To answer the title question… In short, give business insights that everyone can access. There are the chosen few companies that have the time, resources and money to invest in data scientists, business analysts, reporting sandboxes and a tech-stack up the wazoo that after a year or so of development and over-shooting budget gives them a suite of dashboards that address their specific insight needs…. However, there really arn’t that many companies that can do this.
Business value insight creation is a highly complex, resource and tech hungry thing to do. So for the majority of businesses they use the classical ‘export to excel and hope I can make sense of it ‘ approach which is never scalable or ‘real-time’ enough to truly add value.
Obviously, democratising business intelligence is not easy to do, there is (at the moment) little possibility to offer every business a 100% bespoke insights suite that gives them this information across all their marketing channels at a cost that they can absorb with the resources they have.
But there is a way to compromise. To democratise business intelligence, we need to look at what really adds benefit to everyone, and to accept that there may be some highly specific features that only you would ever ‘think’ valuable and really doesn’t scale to every business. And, if you really look at these exceptional requirements, more often than not, they are a whim of an idea, a ‘oh that would be cool if we could see this’ but if we stopped to really think of the value, it would just be a ‘cool thing to see’.
For us, democratising business intelligence needs to tick these boxes:
- It give insights that your business can action against to improve return on marketing spend
- Little / no customisation needed
- It is easy to understand
- You do not need to hire specialists
- Your team can use it immediately with little or no training
- The cost is an acceptable expense to swallow
If a solution doesn’t meet all of these, then does it democratise business intelligence? Or has it just made it available for a bigger audience than just the chosen few? – Which is fine… but it hasn’t democratised business intelligence.
Want to find out more about what we are doing to truly democratise business intelligence?
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