If there is one thing that we know for sure about business intelligence or BI, it’s that it is a concept that has been around and is being extensively worked on for years now and that it is no longer just an option but a necessity for the successful operations of any given business. If you dare to not utilize business intelligence, you are essentially pushing your business towards failure with each passing day. Failure to adopt business intelligence is like deliberately losing your competitive edge which doesn’t make any sense for a veteran or for a newbie businessman. Therefore, we have taken the liberty of highlighting the process and phases of business intelligence systems development which will help a great deal in successfully integrating it into your business for streamlining its operations and activities.
The development of a business intelligence system is primarily categorized into 4 different stages namely:
- Identification and Analysis
- Implementation & Control
Identification and Analysis:
As the name suggests, this is the preliminary step where you are required to make a thorough analysis of the need for such a system in the context of your particular business. It is never recommended to rely solely on your own judgment and the available information while determining your requirement for a BI system. In order to make sure that you have a broader perspective at your disposal and as much information as possible, it is a commendable idea to spare some time and perform a series of interviews with different members of the organization. Involve and engage the stakeholders, managers, employees, or even customers, get their opinions, and learn more about their expectations – this will help a great deal in building a business intelligence system that will cater to all individual requirements.
Once the information has been made available and analyzed thoroughly, it is now time to move on to the next stage, that is, of designing the business intelligence system. One of the most important components of designing such a system is realizing the need for updates and evolution. The design team is not only responsible for developing a tool that caters to the current requirements, but it also has to leave room for upgrading the BI solution at a later stage so that once the requirement changes, the tool can be modified accordingly without going through the hassle of building a whole new solution from scratch. In simple words, in the designing phase of business intelligence systems development, you must ensure that the current design, its maintenance, and the opportunity for upgrades and evolution over time are not ignored.
All business intelligence solutions are not equal. There is a myriad of features and functionalities that such tools are capable of offering. However, all of the features are not applicable, or at least not valuable, for each and every single business. And this is what the planning phase is all about. It is during this phase that your team is required to put their heads together and identify the features and functionalities that are relevant to your business. It won’t be wrong to state that successful planning can eventually lead to making the tool remarkably cost-effective since the more the features, the higher will be the cost. By confining the features to those which are useful for your business, you can conveniently minimize the cost while avoiding a hit to the overall performance or productivity of the business.
Once you have gone through the above-mentioned stages and have developed a business intelligence system, it is now time to implement it for your business and let it work its magic. Before you do that, however, it is always a fine decision to pre-test the tool and see if there are any loopholes left. This ensures that the shortcomings can be identified and addressed in time so that your business won’t have to take a hit at a later stage when fixing the error would become more complicated as well. Once implemented, the BI systems will automate several processes, analyze the available data, and generate reports, among other things, helping a great deal in improving the efficiency of your business by enabling the authorities to make informed decisions.
Now that you are familiar with the phases of business intelligence systems development, you are in a much better position to get the most out of such tools. Regardless of whether you have an in-house team of professionals working on developing a BI tool for your business or are hiring third-party experts for the same purpose, the above-mentioned information will ensure that you are not left clueless throughout the entire process. Having the right knowledge will ensure the development and implementation of an impeccable tool in the context of your particular business.
For more information, get in touch with us.
Exist Management LLC (ExistBI)
1800 Century Park East, 6th Floor
Los Angeles, CA 90067
Phone: 1 866 965 6332
Exist Business Intelligence Limited (ExistBI)
London, WC1H 9BB
Phone: +44 (0) 207 554 8568