Many companies and businesses now rely heavily on data analytics since it has numerous benefits. This is why a business person needs to collect and analyze data accurately. Traditional business intelligence (BI) concepts forced those who used the data to rely on IT and data experts to get interpretations of data analytics before they could make decisions. But things have now changed with self-service BI tools.
Self-service BI lets business people work on their own and make quick decisions based on simple queries that they perform through various data analytics tools. For organizations, this means that various employees should make use of their data without involving the IT or data experts. The self-service BI concept gives a company the possibility to connect analysis to action.
Benefits of Self-Service BI Tools
There are numerous interesting advantages of self-service BI tools. By now, you can guess the major ones if you have already worked with data analytics before. The list below will be invaluable to you whether you are already in business or intend to open one in the future.
- Conduct your own data analysis – Marketing people can access and analyze their customers’ data directly, hence understanding their needs effectively. With self-service bi tools, the teams stay in full knowledge of the market segment, existing customers, possible prospects, and any other details they need. Fortunately, there are numerous BI tools in which a business can invest that are well suited for sales and marketing teams.
- Cost reduction – Since the self-service BI concept came into the limelight, businesses have been able to scale down costs. There is no heavy reliance on contracted data and IT experts except for the cost of additional servers and the BI tools. Operations costs are lower while the benefits of this approach are greater. In fact, the profit margins are usually higher because of the fast and better-informed decisions departments have the ability to make.
- Better and faster decisions – For a business to run smoothly and grow, decisions have to be made. As seen, self-service BI tools are used in a variety of departments for decision-making to be easy and fast. Even with little technical skills, the employees in a department like the marketing department can quickly analyze data and print reports that guide them in making day-to-day decisions.
- High level of business adaptation – Well, there is nothing better than flexibility for businesses and organizations to adapt in any environment. Things are changing rapidly, and the ability to adapt to these situations is very important. Self-service BI tools enable users to analyze data to react to various situations and prepare the business. Whether it is an economic dip or an internal financial crisis, this data becomes useful in making adaptation decisions.
- More profits – The last benefit to discuss is increased profit margins. All departments in a company play their role with the aim of contributing to making profits. Whether it is sales and marketing, production, or management, the aim is to make decisions that will increase the profit margin. When each of these departments is given the right self-service BI tools, they can analyze their own data and contribute to the growth of the customer base and eventually profits. Data-oriented companies can attest that this is very possible.
It is crucial for everyone in an organization to make the right decisions without overreliance on other departments. With self-service BI tools on the table, this becomes possible, easy, and effective. Only a little effort is needed to train users on the use of these tools, and everything will fall into place.