It is never too easy to break away from your traditional ties and adopt something new however the word demands change. Don’t you think that businesses who have opted out of embracing technology are suffering a blow to their heads since they are offering costly products and services, which the world is not prepared to buy anymore. This does not mean that you let go of your values, however bringing technology into your work processes can help you pave your way to success, and you have many examples for reference.
Business intelligence has recently picked up pace due to its benefits that are helping businesses grow. However, do you think that just blindly adopting and implementing the concept of business intelligence is enough to enjoy the benefits? No, definitely not! While there may be many factors that play their part in implementing a successful business intelligence strategy, experts have found the 7 keys to a successful business intelligence strategy, but before we get to that part, let us understand the term ‘business intelligence’ and ‘business intelligence strategy’.’
Business Intelligence – Is It Worth The Hype?
Before you debate into what strategies will be useful for your business, you must understand that business intelligence itself comprises of a combination of technologies and strategies used by enterprises for business data analysis. This will include past as well as current data to generate predictive information, which may be useful for the business if implemented in the right manner. Here, the technological part of BI implementation is much easier than executing the processes and procedures for formally working on the business intelligence strategy.
BI is essential for gaining as well as sustaining competitive advantage, in addition to discovering new ways for business growth. However, you must know that technology is bought whereas a strategy is planned way of doing things that requires skills and smart thinking. Diving into new things may give you the experience, but it will also bring loss if not approached in the right manner.
So, now if you ask yourself if business intelligence (BI) is worth the hype, you must be able to deduce that, “Yes, it is, however I need to put in more effort than just transforming my work environment into a technologically powered work center.”
7 Keys to a Successful Business Intelligence Strategy
- Assign BI to Business Users
It is never a good idea to confine business intelligence only to your IT department Organizations that have assigned business intelligence to business users have enjoyed greater success rates. This may mean that an operations report in relation to BI will be needed to be submitted to a chief customer officer for effective understanding and analysis.
Tools are not that complex today that cannot be understood by business users who are in charge of running queries and building new relationships. Actionable information is useful in real time, hence including the IT department in the middle to generate reports before they make their way to decision makers can be time consuming and costly.
- Regular Monitoring and Adjustments Are Required
Assigning BI ownership to businesses does not mean that the IT department should take the back seat and chill. They need to be an active partner in the whole process by executing functions like monitoring and evaluations of BI systems in use. In addition, the IT department will also need to make sure whether the BI system has specific usage or is being used across the office floor in which case additional governance and discipline will be required.
- Validation Is Necessary
Quality is better than quantity, and therefore you need to be calm and slow when using BI since you may be tempted to provide many new ideas, using all the BI capabilities, which is a rather easier thing to do. A strong validation process is required that establishes a system for data needs, and the queries that need to be answered. This will not only help prevent errors or entry of bogus data, but also maintain accuracy and trust in the process.
- Business Problems Should Be The Focus
Answering data queries is not the main goal here, but solving business problems. A top-down approach is particularly helpful here where the focus will be on resolving a problem rather than finding answers to data queries. Analyzing and prioritizing what is important can solve many problems.
Expansion and improvements are a consistent part of the 7 keys to a successful business intelligence strategy. Organizations must know what is required before demanding results from the IT department. The process should involve advancement and improvement of the system so that the business can improve collaboratively, meeting specific needs on priority.
- Citizen Data Scientists – The Numbers Will Increase!
With business intelligence on the rise, more data scientists are needed. In fact, they are on a rise already, however determining the right people for the right job is the key to success here. In addition to this, there is also a need for better software to enable these scientists to carry out their work. Tech-savvy people with exceptional interpretation and analytical skills will help improve outcomes.
- Empower The Staff
Workers need to know how to use the insights in addition to bringing them forward. Telling stories with data will not only help get a better picture but also improve the reporting and presentation skills of the technical people. This will provide a challenging work environment for the staff and help bring out better insights that can be explained through stronger evidence and narratives.
Exist Management LLC (ExistBI) is the certified and leading business intelligence systems development, IT solutions training provider around the globe. Exist Management LLC has brought together the business and IT industry by providing impeccable products and solutions designed to enhance the decision-making processes and improve the overall experience of doing business in this modern, technology-driven world. They understand the importance of data to a business. It offers top-notch SAP BI, Informatica and other services to help your business grow to extreme heights without taking unexpected (wrong) turns. With ExistBI, you can learn any business intelligence system software through experienced and certified software company professionals and representatives.
Now you can conduct your day-to-day operations with more confidence. For more information, visit www.existbi.com. You can also contact us on +1 866 965 6332 (Canada / US) or +44 (0) 207 554 8568 (UK / Europe).