Myth#1: Good Business intelligence originates from only digital solutions.
The IDC communication channel confirms that data preferences often varies in relation to what type of interaction the customers want. When a high –percentage of customers choose voice calls as their topmost way of reporting problems with a service or good then the organization should try to meet these needs by getting insights across channels. A good example is that even with social media as a digital solution gaining the spotlight, voice still takes the top role through the provision of insights which have similar potential levels of the website and social media insights. This means that the business intelligence solutions should be used based on the intended audience.
Myth#2: Only major corporations benefit from Business intelligence
It is a fact that big and small organizations utilize the available expertise and tools to make company decisions. This means that the size of the data should not limit the use of good business solutions to enhance the organization’s operations. Market competition today often relies on customer review, ratings and feedback. This means that even the small organizations can compete with the big organizations. For this reason, embedded BI (business intelligence)- should not be taken to be too costly. There are tools today which are less costly and can serve the purpose just as well. These tools are also user-friendly for instance having an SQL web server hosted on a Google or Amazon database. Handling BI manually can prove to be more costly, however, with a cost-benefit analysis, a business owner can slowly bring the business to maturity in terms of decision making, product development. It would be extremely helpful for small organizations to have tools which transform raw data into meaningful insights enabling the leaders to make sound decisions.
Myth#3: The only valuable data is structured data
This is a myth because both unstructured & structured data are similarly valuable. Importantly, there are gray areas when it comes to the data in that some unstructured data with the use of embedded analytics tools can be structured. For instance, A company can use excel to delineate using predetermined words for a product like Twitter, using unstructured coding, teams can measure feedback using the formula that is aligned to the type of coding on which the twitter platform works. Such an approach does not have the burden of structured data but can deliver with the same accuracy and small margin of error as the structured BI tools. This means that overanalyzing of data raises costs and drains resources. The solution is to use the gray area which involves mining data that is unstructured in a more cost-effective manner.
Myth#4: Data is good at any time
This myth does not take into account that data moves and that real-time dashboard create the best opportunities to get and act on the data. Insights depreciate fast whereby yesterday’s data may not be valuable in a week. For this reason, issues should be addressed promptly. Devaluing of data can happen when the relevant data are not captured in real time using dashboards. Text embedded analytics are often able to decode data from conversations and the sentiments of topics through social media, reviews and product ratings, idea portals, logs of chats and customers who have community discussions online. This means that customer intelligence assists customer care centers to identify a crisis before it happens, proactively detect warranty issues, quality issues or acquire new ideas.
Myth#5: It would require the building of robot process automation by a data scientist to mine data
Tools used in business intelligence are not as technical and complicated that they would require IT, experts. BI does not just mean the use of algorithms. It can also apply to the translation of a customer report, working with the clients as partners by having them actively engaged to ensure that the vision is completely true to the objectives. Working with the clients, ad-hoc reporting can be created and the client taught on how to use the ad-hoc reporting from the business intelligence. They can also be involved in future creative procedures or in strategies to optimize data for results for a longer duration. Also, there has been a growth in self-service data tools which has made it possible for users not trained in business intelligence to use it. This makes the relevant decision makers able to access the content of embedded BI uninhibited making it possible to have quality decision making.