Enterprises in the modern age have three options when it comes to using Business Intelligence tools for decision making: either have no BI tool (which is really just another way to spell ‘disaster’), have a traditional BI tool, or adopt a modern BI tool.
What’s the difference between a traditional and a modern, or an advanced BI tool? Traditional BI tools are time-consuming, effort-intensive, do not produce actionable insights from data, and are heavily dependent on the tech experts to conduct any kind of analyses, or make changes to existing dashboards. Modern BI tools, on the other hand, are fast in dashboard creation, require less hassle in creation, and are better at utilizing data to provide actionable insights.
The most important point, however, that business users should be asking when making important decisions is this: does my dashboard enable me to take decisions independently?
Since I am the one taking the decisions, can I interact with, and find my answers from data, without having to revert to tech professionals and cumbersome processes?
Enter Self-Service BI.
The Business Application Research Center (BARC) conducted a research among 2,865 users, vendors, and consultants on the most important BI trends in 2020, and reported in its publication, named the BI Trend Monitor 2020, that self-service BI ranked fifth in the list. You can see the top 10 trends in the snapshot below taken from BARC’s website. It is important to note that data discovery and a data-driven culture are also closely linked with self-service BI:
3 Reasons To Adopt Self-Service BI
As the name clearly indicates, self-service BI tools are unique in that they offer a platform for every individual within an organization to interact with data independently, irrespective of their technical background. Here are 3 sound reasons to go for self-service BI:
1. Decision-makers will have a faster response to situations
Business users can study and analyze data on their own. Self-service BI also cuts off the painstaking loop of reverting to IT/MIS/BI teams for ad-hoc analysis and modifications. Faster processes and independent analyses mean faster time to actionable insights and faster situational responses. This is crucial especially in the case of functions like sales, providing teams with that crucial toe ahead of the competition at all times.
2. They will make optimal decisions
While making fast decisions is good, the quality of the decisions matters much more. Self-service BI tools like Phrazor auto-generate data patterns and establish critical interrelations between data points, providing conclusions and context (in other words, answering both ‘Why’ and ‘What’s next’ questions) to the data, paving the road for pure data-backed decisions to be made.
3. Valuable human time will be freed
Data analysts can turn their attention to higher-order tasks instead of spending most of their time conducting mundane, ad-hoc reporting and analyses at management’s request. With self-service BI coming in, one can be sure of productivity and job satisfaction levels shooting up, and misallocation of efforts minimized.
Self-Service does NOT mean..
Debunking possible misconceptions:
1. Just because business users can do data analysis now, doesn’t mean you are a data analyst in the true sense of the term. Data analysts will still be able to use their expertise and effect them to greater use over the long course with a self-service tool at their disposal. Also, for some queries, one will have to enlist the help of the tech experts. However, all of this will be on a smaller scale than before
2. You can't use a self-service tool right off the hook - some training is required. Having a strategy, establishing a framework, setting the policies, distributing training are all important components of the onboarding process. That said, it is neither as daunting nor as disrupting as it sounds - navigating through these should be easy
Phrazor Self-Service BI
Phrazor is an AI-powered BI tool that generates thousands of extremely personalized reports at machine speed. Clients like Barclays, Sanofi, Fidelity, Olam, ABB, and many more use the convenience of Phrazor’s language-based reporting to understand data much more easily.
Phrazor Self-Service BI uses patented AI technology to generate actionable insights in language, and provides a freely accessible interface where business users perform data drill-down and also query the data in real-time through ‘Ask Phrazor’, receiving real-time answers. What this independent query and exploration does is elevate the decision-making of seasoned leaders by letting them combine their superb intuition with data-based insights. Consistent product updates guarantee that analysts can use Phrazor self-service for in-depth exploration, say, statistical analysis. Phrazor Self-service Integrates seamlessly so no work is halted and no existing process overhauled. It is completely secure and ensures 100% that company data does not leak out of the Phrazor ecosystem.
If you are looking for an ideal BI solution for both analysts and especially business users, you’ve arrived at it. Explore Phrazor Self-Service BI yourself and experience it live by scheduling a quick no-obligation demo with our solutions team.
Akanksha Ramchandani has worked in IT industry as Developer, Project Lead, Strategy Lead, and Solutions Consultant for over a decade. She understands the requirement and problems of the clients and delivers a tailor-made solution. Currently, she is looking to help fortune 500 companies in changing the way they look at data and automating their reporting by using vPhrase's AI product.