We read a great article today from Nils Rasmussen of Solver BI360 about the problems companies face when they rely on too many reporting and business intelligence tools. You may not think you have that many tools because you live in a small part of your overall company’s technology ecosystem. Let me explain, let’s say that you’re in marketing. You probably use your CRM system’s reporting tool daily but you probably get financial reports from another tool within your accounting or ERP system. And it’s very likely (I’d guarantee it) that you are using Excel to pull data together from other systems manually – such as your website traffic, budgets, business plans, etc.
Nils works with companies every single day and estimates that most businesses use at least 5-7 reporting tools and we think he’s being kind. It’s probably a lot more when you look across your business and every piece of software installed in every nook and cranny of every department. Consider for a moment the world of a manufacturer using systems for quality management, vendor relationships, customer portals, customer relationship management, document management, financial reporting, project management, preventative maintenance, and the list goes on. Every system you use likely has its own reporting tools – each great in their own respect but most often disconnected from each other. And this makes it next to impossible to get real insights into your business.
Your goal – should you choose to accept it – consolidate your islands of disparate data into a single data warehouse where you can leverage the power of a single business intelligence and analytics tool to standardize on the information you need to gain a complete picture of your manufacturing operations and finances. And that’s why we are such strong supporters of Solver’s BI360 because quite simply, it will save you a lot of time and money while giving you information that you’ve never been able to develop on your own.
And what do you stand to gain by consolidating your data and using a single reporting tool? You’ll save a lot of time and money while gaining new insights into your business.