Small businesses new to business intelligence systems may feel overwhelmed at first by all the data coming in. It’s a “kid in the candy store” feeling where you don’t know what to look at first because it’s all so wonderful. After struggling for a long time with different data sources and no easy way to access data, a new business intelligence system can be cause for celebration. Yet knowing how to use your new BI system to its fullest capacity can be a challenge.

When you’re starting a business intelligence project, certain departments within your company may seem essential to the project’s success. Some departments immediately come to mind as key players in the creation and execution of the project’s deliverables. But the importance of cross-organizational collaboration cannot be underestimated.

From HRIS to CRM to ERP, there are countless acronyms that make up the unique alphabet of business technology. Every business owner should be familiar with these acronyms that represent advanced software that is integral to running an efficient business. That said, there is one abbreviation that acts as the umbrella for all this software, and that’s BI.

Cloud-based business intelligence has reached the point where it’s no longer a question of if you will join the cloud, but when. According to Forbes, 78% of business owners plan to switch to the cloud in the next year for their business intelligence data needs. That same number, 78%, plan to increase their use of cloud computing for BI data storage. Clearly, the cloud isn’t just a great idea - for many businesses, it’s as integral to how they run their operations as a telephone and internet connection.

Business Intelligence is a valuable tool for your entire organization. In the past, it has been primarily utilized by IT or data scientists, however, more and more CFO’s are looking at BI to gain helpful information and insight into their organizations.  The CFO possesses unique skills and expertise to analyze this information and leverage it to benefit them.

Companies implementing a business intelligence strategy and system often anticipate the many benefits that shared data brings throughout the organization. Shared data, however, must be married to strong governance for the greatest success with BI systems.

As you consider various business intelligence solutions for your company, consider one often overlooked aspect of BI: the “supply chain” of data feeding into your BI software.

Operational expenses are a significant line item on the budget that business will often look at to see where they can reduce costs. Things like rent, employee benefits, services such as internet and IT, can really add up. Although costly they are necessary at the same time.