabling you to make quicker decisions.  Really converts time into money. How? It can assess trends practically from the beginning of time and help you convert them into Profit
  2. 2. --------------- FAQ for BIFAQ for BI V1.0 – July 2014V1.0 – July 2014 Q4. What kind of ROI do I see post implementation? When and how much? ROI is never direct and immediate when the investment is on a system. But there are areas that it does more than justify its cost:  BI helps catch and focus on missed opportunities and revenue leakages  BI alerts on improper usage of the system thereby reducing inefficiencies and frauds  BI can catch wherever there is wrong/false data. This helps you know where there is lack of discipline in your company, which may even uncover more serious issues Q5. Do I really need BI? It depends on the extent and manner in which you use it. If you would be unable to use it the way BI is intended, we would recommend that you do not use it. The intended purpose of BI is as follows:  BI is not the equivalent of graphical reports; charts are generated in reports also  BI is actually a tool to assess business than mere operations or finance individually  While reports only look at one facet of business, BI looks at everything at once For Managers who wish to and are comfortable in understanding their business in this manner, BI is a very helpful tool. Q6. Do I need Reports if I use BI? Yes, this is because the fundamental purpose of both these tools is different. Both have different intended target audience. Reports are primarily focused on the needs of middle to lower level managers. This is the reason behind reports focusing on only a few areas at a time but going into great detail about them. BI on the other hand gives you a brief picture of everything you need about a decision you have to take. Of course, BI can drill down to report quantity level whenever you need. Note that both are used for making decisions but reports are more useful for short- term decisions while BI is for long term.
  3. 3. --------------- FAQ for BIFAQ for BI V1.0 – July 2014V1.0 – July 2014 Q7. Is BI applicable to my company? BI is applicable to any company that has a system in place. This is because:  BI would have all the data it needs to be useful  Your company already has the discipline needed to use such a sophisticated technology Q8. To what extent can BI be customized? BI can go as far as the extent of your visualization. Customization of BI simply means viewing your data from a number of vantage points. The real power of BI is when you add more and more parameters to assess. In case you don’t know where to start, we already have a vast array of pre-customized templates. Q9. To what extent do I have to bare additional cost on hardware to run BI? If you have a computer, you are good to go. BI does not require any special hardware, it is all software. Of course the better your hardware the faster BI will work Q10. How affordable is BI? It is very light on your pocket, considering the returns it will give you in the long run. It’s not an expense it’s an asset. Q11. Do I need to have any technical competencies for using BI? It is advisable, but only a little will suffice. This is because you can think of ideas that even WebXpress may have not thought of.
  4. 4. --------------- FAQ for BIFAQ for BI V1.0 – July 2014V1.0 – July 2014 Q12. As a person new to BI, how much time would it take to understand it? Anyone who can operate a computer can use BI. At the simplest, it is as easy as point and click. Q13. What kind of effort would go in to master BI? Learning BI is actually an ongoing process; the more you use it the more you get to master it. However to really master BI, we recommend our customer to experiment by combining different data and seeing what the result is – what we have found is that they not only gain the capability to see their business from angles beyond any of our imaginations but also become independent when it comes to common doubts. Q12. What volumes of data can BI work on? Practically, limitless.