With an increasing dependence on data, most businesses today need to adopt a business intelligence strategy. Without real-time insight into your data, you will continue to be reactive, and it will be impossible for you to stay ahead of your competition. However, investing in business intelligence (BI) solutions shouldn’t be taken lightly. Whether you are a startup or an established enterprise, you need adequate BI solutions in place.
What’s Your Business Intelligence Strategy?
A business intelligence strategy is all about figuring out the steps to implement business intelligence in your company. You will have to define your BI processes, figure out the key stakeholders, define your goals, and establish key performance indicators (KPIs) to track. These KPIs will help you measure your efforts to achieve your goals. There is a lot to define in terms of vision, organization, processes, architecture, and solutions, and you must put adequate thought into it.
Defining your BI strategy and implementing it is easier said than done. You may not always get it right the first time and may have to make changes along the way. The key is to brainstorm and strategize as well as establish success measures to track progress. For instance, you may have to deal with complicated data problems, change management resistance, getting sponsorship, and user adoption challenges. If you have the right mindset, you will be prepared to address issues as they arise.
Establish Clear Objectives
It may become more evident as you proceed with your BI strategy that everyone at your organization can benefit from increased data insights. However, you must establish clear objectives and understand who your key stakeholders are. Once you know your stakeholders, you need to know what they need. Gathering and setting executive expectations early is critical.
Use Appropriate Data
The basic rule of data processing is – garbage in, garbage out. Hence, you need to collect and process meaningful data. The earlier you understand this and determine what your essential data is, the better your BI strategy will be. Cleaning your data may not be simple, but it will ensure the success of your BI. You can establish precise data collection and governance guidelines from the beginning to avoid any duplication or wasted effort.
Identify Important KPIs
KPIs are measurable indicators that show how effectively you are achieving your business objectives. Therefore, KPIs are critical to a successful BI strategy. When you implement your BI solutions, these KPIs indicate whether you are on the right track and where improvements are needed. You may be tempted to create KPIs for everything, but you need to slow down and figure out the most critical KPIs that provide the best ROI.
Understanding your processes and goals is the key to establishing an effective business intelligence strategy. Once you figure it out, implementing BI solutions will be easier and more beneficial.