Data has become more important than ever. Today, every business thrives on data solutions and analytics to serve their customers and grow in this dynamic environment.
Business Intelligence systems have gained much traction as Internet companies continue to collect customer data. While many see this as an intervention in their privacy, gathering and processing permissible data can provide excellent results to businesses.
But working with data requires a comprehensive business intelligence strategy. It is essential for bi solutions to achieve compliance with government policies and regulations. The strategy outlines the roles and responsibilities of each individual and the impact of the insights achieved from a business intelligence system.
Every organization needs to identify the outcomes of their business intelligence strategy. Every result should be summarized in a comprehensive report which is based on functions like data mining, analytical event processing, business performance management, predictive analytics, benchmarking, amongst several others. Companies can utilize specific business intelligence tools for each function or get a centralized tool to achieve maximum functional capabilities.
In this article, we will highlight how to execute a business intelligence strategy in 2020 to achieve maximum business results.
Read Also: Data-Driven Business Intelligence for Driving Business Performance
BI System Strategy: Execution Blueprint
Enterprise data management is one of the primary factors in business intelligence. It helps in generating internal insights that can drive improvements in the business. Business Intelligence is directly related to enhancing performance and creating more growth-oriented solutions.
Executing bi solutions strategy requires outlining the goals, people responsible, and outcomes that determine the changes to be made. Data must be processed through functional activities that deliver accurate outcomes in less amount of time. Here’s what you should consider while executing your business intelligence solutions strategy –
- Create a Comprehensive data & Analytics Plan
- The primary step is to build a data & analytics plan to achieve the desired business outcome. Any business intelligence system is based on tracking, monitoring, and reporting. You need to ask what analytics you want to utilize for making the decision.
- The business intelligence team must determine the specific KPIs which will provide a complete track of the process and its performance. There can be company-specific metrics, industry-specific metrics, competition-specific metrics, etc., based on your outcome requirement. During analytics, it is essential to use historical data for tracking business performance over a period of time.
- One thing that often goes unnoticed is identifying the key clients of bi solutions. Always have a clear view of who are the users of your BI outcomes so that working with data becomes a little easier.
- Build a Responsible BI Team
- Business Intelligence is no easy task. It requires a responsible team ready to adapt to different roles if they need to do so. It is not a matter of having people to finish BI tasks, but rather a matter of whether they have the skills or not.
- Every comprehensive business intelligence system strategy requires a BI head who will execute the strategy, BI developers who will build data systems and work with them, business analysts who will process and summarize data for insights, DBA for managing databases, and data scientists to generate actionable insights.
- It is important to have a dedicated BI team otherwise, it becomes challenging for existing employees to manage their tasks, and the results of bi solutions will not be satisfactory. It helps to have someone from the top management overlooking the entire BI infrastructure.
- Identify your Data Sources & BI Tools
- Data forms the core of business intelligence solutions. It is vital to identify your data sources and what purpose each data fulfills. You can have core data(which comes directly from mobile apps, websites), secondary data(which comes from CRM), and external data(which comes from external sentiments).
- The BI team must also figure out the tools to be used in the process. Qlikview, Talend, PowerBI, are a few tools that have proven to deliver actionable insights for better outcomes. Every business intelligence tool serves a different purpose. By identifying the outcome at the initial stage, you can know which is the right tool to use.
- Data Processing and Insight Generation
- The final step is to process the data and generate possible insights. It involves designing the process and working with a data warehouse to identify areas where action should be taken. It helps to determine how well your processes are working, where are the changes required, and enables making strategic decisions.
- Data warehouse includes schema design, database size, scaling, concurrency, and cloud or on-stage premise storage. By aligning these factors, organizations can achieve valuable outcomes from their business intelligence system.
Read our CASESTUDY on Hotel Reservation Management System Project
Should you hire a Business Intelligence Team for Your Organization?
Unless you have a team to implement business intelligence solutions, the outcomes you want to achieve might not be possible. Work management becomes challenging with BI and operational tasks carried out by the same employees.
If you want to make sense of your gathered data, we can help. BoTree Technologies has a team of business intelligence leaders that have experience in implementing bi strategies with the most advanced business intelligence tools. Drop us a mail to discuss your BI requirements.