To do this while still providing valuable information for decision making, the following approaches can be used:
Use free basic features. Many BI systems offer free versions with standard features. In some cases, a single feature of a BI system may be sufficient for basic analysis of a company's data.
Optimizing the number of users. If payment for a BI system is made per user, you can limit access to analytics to only one responsible employee or manager who will analyze the data and draw conclusions. This will save on licenses for other employees.
What are the alternatives to business intelligence systems?
The following methods can be used:
Excel reports. The program doctor data package is widely used for creating reports and analyzing data. It is a free and widely available tool that is familiar to many. However, it requires manual work, which can lead to errors, delays in updating information, and data loss due to human factors.
Specialized analytical tools for data analysis. These are Tableau, Power BI, QlikView, and others. They provide a wider range of functions and capabilities compared to Excel, but may require additional costs for licenses and training.
Enterprise resource planning (ERP) systems. Some companies use ERP systems, which include modules for business process analysis and reporting. They provide a comprehensive approach to business management, including finance, production, sales, etc.
Built-in analytical tools. Some business applications, such as CRM systems or warehouse management systems, offer built-in tools for analyzing data and creating reports.
While alternative methods may be useful in some cases, business intelligence systems typically provide greater functionality, process automation, and ease of use, making them the preferred choice for many companies.
How to create a business analytics system with your own hands?
Developing a custom business intelligence system based on a CRM platform could be a viable solution for many businesses. It would provide them with access to essential information and data analysis without resorting to expensive and complex solutions.
How to evaluate the effectiveness of a business intelligence system?
The economic efficiency of business analytics solutions is a complex task without a universal solution. It is often noted that assessing the return on investment in BI at the early stages is almost impossible, since the main benefits are manifested over a long period of operation. Experts recommend analyzing the implementation of BI systems in other companies and comparing their results with their own goals to assess the potential success of a BI project.