Business intelligence strategy refers to leveraging of software and services to convert data into actionable intelligence which influences an organization’s business decisions. These findings are then presented in form of summaries, dashboards, charts, graphs, etc which provides the stakeholders with the required information about the state of the business. It helps in defining the goals and setting performance indicators which in turn help in measuring the efforts put in to achieve these goals. BI is very pivotal for organizations to hedge competition and remain relevant in their area of business.
Here are some key factors to consider while creating Business Intelligence strategies:
It’s more than a technology initiative – There are many stakeholders involved while deploying a BI process. The IT department needs to ensure there are proper data integrity and security. If a BI deployment process has to be successful, it must have the support of key business departments. It is very important to understand as to who will use what type of data and for what purposes, for making effective business decisions.
Stable Validation Process – The reports generated at the end of the day should be useful. The validation process should be such that it adapts and responds quickly to the latest BI functions. It’s always better to have quality over quantity, so focus on making selected things better is necessary.
Prioritizing Business Issues – If there is a problem within the business, it should be solved immediately. If the team notices that the customers are leaving, then the focus should be on first deciding what metrics are needed to be measured then accessing the data required to calculate those metrics.
Training – Along with the latest development in analytics, the employees must be trained and re-skilled with some basic knowledge of reporting skills and business analytics. This, in turn, will ensure that the organization is well acquainted and equipped to support serious value-driven decision making.
Identifying Performance Indicators – Performance indicators are the way to measure how effective an organization is in achieving the objectives and goals. It helps in giving a clear picture of where the business is performing good or the areas it is lagging. So, a BI strategy implemented should be in alignment with the organization’s objectives
Posted By :Pace Wisdom