How to Utilize a Business Intelligence Strategy
by Christian Ofori-Boateng on Jul 30, 2017 8:17:00 AM
Business intelligence has become more than just a buzzword over the past few years. Without having real time insight into your business’ data, you run the risk of remaining reactive, missing out on strategic growth opportunities, losing your competitive edge, failing to take advantage of cost savings options and ensuring customer satisfaction. Unfortunately, while data analytics provide a solution, they are also in short supply. In response to this shortage, BI software is on the rise. Whether you are a rising business, starting from scratch, or just looking to migrate to a new business intelligence platform it’s important to set a your business strategy. Take a look at some simple ways to utilize a business intelligence strategy.
Create Common Definitions
Your BI strategy cannot be utilized if there are no common definitions present. If different departments use different terms for the same things, it can cause some problems in your business strategy. For example, if finance and sales define “gross margin” differently it will negate the value of automation. This can cause your business strategy to do more harm than good for your company. In order to combat this problem, it’s crucial to create common definitions used throughout the company. This way nothing gets logged incorrectly and everyone in the company stays on the same page.
Plan for Data Storage
When it comes to utilizing a BI strategy, it’s important to keep your business data storage in mind. It’s possible that your strategy is going to involve some additional silos. This will create some additional data storage needs that can easily become unmanageable. Plan for the possibility of needing to provide room for additional data storage. This will allow you to use your BI strategy to its fullest ability.
Understand Your Users
To utilize a business strategy properly, you must first understand your user’s needs. There are three broad classes of business intelligence users: strategic, tactical, and operational. Strategic users make few decisions but still hold profound effect. Tactical users make multiple decisions within the span of a week and require daily updates. Operational users involve the front-line employees such as the call center staff. They need to be able to execute a large number of transactions on a daily basis. By understanding what you need your business intelligence strategy to accomplish, you can better utilize it.
When it comes to implementing a business intelligence strategy it’s important to create common definitions for your whole company, plan ahead for the possibility of additional data storage needs, and understand your users. This will help you get the most out of your BI strategy. When it comes to creating the ideal business intelligence strategy, look no further than ChristianSteven. Our company will provide you with the best strategy for your business and the tools to utilize it to its fullest potential.