The "accumulation" of data alone however does not help companies. Simply having a professional administration and storage of the information it is not everything. Big Data has to be transformed into real added value in order to have advantages over the competition. For this, it is important to constantly analyse your own company:
- What is our current status quo?
- What has led to the current situation?
- Are (counter) measures necessary?
Business Intelligence and ERP
ERP software seems to be the predestined answer to these questions - or be able to deliver an answer. Because it is here that the company data are collected centrally. With the help of special ERP tools for BI, these data can now be intelligently interpreted and visualized. Business Intelligence and ERP are very good options for midsized companies to improve their market competivity.
How does Big Data affect BI?
Business Intelligence as such has been around for several years or decades. BI is currently changing rapidly due to “Big Data”. Companies have millions or even billions of records that are no longer easy to look over. New BI software can therefore also be described using the term "Data Discovery". Intuitive, simple and visually supported, certain data patterns and abnormalities should be identified. The primary goal is to achieve a better understanding of the data in a significantly wider range of users. The tools not only present current problems or difficulties from within in the huge data volume. They also make future prognoses easier and can answer specific questions through in-depth analyses. The required performance of modern BI solutions is usually facilitated by in-memory technology.
The cloud is another important aspect of BI and Big Data. Businesses are increasingly committed to storing their data in the cloud. It is already clear that future analyses of this information will also take place in the cloud. In order that these cloud data are available anytime, anywhere, so-called cloud data warehouses are being used more and more. While there will be local and hybrid solutions in the future, Cloud BI is much more scalable - a huge advantage, especially in the context of Big Data. The trend towards the cloud is further intensified by the high demand for mobile access to BI tools. As a result, important information is available regardless of location and time.
What can be analysed with Business Intelligence?
Department heads, managers and other decision makers need a well-founded database to identify opportunities and risks in a timely manner. And then to react to market changes. The majority of this data is already available in the ERP software. However, a tool is needed to filter and sort out of the flood of data the information that is really relevant. In addition, it must be prepared accordingly, so that really direct operating procedures can be derived.
How large the need for this data analysis is, especially for mid-sized companies, is shown in a study of the Aberdeen Group ("Analytical execution for today's midsize enterprise") from the year 2016. Back then already 47 percent of the medium-sized companies assumed that many decisions were based on incomplete or even incorrect information. As many as 90 percent of decision makers do not have relevant information at hand when needed. And a good quarter of medium-sized companies cannot get a clear picture of their own business because the data is too fragmented and scattered. Business Intelligence and ERP are very good options for midsized companies to improve their market competivity.