Collaborative business intelligence reinforces the meaning of the phrase “the more, the merrier.” Traditional business intelligence tools are more solitary and conclusion-based. The art of brainstorming and collaborative decision-making is largely diminishing with increasing use of business intelligence tools. Companies are now shifting their focus towards collaborative business intelligence tools like social and Web 2.0 technologies, where merging of various business intelligence software takes place to support improved data-driven decision making. Such tools allow various internal stakeholders to analyze data and exchange information and ideas much like how social networking tools, Wikipedia, SlideShare, and Skype for Business works. Such a collaboration can boost the overall business productivity in the following ways:
Eliminate Poor Business Decisions
Quite often, the process of decision-making happens outside organizational business intelligence platforms, creating a wide gap between human insight and business data. Individuals derive conclusions from the BI tools and communicate it to other team members who have not accessed the data. Collaborative business intelligence ensures that business decisions are made alongside business data to promote fact-based decision-making.
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Eliminates Logistics Hurdles
Collaborative business intelligence tools eliminate the need for making costly travel and accommodation arrangements for hosting a meeting, saving significant cost and time. It also renders traditional mode of communication such as telephone, fax, and face-to-face meetings redundant. All relevant stakeholders can communicate effectively without any geographical barriers; thereby, increasing business productivity.
The implication of the word collaboration is not only limited within the internal stakeholders but also across organizational boundaries. People are eager to share BI tools that are easy to use with their clients, peers, and other contacts. The sharing of such observations, data, and insights adds to your overall data warehouse providing industry, economic, and psychographic information.