Some companies utilize self-service analytics or business intelligence systems that assist with generating reports and making effective business decisions. When a non-technical user wants to analyze or generate a report in organizations with traditional analytics and BI systems, they may have to submit a detailed account to a data professional.
Among the key advantages of self service analytics, is the fact they are known to be automated, which allows the user to explore data and share visualizations. They also help business owners understand how their businesses are performing and assist with creating hypotheses for what will happen in the future.
Other features include data visualization and statistical analysis. Until recently, business intelligence systems had been viewed as complicated undertakings. Self-service business intelligence changed that, and here's how.
Protect Critical Information
Companies that turn to consultants for analytics predictions run the risk of handing over critical information. Such information may be used against the business if it gets in the hands of the wrong people; hence incorporating BI systems ensures sensitive data is protected. Worse, there will be little to no internal learning happening in the company since the consultants offer all the information that business users seek.
Also, the consulting parties mining data can benefit from your business’s statistics and end up creating models that benefit themselves as well. The ideal way of protecting your data is by keeping it securely within the company's firewall to avoid the threat of a data breach. Self-service analytics ensures your data is well secured, and that only authorized personnel can access it.
Improve Learning Abilities
When operating oblivious to self-service analytics, businesses face the risk of losing the ability to make informed business solutions. Constantly transferring information back and forth between the business and consultants does not provide an opportunity for business persons to make critical and knowledgeable decisions. They may also be unable to update their models based on the results and predictions.
Incorporating business intelligence systems helps with optimal knowledge growth, and you can keep up with critical updates regarding the company. It is also possible to interpret data from various sources into visual representations on a single screen, making it easy to comprehend and translate.
Enhance Internal Collaboration
Self-service provides predictions, creates discussions and fosters collaborations among organizational departments. Data scientists mine information from various sources, which is then used by various departments to make reports that are then used by decision-makers. Parties from various departments then collaborate to agree on the goals to set to yield more results.
Companies that rely on self service analytics tools instead of using consultants to generate data get to benefit from the science of communicating ideas effectively. The various organizational teams can later partner and improve the predicted models.
Cost-Effectiveness
Consulting is a lucrative business, so imagine what your business could save by incorporating self-service analytics. Your enterprise can invest the money in other departments rather than outsourcing consultancy services. Some areas of cost reduction may include agency fees, offsite hosting, and consulting projects. Business intelligence systems can provide detailed information on all the fields.
Due to the rise in self-service analytics, attribution systems and in-house planning tools can reduce their cost significantly, including up to half. Self service analytics tools are an affordable option for business owners to invest. You will get an assurance that all your trade secrets are safe and you get a better perspective on how your business is performing.
The Bottom Line
The advantages of self-service analytics go far and wide, from its easy-to-use feature to promoting teamwork among various departments. Business intelligence systems allow organizations to uncover more opportunities and make bigger decisions. Transform the way your business makes decisions by adopting self service analytics.
