Myths in business intelligence.

Myths in business intelligence.

1. 1. MYTH: Only structured data is valuable

   • FACT: Structured and unstructured data are equally valuable. There are gray areas where unstructured data can be structured with simple analysis tools. For example, Excel is a basic but effective tool with the correct front-end procedures. A business can even use notes in Excel to highlight predetermined words or the temporary product around a platform like Twitter.
     • With this simple, unstructured coding, teams can measure comments with a formula that parallels the coding taxonomy on which the Twitter platform works. This approach doesn't burden the organization of structured data, but instead offers the pinpoint accuracy and minimal error rate of more expensive structured BI tools.

2. 2. MYTH: Good business intelligence comes only from digital solutions

   • FACT: There is no single solution for business intelligence. Preferences in communication channels vary depending on the type of interaction that customers are looking for. If 76 percent of respondents select voice calling as one of the top two ways to report a problem with a product or service, then that company needs to get to know its customers through these channels.
     • For example, despite the set of digital solutions provided by social networks as a center of attention, voice continues to play a key role, since it offers the same potential as social networks and web information. BI solutions must be implemented based on the intended audience.

3. 3. MYTH: Data is good no matter when it's used

   • FACT: Data is like a moving target, and real-time dashboards provide the best opportunity to capture and act on it. Ideas can depreciate at an alarming rate. What happened yesterday will not be as valuable a week from now. As such, the time to address important issues is fleeting. Data can be devalued if relevant data points are not captured in real time using a single dashboard.
     • Text analytics can decode what is being said through social media conversations, product ratings and reviews, chat logs, idea portals, and customer online community discussions. Understanding this will help call centers proactively identify potential crises, capture insights and uncover quality issues.

4. 4. MYTH: It takes a data scientist to implement robotic process automation (RPA) and extract data

   • FACT: Business intelligence tools are not so technical and complicated that they require a qualified IT specialist. Not only an algorithm must be devised: every creative process begins with the established vision of a company. With the right starting point, translation and toolbox, a custom report can be designed. Collaborate with your clients as partners in order to get them actively involved, so that their vision is true to their objectives. Together you can create custom reports.

5. 5. MYTH: Business intelligence is only valuable to large corporations

   • FACT: Businesses large and small today should implement the tools and expertise available to drive business decisions. Data Breadth Isn't Equally Important: In today's world, no data or business size limits the use of good BI to sharpen operations.
     • There is no denying the reality of market competition and the likes of today's product landscape, which is largely based on feedback, ratings and reviews. Don't assume that BI is too expensive. BPOs can and will help with quick-basis models and shared resources, for a cost-effective approach.
     • Las inversiones en BI varían considerablemente, y en términos de ROI, recuerda que manejar BI manualmente puede ser, de hecho, la opción más costosa. Con un análisis de costo-beneficio, puedes iniciar y escalar correctamente tu BI para lograr madurar tu negocio. No todo lo que se piensa sobre la inteligencia en negocios suele ser cierto. Los beneficios de invertir en ella superan, en nuestra actualidad, a la posibilidad de no obtener una retribución de la misma. En esta época, en que cada vez más dependemos de la tecnología, la BI de hecho se ha vuelto indispensable.