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A major area where BI software outstrips Excel is how well you can visualize data.
For many companies which require basic record keeping and data tracking from multiple sources, this is more than enough.
Because Excel lacks real-time updating capabilities (each change or update must be saved individually before everyone can access it), as well as a more complex high-level suite of tools, it becomes time-consuming as companies expand.
Instead, BI tools are built on the idea of live updates and real-time analytics by harnessing systems that require less high-level knowledge while cutting time when adding data. Remember, as your data grows the need for a single source of truth is a requirement.
Employing an alternative that allows for automated data centralization and data mashup is useful because it can cut down on your resource waste and improve ROI with faster insights. Keep in mind that the variety, amount, and velocity of data your organization is collecting will likely grow along with you.
Consider where you are now and where you want to go as your company matures.
If all you need is an effective and versatile way to track data, Excel may be an appropriate solution.