The business intelligence (BI) industry has been plagued with poor user adoption for years and has a huge failure rate among companies. Here are some of the reasons why.
- Product is challenging to use: When a BI tool is not designed for business users, such as financial advisors and client associates who are primarily non-technical users, adoption rates tend to drop. Traditional BI vendors have tried to temper the complexity of their products with self-service BI features, but these tools still make users feel as though they need some technical expertise for implementation. To ensure user adoption success, BI tools must have an appealing interface and be intuitive to use.
- Delay in report deliverability: If a primary user must wait for the report to be delivered, adoption rates will decrease significantly. This delay may be caused by the user not having direct access to the necessary reports or by the complexity of the tool. Both scenarios create a bottleneck for report deliverability, which leads to user frustration and BI tool rejection.
- Users aren’t aware that the tool is available: In the competitive wealth management environment, in which advisors are multitasking and aggressively seeking new prospects, it’s easy for new technology announcements to slip through the cracks. If there is limited training for financial advisors and client associates and no tracking method for user acceptance, the BI solution is unlikely to be adopted.
- The tool cannot be accessed on mobile devices: Financial advisors are typically on-the-go and don’t always have access to a desktop computer. Therefore, BI tools that don’t have mobile user interfaces and cannot be accessed on tablets and smartphones will have low user adoption. Some solutions do not offer mobile access in their lower-tier licenses, which means companies must pay more for mobile access.
- Multiple tools and systems: Many wealth management firms have multiple tools and systems that they must log into, which can overwhelm users. To avoid login burden, the BI tool that has been chosen should fit into users’ workflows and offer features such as single sign on.
- Metrics are not useful: While most users crave useful insight into data, that excitement often fades when users discover that the reports aren’t actually useful. This may happen because the product doesn’t report on the right metrics that will help users improve their workflows. The key to purchasing and implementing a BI solution is to truly understand users’ data needs and know which information will enable users to make smarter business decisions.
In our newest financial services guide, we discuss many aspects of BI, particularly in wealth management:
- Benefits of BI
- Characteristics of an ideal BI candidate
- Getting started with BI
- Key considerations for the development and operation of a BI program
- Client success story
To learn more, download the guide here.
