What do you mean by Business Intelligence Strategy?
A business intelligence strategy is a method for transforming raw data into useful insight. Analytics are derived from assembling data from different sources, organizing it, and then analyzing it. Is it necessary? Most likely yes, since you're getting the most balanced assessment of the business. We will hopefully help you prepare for what is a complex endeavor and we hope we can assist you with that.
What is the importance of a BI strategy?
With a BI strategy, you can address all of your data needs, develop a cohesive system, and maintain it. Without a strategy, how can BI be implemented? In essence, you place too much emphasis on getting those graphs but your company doesn't know why and how to use them.
The importance of BI in ensuring business growth and maintaining a competitive advantage cannot be overstated. For organizations to remain in touch with changing consumer behavior in the market, it is essential to recognize the value of data they receive from customers so they are able to adjust their strategic vision and gain new insights.
It is with the help of information from customers that changes can be triggered, such as new product development or product enhancements that are crucial to meet changing customer needs.
Which elements successful BI strategies include?
Business intelligence strategies include five key elements
1. Select BI tools based on your business goals
In selecting BI tools, IT infrastructure requirements should not be the only deciding factor, says Sri Manchala, CEO of Trianz, an IT service management company. As a CIO and the IT procurement staff, you should ask the people using the software what kind of questions they want answered and how they want to receive those answers.
Get to know the business, their priorities, and what type of insights and visualization they require, he says. When the business describes what it wants, [IT] can determine how to deliver it.
2. Conduct due diligence during the procurement process
In some ways, BI tools have become commodity products, says Chris Herman, a project manager and analyst with Swingtide, a management and IT consulting firm. In a sense, that might relieve some of the pressure on the selection and procurement processes, because "when everything in the market does reasonably well, you don't risk a complete disaster."
3. Develop a culture of data trust
The organizations that desire data-driven decisions must create a culture that supports that vision and has an infrastructure that facilitates it.
Data must be made available to enterprise leaders - that single version of the truth. After that, they must show their business users that they can trust the data and, consequently, the answers generated by their business intelligence tools."
4. Train and manage change effectively
As a result, Fitzgerald notes, enterprise leaders who want their BI initiatives to be as effective as possible will need to include change management and adequate user training in their strategies.
However, that doesn't always happen.
Many people mistakenly believe that you just turn a light switch on and you have a program. The majority of companies fail to consider training, adoption, and optimization, even if they build a perfect platform with clean data.
The value of analytics has to do with answering the questions you need answered. It's important to find the intersection of business requirements and business needs and to ask both the questions you need answered and those you didn't even know to ask.
READ MORE: Why Enterprises Fail With Their Business Intelligence Initiatives