Business Intelligence Blog from arcplan
23May/130

BI for SMBs: Answers to Your FAQs – Part 3

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Data Management_arcplanData Management & the Continued Use of Excel

Small and medium-sized businesses aren’t able to afford business intelligence software platforms that cost hundreds of thousands of dollars. Fortunately, that’s no longer an obstacle with the rise of affordable, easy to use BI tools like arcplan. Once you’ve decided that you need better, faster answers to your business questions, you start to get into the nitty gritty details of what a BI deployment means and how you need to prepare your data. Let’s continue with our series on the most frequently asked questions SMBs have when it comes to BI. This time I’ll address questions about data management and spreadsheets.

5) How much data do we need?

The #1 technology challenge for SMBs is getting insight from the data they already have. The average SMB has over 27 unique data sources according to research conducted by The Aberdeen Group – from ERP systems and General Ledgers to CRM tools, social media and more. Your company should carefully consider the amount, type, and “freshness” of data that your organization requires for its reporting.

Ask yourself:

  • How many data sources are really critical to our decision-making?
  • Do we need real-time data access or will daily or weekly updates do the job?
  • How far back do we need to go? Do we need 5-year-old data or is only recent data important?

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