Picking a Business Intelligence (BI) tool is no easy matter. But the value it can provide far outweighs the difficulty of that decision. To help you see the potential of such tools, here's a list of 10 common problems BI tools can help you with.
6. I often end up spending more time than anticipated on projects
A job for one of your big clients ended 4 days late? A new partner expressed doubts about the quality of his order because you delivered it two weeks earlier than anticipated?
Such issues probably come from imprecise planning on your side — either too optimistic, or too pessimistic.
By using a tool like Beeye, you'll be able to take into account all factors that might impact your delivery dates, to make your estimates more precise and realistic.
When you want to drill down on the data, a smart solution will give you more information on the reasons why you did not deliver on time, which can often have many complex causes (skill gaps in your staff, overworked resources, etc.) . That data can in turn be used when you want to justify a recruitment need.
7. I take many decisions based on Excel spreadsheets
For small teams, it makes perfect sense to plan, manage and assign tasks with Excel or Google spreadsheets. They're a staple in most offices. However, as soon as your team expands, you'll hit a brick wall.
Excel really struggles when it comes to working collaboratively. And when making decisions quickly becomes crucial (as it does increasingly when companies grow), having a solution that provides real time information in a centralized way becomes a necessity.
If you need any more convincing, we've looked at a few Excel spreadsheets commonly used by managers, and our findings were quite... surprising (should we say scary?).
8. I am not tracking any performance indicators for my business
The role of all software that deals with business intelligence is to give you access to data in a way that is easy to consume and that can help you make decisions that will impact the performance of your company.
But how can you do that if you haven't even set up any performance indicators for your company? That's like running blind.
Luckily, smart solutions will suggest KPIs (key performance indicators) you can start tracking, which will give you a deeper understanding of your business by helping you focus on metrics that move the needle for you.
9. I find it hard to track the profitability of my projects
Most businesses — we hope — should be capable of getting basic information about their overall budgets, costs and profits fairly easily. But when it comes to digging deeper into that data, however, most organizations are unable to tie their profitability (or lack thereof) to a particular cause. Are some types of projects less profitable? Did a particular client cause a significant loss? Those questions are too hard to answer without the adequate tools.
With a business intelligence solution, profitability can be analysed easily as all information is organized, tagged, and easily retrievable. According to the SPI study mentioned above, such solutions provide a 24% average increase to project profitability.
10. I feel like I spend a lot of time on administrative tasks
One of the main benefits of business intelligence is to tell you exactly how much time you're spending on different types of activities. But that's not all. When paired with a smart planning and time tracking tool, you'll be able to improve the way you manage your time, so that you allocate it to activities that are more profitable for you.
Of course, not all administrative tasks can be removed, but you can strike a better balance by being more aware of how your time is spent.
A SaaS solution like Beeye will help you go even one step further, but automating some of these tasks entirely and freeing up time in your busy agenda.
As you can see, setting up business intelligence and planning solutions can help you with numerous issues, which makes it a strategic investment for your company.
If you want to undertake such a project, Beeye can walk you through the first few steps to guide you in your decision.