Business intelligence (BI) can add value to practically any company process, creating a holistic picture and enabling teams to analyze their data to find efficiencies and make better decisions. But implementing a business intelligence strategy is much more than building the correct data warehouse. If you want your project to succeed, following some basic best practices are worth following.
Digital transformation is now seen as a critical strategic initiative, and business intelligence tools have evolved to assist firms in making the most of their information investments. New modern BI platforms are constantly appearing on the market, enabling data access, interactivity, analysis, discovery, sharing and management. There are multiple methods for implementing business intelligence. Organizations should also tailor each implementation to its needs. However, some good practices companies should follow whenever they implement BI solutions. This article will show you the top five.
Why do companies need business intelligence solutions?
Let’s start by touching on why you should care about implementing business intelligence tools in your organization. Your entire operational business routine is a rich source of detailed information about your internal processes. A good manager has a sharpened sense of observation to draw the correct conclusions and make sound business decisions.
However, no matter how observant we are, much data slips through our fingers. And yet, in the information age, companies can’t afford any portion of data to go unnoticed and thus be unused. It is strictly to fulfill this demand that business intelligence was developed as a set of practices designed to reverse this picture, to deliver information to the right person at the right time. Considering the topic’s great importance, we list best practices related to business intelligence below.
1. Incorporate change management as part of your organizational culture
Business intelligence in any company always requires a process of adaptation and evolution of existing habits and decision-making mechanisms. It is essential that when you implement BI in your organization, you provide your teams with the tools and conditions necessary to adapt your current change management culture and processes. Employees usually want to work on new and exciting projects, but a lack of training to familiarize them with new tools puts the company at high risk of rejection.
Implementing business intelligence techniques and technologies depends on a company-wide effort. The most excellent management must guide by example and promote training, conferences, and other initiatives to get all employees involved. Employees who are not motivated or do not understand the connection between changing attitudes and improving the company’s internal processes can jeopardize the entire business intelligence investment process.
2. Determine which metrics matter most
Defining the most critical metrics for your business is essential in avoiding information overload. That is an important recommendation because many films struggle precisely with the problem of too much data. Organizations focus on too many metrics without focusing on the key performance indicators that matter to their business. That applies to both internal and external indicators.
So when implementing BI into your business, start by setting a goal for what you want to achieve and the key outcomes that will determine your success. With a goal in mind, it’s easier to filter out essential data from less critical data.
3. Be inspired by the success stories of other companies
Implementing a business intelligence strategy requires original and tailor-made solutions for each business. That does not mean that you have to be innovative all the time. Many companies from various industries have successfully implemented various sophisticated business intelligence tools. Your company can benefit from their experience and learn much from the lessons. Monitoring the performance of other successful companies can help you evaluate your business performance.
4. Put business intelligence where employees work the most
When introducing any business intelligence solution into your business, remember that adding another platform for people to access information can further complicate the entire process, making it less likely to be implemented successfully. Therefore, your strategy should not be based on changing processes in your company. Instead, your goal should be to implement BI tools into existing processes that need access to information.
Also, don’t forget about the mobile version of the tools. As technology evolves, new tools allow more and more work to be done on mobile devices. Users don’t have much time to digest all sorts of information when they are on a business trip or working remotely. Therefore, it is worth enabling employees to use business intelligence tools as conveniently as possible by equipping them with appropriate search filters or an intuitive dashboard for faster information retrieval. If users cannot find data, it is hard to expect BI to deliver the desired results.
5. Find a good supplier
A good vendor is a prerequisite for implementing a business intelligence strategy to achieve positive results. However, you cannot choose a business intelligence partner based on price or promised features. Unfortunately, many inexperienced managers consider these factors the main criteria, exposing the organization to high costs associated with ineffective solutions. When choosing a vendor, it is worth considering whether a given company offers high-quality customer service and whether it can deliver a service in parameters corresponding to the latest trends on the market. However, the most important thing is that your vendor can recognize your organization’s needs and propose solutions that meet the company’s actual needs. BI tools are supposed to provide information to make the right business decisions, thus enabling the company to grow. That is impossible without a thorough analysis of its activities and business goals.
More information is available at https://addepto.com/business-intelligence-services/
Open your business to business intelligence
Now that you know the best practices in business intelligence, it’s time for you to implement steps to bring the right tools to your business that will enable you to increase sales and, in turn, increase your company’s profitability. Incorporating these business intelligence best practices into your daily workflow streamlines your company’s operations, changes your company culture, and puts you on the path to becoming a truly data-driven organization. It’s time to make better, faster decisions.
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