Growth hacking relies as much on data, on access to information, as on a strategic watch at all times. The different tools of strategic intelligence are therefore necessary for the toolbox of the good growth hacker.
Open business intelligence refers to new ways of analyzing data, making decisions based on it, and sharing information. A tool in this domain gives organizations the ability to access their data. This access allows them to make more informed decisions faster.
But which tool is right for your organization? Open Business Intelligence is about bringing the power of business intelligence to everyone in your organization. It means giving everyone – even non-experts – access to the information they need. It also means ensuring that users can perform tasks easily and understand the tools they are using.
What is Open Business Intelligence?
Open business intelligence is a type of business intelligence software that gives users the ability to generate reports and information with minimal assistance from their company’s IT and data professionals. Open Business Intelligence is the ability to obtain information.
It is the ability to make decisions within an organization without the need for external consultants. These tools do not replace optimized data analysis or monitoring tools. However, they should give users the ability to create reports or dashboards without programming skills.
Types of Open Business Intelligence Tools
There are four main types of open business intelligence tools:
- Data Analytics,
- data visualization,
- data integration,
- Data Manager.
Let’s look at each of these in more detail.
- Data analysis: analyze data without the help of a data scientist or data engineer. Analysis tools can be structured around Tableau, business intelligence tools, Pandas, or Excel.
- Data visualization: these tools allow users to create interactive visualizations without the need for a data visualization specialist. The most common types of visualizations are dashboards, charts, and graphs.
- Data integration: importing external data without the need for data or IT engineers. The most common types of integration tools are data ingestion (collection and import) and extraction.
- Data management: automate tasks and evolve business intelligence. Common types of management include orchestration and governance.
Benefits of Open Business Intelligence
Open business intelligence tools are designed to democratize technology. Their designs should enable everyone in your organization to make informed decisions and understand the data they work with. You can generate information, and provide a single dashboard for all your employees. In addition, these tools facilitate the development of applications for your business intelligence.
- Automation: create tools for your team and allow them to respond to specific needs with a simple click. For example, an open business intelligence tool generates a report for each department that lists the top 10 issues impacting their work.
- Culture: Change the culture of your company by introducing these tools at all levels, from senior managers to interns. Allow employees to see how their data affects their decisions, and let them manage it. Create business intelligence applications that help your employees.
- Security: Automate security processes by analyzing your data to detect anomalies and identify risks. Such a tool could detect fraud or security threats in real-time.
- Transparency: Your data should be easy to find, identify and understand. Make sure data is easily accessible, searchable, and labeled to help people find what they need.
- Increased business agility: Faster business agility to make better decisions. This can mean fewer false starts and less time spent chasing new opportunities. Such tools can help you detect weak signals more quickly.
- Reduce IT costs: Reduce the time and costs required to implement new business applications. This can result in fewer IT staff, fewer incidents, and less downtime.
- More frequent information: Easily generate more insights from your data. Help you identify trends and track KPIs faster.
- Better audience understanding: better understand the target audience you are addressing and how they are being reached. This is useful for understanding the impact of decisions and planning ongoing engagement with your contacts.
- Increased engagement of your employees: helps employees become more engaged and feel more ownership of their work. This can result in happier, more productive employees.
Risks of Business Intelligence
So, open business intelligence is a powerful technology that allows employees to create tools, make decisions and take action based on the data they have. However, it is important to note that data quality is critical for these tools to provide accurate information.
In addition, poorly written applications can lead to inaccurate conclusions. This will hurt your business. Similarly, data security can be an issue. Thus, a management system for storing your data. To avoid this, make sure you choose a tool that offers the assurance of data quality, validation, governance, and protection.
This ensures that the data you use is accurate and compliant with your internal policies and external regulations. Ultimately, it will be easier to discover and analyze.
Let’s summarize what we’ve just said about this tool’s pros and cons. Open business intelligence offers considerable advantages, especially by making data analysis and intelligence accessible to all members of your company. As such, this accessibility improves company culture and transparency by increasing employee engagement. But it also comes with challenges, including security risks, data quality issues, employee training, application management, and organizational adoption.
Moreover, business intelligence has come a long way since the days of pen and paper. Today, it is possible to create dashboards and reports to help you make better decisions and understand your business. These tools allow you to create these reports and dashboards without hiring an engineer or data scientist or writing code.
To help you in this process of setting up open business intelligence tools, as well as on your entire digital transformation process, our agency is at your disposal!