.In this article, we will discuss 7 Keys to a Successful Business intelligence Strategy. In the modern world, money is no more the ultimate power, information is the king. The one who holds a higher amount of information holds the power in any negotiations.
The same applies even in the business environment, thus making it imperative for businesses to have a proper in place.
When you have the intelligence about the market and the competition. It becomes that much simpler to plan your further actions and gain the maximum benefit.
How to Build a Business Intelligence Strategy?
Making a business intelligence plan is not really an easy task. It takes a lot of resources and planning of those resources to build a strategy to tackle the entire activity in a stepwise manner.
According to Gartner's research report, "Over the next five years, the way analysis is produced, managed and delivered will change. Data and analytics leaders must ensure that an integrated governance program covers self-service, Internet of Things, and decentralized analytics programs." As an organization, one has to be aligned across all teams involved in the business intelligence (BI) gathering which includes proper leadership.
So as an organization or a proprietor business owner, the below keys shall come in handy as they are some business intelligence implementation steps that will help you in your business intelligence strategy.
Keys to a Successful Business Intelligence Strategy
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Ensure proper hierarchy:
Most of the time organizations create a mix-up here. The BI activity is the part under the leadership of the information head.
Instead, the department should be headed by the business owner himself/herself so that the information gathered reaches them unhindered for the best decision making possible.
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Having an efficient validation process:
It this is not possible that the uncovered data is always true. Hence the data validation of the intelligence gathered is imperative sans the data could be misfeed in order to distract the competition. Validated data hold higher value over any other data in the BI world.
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Data should be able to solve business problems:
Just having BI is of no use if that data is unable to solve your business problems. Hence, one should first identify the problems. And, then conduct the BI operation to find the solution to those problems.
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Optimum data storage of BI:
Storing the BI securely is important so that not only the data is safe from breaches, but properly stored data is also easy to find in case of reuse or for reference purposes.
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Clean data off anomalies and duplications:
There is a possibility that the BI teams might come across similar data in their individual searches. Also, a lot of data that does not match the requirements.
Hence one of your business intelligence implementation steps should include cleaning the data properly to ensure required data storing activity. This not only makes it easier to comb the data but also requires less storage space.
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Ensure BI is in line with company KPIs:
What is worse than not having BI is actually having a BI team that is not working in line with the company’s KPIs.
KPIs or key performance indicators help track if the functions of the company are working towards achieving the goals set by the company.
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Have a plan-execute-learn-improve-repeat cycle:
Having a BI strategy means planning on some tasks. After that collecting the feedback to see if you are in line with achieving what you had initially set out to achieve.
The feedback cycle is important as its absence could result in a lot of wasted resources.
Following the aforementioned 7 steps can help you deduce an effective business intelligence strategy for your organization. It is a cost center for businesses, but some good planning and execution can result in a substantially high ROI.
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