With small and medium businesses embracing cloud computing, Business Intelligence (BI) has found a renewed vigor. Solutions that claim to offer incredibly useful data mining tools have made an appearance, and vendors are vying for clients who want to use data to transform their business inside-out. While healthy in its overall outlook, this trend has been carried to the extreme in certain aspects. And for any business looking to benefit from BI, thinking things through is crucial.
Here are two of the top myths related to BI for SMBs that you need to guard against:
- You need the most cutting-edge solution: Many vendors would have you convinced that in order to extract the most from your data, you need to invest in a full-blown BI solution that encompasses data mining, analytics, etc. At some level it makes sense, but understand that maintaining these systems is a superhuman task that only the largest of corporations can afford. At the same time, the type of analysis provided by these might be an overkill for your needs.
- You will no longer need to maintain data: This is the biggest myth perpetrated by the hope that a BI solution will somehow take away all the responsibility of having to keep data clean. Guess what, that doesn’t happen. BI tools demands constant monitoring and maintenance effort, which, considering the enormous amount of data they produce, is extensive.
Simply put, Business Intelligence is not a must, but a helpful tool that can add a new dimension to your business efforts. Now how far do you want to go with that tool is entirely up to you.
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