Business Intelligence (BI), like the Big Bang, continues expanding with explosive growth and ever increasing acceleration and adoption. And why not? As we capture more and more information, FMs want to unlock the secrets it can provide. But as with everything else in the universe, there is no perfect solution for unlocking those secrets. If you’re in the market for the best BI tool, check out our Top Five criteria for finding your Utopian solution.1. User-Friendly Dashboards
Let’s face it...most of us aren’t data scientists. We want easy access to information without spending hours, or even days combing through our data. User friendly dashboards are key to simplifying2. Customizable Filters
One size DOES NOT fit all. And an out-of-the-box solution is not going to provide you with the answers you’re looking for. A good BI tool makes it easy to create filters, sort your data in meaningful ways and deliver reporting solutions that not only provide you with the information you need, but can create reports that impress others in your organization.3. Robust Data Library
BI has become a critical tool for success in business today. Being able to see your data and creating meaningful, actionable tasks to improve processes and bottom line are key to your organization’s success.
But where do you sit in the hierarchy of your industry or region? Are you getting the best rates from the best providers? Would you like to see reviews on technicians before you bring them in? Your BI tool should contain a myriad of data on rates, quality of work, timeliness, and other details based on industry or region. Why not learn from others mistakes so you don’t have to make them?4. Asset Management
One of the most powerful tools BI can deliver is it's ability to determine when it's more cost effective to replace an asset than continue repairing it. This common business decision FMs face on a daily basis can, when leveraged correctly, save tens of thousands to hundreds of thousands of dollars a year. While sometimes it feels counterintuitive to replace an asset,, frequent and costly repairs may actually be more expensive, not to mention disruptive.
Just like any asset, your BI tool should meet your needs out of the box and continue to suit your needs as your company or organization grows and changes. Opting for an inexpensive solution now will likely lead to headaches down the road when you outgrow the solution and have to input your data all over again.
If you can check these five boxes with your chosen BI solution, then you've done your homework and can confidently turn your attention to the next crisis, emergency, or catastrophe that currently seems to be waiting around every corner.