/ Tips for convincing your executive team that BI reporting tools are worth the investment

Tips for convincing your executive team that BI reporting tools are worth the investment

It can be tough to convince your executive team to invest in advanced reporting tools. After all, these tools can be expensive, and there is no guarantee that they will provide a return on investment.

However, if you can make a strong case for why your company needs BI reporting tools and demonstrate how they can help your organization save time and money, you may be able to convince your executives to make the investment.

In this article, we will break down how to make a convincing case for why your company needs BI reporting tools. We will also provide some tips on how to demonstrate the potential ROI of these tools.

 

The case for BI reporting tools

So why should your company invest in BI reporting tools? The answer lies in the insights that these tools can provide.

Business intelligence tools are designed to help organizations make better decisions by providing insights into their operations. By analyzing data, BI tools can help you identify trends and patterns that you may not have noticed otherwise.

This information is critical for making strategic decisions about your business. For example, if you notice that your sales are declining in a certain region, you may decide to invest in marketing efforts in that area.

Or, if you see that your customer satisfaction ratings are dropping, you may decide to make changes to your product or customer service strategy.

In short, BI reporting tools can help you make better decisions about your business. And when you make better decisions, you’re more likely to improve your bottom line.

 

How BI reporting tools can save your company time and money

Imagine having the capability to quickly generate reports regarding any aspect of your business with just a few clicks. That’s the power of BI reporting tools.

With BI reporting tools, you can quickly and easily generate reports on data that you have collected from essentially any source. This includes data from your accounting system, your customer relationship management (CRM) system, and your ecommerce platform. You can also generate reports on data from social media, surveys, and more.

This all might sound very time-consuming, but BI reporting tools can actually save you a lot of time. Some BI tool vendors offer pre-built connectors that enable you to easily connect to your data sources in order to bring in necessary data.

For example, let’s say that you want to generate a report on your sales for the past year. With BI reporting tools, you can quickly connect to your sales data source and build a report that shows you your sales by month, by region, and by product.

This data would be very difficult to gather without BI reporting tools. It would also take a lot of time to generate this report manually.

 

How BI reporting tools can help you gain a competitive edge

In today’s competitive business landscape, it’s more important than ever to have a competitive edge. BI reporting tools can help you with this by giving you insights into your business that your competitors don’t have.

For example, let’s say that you’re a retailer who wants to open a new store in a certain city. With BI reporting tools, you can quickly generate a report that shows you the city’s demographics, the retail landscape, and the potential customer base, given that you have access to this data.

 
domo
 

Tips for convincing your executive team to invest in BI reporting tools

If you’re trying to convince your executive team to invest in BI reporting tools, there are a few things that you can do to help make your case.

1. Understand their needs

The first step to convincing your executive team to invest in BI reporting tools is to understand their needs. What are their goals for the business? What challenges are they facing?

While it may be tempting to lead with the benefits of BI reporting tools, it’s more important to focus on how these tools can help your executive team achieve their goals.

Consider what pain points they’re trying to address and make sure that you position BI reporting tools as the solution to those problems.

2. Make a business case

Once you understand their needs, you can make a business case for why they should invest in BI reporting tools.

Be sure to include hard numbers when possible, such as the initial cost of the BI tool as well as any implementation or consulting costs that the executives may want to consider. Additionally, estimate the amount of time that a BI tool could save employees of the organization.

3. Demonstrate the ROI

In addition to making a business case, you’ll also want to demonstrate the ROI of BI reporting tools. This is the return that your company will see on its investment.

To calculate the ROI of BI reporting tools, you’ll need to consider the cost of the tool and the benefits that it will bring to the company.

Think of that $5,000 per year BI reporting tool. If it will save the company $10,000 per year, then the return on investment is 2:1. This means that for every dollar that the company invests in the tool, they’ll see two dollars back in savings. Savings are a great way to demonstrate ROI, but they’re not the only way.

You might also want to consider how BI reporting tools will help the company make money. For example, if the tool helps the company increase sales by 10%, then that’s another way to show ROI.

4. Get buy-in from other departments

If you want to convince your executive team to invest in BI reporting tools, it’s helpful to get buy-in from other departments.

Other departments can provide testimonials about how BI reporting tools have helped them achieve their goals. Reach out to your colleagues in other departments and see if they’re willing to help you make your case.

 
domo
 

5. Be prepared to answer questions

Your executive team is going to have questions about BI reporting tools.

It’s important that you’re prepared to answer these questions. If you can’t answer them, it’s less likely that your organization’s executives will agree to invest in a BI tool.

6. Present a forward-thinking adoption plan

In addition to answering their questions, you’ll also want to present a forward-thinking adoption plan. This adoption plan should include a timeline of when you want to implement BI reporting tools and how you’re going to train employees to use them.

Your executive team is going to want to know that you have a plan in place for how BI reporting tools will be adopted and used within the company.

7. Be honest about the potential challenges

Investing in BI reporting tools is not without its challenges. There will be a learning curve as employees learn how to use the new tools. There might also be some resistance to change.

Be transparent about these potential challenges and show your executive team how you plan to address them. Elements such as training and support can go a long way towards mitigating these challenges.

8. Have a plan for ongoing success

Investing in BI reporting tools is just the first step. You also need to have a plan for ongoing success. This means having a budget for maintenance and upgrades, as well as training and support.

Your executive team is going to want to know that you have a plan in place for how BI reporting tools will be maintained and supported over time.

9. Don’t let rejection discourage you

If your executive team rejects your proposal to invest in BI reporting tools, don’t give up. They might just need more time to think about it.

Or, they might want you to come back with a more detailed plan. Whatever the case may be, don’t let rejection discourage you. Keep making your case and learn more about BI reporting tools.

 

The bottom line

It can be challenging to convince your executive team to invest in BI reporting tools.

However, by following these tips, you’ll be able to make a strong case for why your company needs BI reporting tools. These tools can provide insights into your business operations and help you make better decisions.

Don’t underestimate the power of a well-executed BI reporting solution. With the right strategy, you can make a strong case for why your company needs BI reporting tools. Give them a try and see how they can help you take your business to the next level.

Check out some related resources:

How ESPN used Domo’s intelligent apps to increase customer satisfaction

Embracing the future of data with augmented BI

10 retail KPIs to track using your BI reporting tool

Try Domo for yourself. Completely free.

Domo transforms the way these companies manage business.