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It all depends how you define 'BI' solution? However, the biggest challange
you will face is the data extraction from SAP R/3 and will miss all the
analytics that comes with BW. And if you are using other SAP products, such
as SEM, APO, CRM, etc, all use BW, then you will have no choice but to go
with BW otherwise, you will end up re-doing everything what SAP has already
done for you (in BW).
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