Most modern businesses will benefit from business intelligence (BI), providing research is done, and the correct BI platform is chosen. Business intelligence can help the business gain real-time insights into their data, which brings many benefits. Bi can help your brand find strategic growth opportunities and have a competitive edge. It can also help company’s find and implement cost savings options and ensure customer satisfaction.
Many different BI platforms have become available over the last five years or so, and these all for easy analysis of data. Investing in a BI platform shouldn’t be taken lightly. It’s wise to create a business intelligence strategy and ensure you have a roadmap in place. Let’s look at getting the most from your BI platform. These tips are effective for all sizes of companies who want to launch and manage their business intelligence.
Getting the Most from Your BI platform
Before choosing a BI platform, it’s good to create a strategy and set goals before implementing a system. This will help to make the decision-making process more streamlined. Here are ten steps that will help you get the most out of a BI platform.
Do your research
The right BI platform can help you to identify current trends, find pitfalls and business opportunities. Implementing the best software solution isn’t always that easy. You’ll need to do your research before choosing a BI platform and be aware that the best software will take time and work to set up to maximize its potential.
It’s also a good idea to create a growth mindset; you may find that you come up against issues in the initial stages. Sometimes complicated data problems occur, which you’ll need to work through.
Determine who your stakeholders are
Most people in your organization will benefit from increased access to data analysis and insights. This doesn’t automatically mean that they are all stakeholders. After setting up a BI platform, it’s wise to determine who your key stakeholders are. This will allow you to find out what information and data they require. You can work with the stakeholders to collect data, pain points, and key performance indicators (KPIs), which will help to improve the company.
Choose a sponsor and Chief Data Officer
While your business may have multiple key stakeholders, it’s a good idea to choose one of them to become a sponsor and put them in charge of the implementation. Your sponsor should have an in-depth knowledge of your organization’s strategy. They should also be able to identify goals and work towards the company’s mission using KPIs.
You may also like to employ a chief data officer (CDO). This employee should be separate from the main sponsor but will likely be in charge of the project once the initial implementation has been completed.
Clean your business data
Ensure that your data is clean, up to date, and useful; this will help you to ensure your analytics are correct. Data will ensure that your business intelligence is successful. Ensure you have reliable data quality management in place to give you the cleanest data possible.
Identify your KPIs
Key Performance Indicators will help you to move your business forward. These data sets should be measurable values that indicate whether or not the company is achieving its objectives.
By analyzing your KPIs regularly, you’ll be able to see the areas where your business is on the right track. You’ll also see which areas need to be improved.
If used correctly, a BI platform is a very effective tool that can help improve your business. Business intelligence allows companies to analyze their data, see whether they are meeting their KPIs, and give them an advantage over their competitors.