Business Intelligence has become increasingly important for companies to remain competitive in the marketplace. From their practices, organizations are able to measure their team performance and make predictions for the future, making more assertive decisions about practices to follow.
Business Intelligence is critical to competitive advantage and business advancement, but reaping the benefits of this concept requires more than just implementing technology. When you take over the management of a company or lead a project team, decision making becomes part of your work routine. It turns out that, at many times, choices need to be quick and any hasty option or flawed decision process can compromise business results. Although it may seem simple, decision-making ability is not a common attribute for all managers.
Why BI is Crucial for your Business?
The professional who masters BI is able to see the facts that others cannot because they master certain technologies and have knowledge in the field of data science. You need to know how to recognize patterns and build graphs that turn raw numbers into appropriate information.
This information needs to have some meaning. How do they fit into the reality of the company? How can the data obtained, help solve a problem?
For this, the professional needs to have a systemic view and understand all the related processes which occur in the company. And use that ability to see bottlenecks as well as opportunities.
Research based on the concept of business intelligence can follow the creation of new products, HR hiring policies and communication plans for social networks.
In short, you must work with business intelligence for the ability to see beyond the obvious.
Business Intelligence Process Steps for Success
You need to choose a good BI tool to bring the best results to the business. In order to take full advantage of its functionality, organizations must carry out well-structured planning for their implementation. Here are some tips on how to successfully implement Business Intelligence in their business:
Focus on business problems and only then on data
Don’t take a build-and-go approach to BI initiatives, says Boris Evelson. Many companies create data repositories, put BI on top, and expect business users to come in and play, he says. “What works best is a top-down approach based on business results. We don’t start with “where’s the data” We start with solving a business problem.
Define its need, objectives and scope
The success of the BI project will depend in particular on a clearly defined strategy of the company. This implies having a clear vision of the future and being able to work on the basis of realistic, clear objectives in the short and long run as well, without forgetting the phase of studying the existing.
This strategy will make it possible to anticipate and properly manage deadlines. It is also important at this stage to identify what kind of information policy makers, project managers and other key roles will be needing to improve their data management.
Stakeholder Analysis and data source
Successful BI implementation requires that all stakeholders be mobilized. Without the integration of stakeholders, and above all without the commitment of top management, BI will fail.
To structure from where the information will be collected after the survey of the informational demands. Subsequently, proper mapping of data sources needs to be promoted.
Choose your ideal business intelligence tool
Carrying out your decision-making processes requires adapted BI tools. From choosing the tool, the process of implementing BI in the enterprise needs to be extremely cautious. You should research available software and choose ideal tools for monitoring KPIs in a practical way. There are some software programs that offer project customization possibilities and a simpler user experience.
Specifying who the project implementation team members are, is also important. They will be responsible for validating all actions and monitoring the entire process to ensure efficiency. However, because BI can be used by different departments in everyday corporate life, all members of the company must be involved, including the board of the organization. Thus, it is possible for everyone to be aware of process changes and project success.
Focus on KPIs
Key Performance Indicators (KPIs) show in numbers what is most important to your business. Business Intelligence should initially focus on these indicators, as the metric will be directly connected to the company’s objectives.
Whether its focus on service, increased sales, or some other specific measure, the idea is to understand the company’s core KPI and then use BI to analyze the result it generates.
Also Read: 11 Business Intelligence Trends in 2019
Most used tools in the field of Business Intelligence
Microsoft Power BI– BI visualization and reporting for desktop, web or mobile
Microsoft Power BI converts data into rich interactive visualizations using business analytics tools to share dashboard-based information across devices.
QlikView– Guided analytics applications for business information
QlikView is a business discovery platform that provides BI and self-service information by providing teams with the tools they need to create guided analytics applications.
IBM Cognos Analytics
IBM Cognos is a suite of business intelligence and performance management software that includes dashboards, reports, forecasts, visualizations, and automation features.
Looker- Better data analysis
Looker is a data platform, makes it easy to search, navigate and understand their data. The Looker platform features a data analytics interface for data mining, a reusable development paradigm for managing data experiences.
Implementing a BI project is very beneficial for business, but requires attention and preparation in the execution of the process. It is necessary to understand that the requirements of corporations change constantly and therefore a BI application as well. It needs to be continually refined and optimized to be able to keep up with business developments.
You May Also Like To Read:
Business Process Reengineering – Techniques & Tools for Your Business
Principles of Business Process Re-Engineering Explained
Overview and Aspects of Business Intelligence in Marketing