Common BI Myths: Busted. Again. Photo attributed to Chris Murphy: https://www.flickr.com/photos/chrism70/8527823859/
Yesterday, I discussed Information Age's article about BI myths, specifically the misconception that BI is overly complex. Today, I'd like to talk about yet another myth the author highlights - that BI is only for large organizations.
Ben Rossi writes, "But having the tools to transform raw data into meaningful insight - to enable business leaders to make better decisions - is just as important for small businesses as it is for large enterprises." He also notes how today's hosted and SaaS BI solutions put analytic capabilities within reach for more small and mid-sized firms.
Chrome River Technologies is a great example of how these organizations can benefit from BI. A smaller business itself, Chrome River embedded reporting and analytic capabilities into its SaaS-based expense and spend management solution - which is used primarily by law firms, professional services organizations, and other small-to-midsized enterprises (SMEs). Users now have unprecedented visibility into spending patterns by office, department, practice group, user, client, and other variables.
But, SMEs don't necessarily have to rely on BI in the cloud to succeed. Take the City of Addison, Texas, for example. This small suburb of Dallas serves 14,000 residents and employs about 270 people. Its BI and performance management system is comprised of dashboards, strategic scorecards, and user-friendly interactive reports. Managers and council members have real-time metrics about the city's solvency, so they can better adhere to budgets and maintain visibility into public safety issues, public works activities, economic development issues, court activities, and town proceedings.
These organizations are not alone. The number of SMEs across the globe who are taking advantage of the benefits BI and analytics continues to grow.
Information Bloggers is a conversation between people at the nexus of business analytics, mobile apps, cloud computing, social media, and big data. Together we are developing information management strategies that change behavior and transform business. Many of us work for Information Builders and, as such, are passionate about customer satisfaction and dedicated to excellence. Our views are our own. Welcome to the discussion!