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6 Steps to Build a Powerful Business Intelligence Strategy

6 Steps to Build a Powerful Business Intelligence Strategy

Chances are you know that your organization needs a powerful business intelligence strategy. Business intelligence (BI) can be defined as the collection of technologies, practices, and applications used for the collection and analysis of data to provide actionable information for better decision-making. These solutions enable corporations to get valuable insight into their data so that they can improve their performance and recognize new growth opportunities. Most enterprises do not hire professional data management services firms and instead, try to implement BI by purchasing off-the-shelf solutions. This kind of approach can prove to be hazardous for the business. Even if you do not want to hire professional consultants, you can create a plan for implementing the program. The following steps will be helpful in building an effective strategy for introducing BI in your organization.

1. Identify The Objectives Of The Major Users

Everyone at the organization will benefit from better data access and in-depth insights. However, not all users can be categorized as major stakeholders. The first item on your agenda must be to identify all the important stakeholders. Then you must inquire about their specific requirements. Get in touch with the executive leadership at first and then gradually move down the hierarchy. This will give you a comprehensive idea about the needs of the users.

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2. Evaluate The Present Condition

Ask any of the top data management consulting companies and they will tell you that deploying a BI solution is not easy. You must make an extensive assessment of the present state of affairs at the organizations to identify the levels of preparedness. Replacing the entire current framework is not practical. Let’s say there is a vital process which provides valuable input. This process cannot be removed and must be somehow integrated into the new system.

3. Organize Your Data Sources

Your business must be receiving information from a variety of sources. All the data elements generated by the organization will not be equal in terms of value and relevance. In order to build an effective business intelligence strategy,you need to organize all the disparate sources. Identify and segregate the core data being generated by your website and app from the peripheral data coming in from the CRM or analytics suite. All the external data being accessed through surveys must also be categorized separately. 

4. Select Your Team

The best of plans can be ruined because of inefficient implementation. Choosing a strong team, therefore, becomes important. You need to pick a technically-skilled person who also possesses sound business knowledge to head the group. Then you will need a developer who will design the framework to integrate information from various sources. An analyst will be needed to transform the analytics input into actionable insights. You will also require database analysts to manage your database.

5. Identify The Key Performance Indicators

The Key Performance Indicators (KPIs) will help you find whether the organization is achieving the business goals or not. You need to identify the metrics in each department which will be tracked to measure the success of the program. In order to truly raise your performance, identify some KPIs related to your industry. These metrics can be industry-wide sales, ROI, or profit margins. Measuring your company’s progress on such industry-centric metrics will help you know where you exactly stand in your domain. Identifying the correct KPIs is vital for effective data management assessment.

6. Select Appropriate Solution For The Initiative

BI is a largely technological initiative and you will need an appropriate solution to run the program. You can either find a partner for implementing the plan or acquire a software solution for the purpose. Remember that your data bank and requirements will only grow with time and therefore choose a solution which is easily scalable. Another important point to consider is the kind of storage architecture you want. You can select an on-premise system or opt for a cloud-based solution.

Conclusion

The correct implementation of the business intelligence strategy can generate great value for your enterprise. It will make your organization more efficient, productive, and competitive.  

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