Time to unlock the potential of unused business intelligence software

Business intelligence (BI) tools are designed to help organizations access and analyze their datasets and make sense of the ever-increasing volumes of data that is stored and created each day, as well as unveiling hidden insights into performance patterns and relationships. According to a recent survey, 64% of business leaders already using BI claim it has given them a competitive edge in their respective markets. Yet, despite the value that this powerful software can bring such as better business insights resulting in improved reporting and efficiency, many organizations still don’t know how to effectively use BI, and, as result, is often relegated to the shelf.

Our research indicates this is a common problem, with 96% of businesses admitting they have software licences that remain untouched. Within the United Kingdom alone, the cost of shelfware is estimated at £5.7 billion – an average of £159 per desktop user – meaning valuable opportunities for increased revenue and improved efficiencies are being missed. Additionally, the impacts of the pandemic have highlighted the need for greater business insights to enable tough financial decisions, and the handling and interpretation of data is central to this.

While it’s clear that investments have already been made in software that can help contribute to business success, why are these tools going to waste? 

Change of Mindset

After a company has purchased BI and analytics tools, we often see a reluctance to implement the software as they either don’t really understand what they want to achieve with it, or they simply don’t know where to start. Installing the technology is just the first step; the real challenge is connecting it to the people and processes with the aim of fostering a BI culture. This is easier said than done. It’s no surprise that two-in-five senior IT professionals have failed to reap the benefits of their investment in business intelligence tools.

Whether it’s providing information to the board or evaluating performance metrics for a project, there is a tendency for departments to rely on traditional manual methods of data collection, validation and reporting. Finance, for example, can spend large amounts of time and resource entering and analyzing information in mammoth spreadsheets. This not only hampers productivity and drains employee morale, but it also increases the likelihood of data errors, which translates to inaccurate reporting. However, with day-to-day tasks to complete and no time to spare, learning how to adopt yet another piece of software is unlikely to be a top priority. This resistance to change is further amplified due to lack of knowledge in realizing the full value BI can bring, as well as cross-departmental barriers such as disparate systems and poor communication, and little or no support or direction from the C-suite. 

Taking Power BI Off the shelf

Rather than relegating power BI to the shelf, business leaders should consider how the insights it can offer could benefit the organization. Take Microsoft 365 as a prime example. The enterprise package is the go-to for many large corporations, but there are lots of apps within the bundle that are rarely touched. With Excel integration and AI capabilities, its business analytics can provide users with a wealth of data visualizations and analysis that can be used to make empowering decisions. However, when making the leap from shelfware to day-to-day usage, adopting BI should be an evolution rather than a revolution, which means finding ways to encourage a culture change for successful implementation.

Focusing on quick-win projects that showcase the advantages of the software is a good place to start because it can demonstrate its wider value to key stakeholders. To leverage it effectively, we also recommend aligning the culture of the company with the BI vision, embracing a data-driven approach to gather product and customer insights, as well as to inform strategic decisions. Again, this should be done slowly, allowing time for users to learn and embrace the software and key learnings it offers. Paired with training sessions, this will ensure employees are well-equipped to start putting BI to work. Finally, for cultural transformation to be fully achieved, management should set expectations and lead by example, incorporating BI and analytics in important decision-making processes and setting targets. For a smooth approach, BI advocates can be appointed to monitor the transition from the bottom-up and top-down, ensuring it is integrated throughout the entire organization.

Large-scale adoption of BI can be highly advantageous, and opting to work with an implementation partner who can match requirements and deliver the right training is a step in the right direction. A best-in-class tool can collate, manage and organize data, pulling information into charts and visuals, making it possible for ordinary business users to connect the dots between different systems and uncover patterns of behaviors. It can also track KPIs, schedule automated reporting, forecast predictions and much more, offering enormous value to business leaders. From a cost perspective, for example, data analytics has been shown to make decision-making five times faster, while the ability to cut out manual report production, save time and reduce errors yields an average ROI of 188%. The possibilities are endless.

Many organizations have only scratched the surface when it comes to unlocking the full potential of their software investments. To improve process efficiencies and start using BI insights to bring value to the business, purchasing the technology is a start, but it’s no use to anyone if it’s then just left aside until the time is right.

Businesses can no longer afford to ignore BI; encouraging a change in culture to transform old, laborious and time-consuming processes needs to happen for it to be embraced. Only then will they be able to achieve maximum ROI from their software investment, and business leaders will start to unlock valuable insights into what’s really happening at their organizations.