There is an increasing number of organizations that are seeing the advantages of using relevant data in order to push their businesses to the top. A study dubbed The Data Directive done by the Economist Intelligence Unit has shown that there is a link between the use of quality data and a positive outcome in terms of business performance and earnings. To be more direct, organizations that are able to leverage their data into business decisions for their advantage perform much better than those who do not.
Enabling business intelligence technology in an organization is a step towards achieving success through the means of data usage and “exploitation” done correctly. The ones that don’t implement plans to incorporate quality data into their systems may get left behind.
If you are seriously thinking about going into data usage and for your organization, consider these steps on how to get off on the right foot:
- Define your vision: The evolution of various BI platforms gives organizations a deeper understanding of what data can do. These new advances have given managers new advances when it comes to building business objectives. There are also new classes of BI visualization techniques that help the exploration of data in vaguer situations, aid in finding patterns, subtle relationships, segments and outliers. The most basic problem is in coming up with the right questions to ask and sorting out the data that is most relevant to your situation. When BI is leveraged, organizations can get a full of view of a customer’s needs. Therefore, a complete insight into the bigger picture is needed—-one that is also supported across the board and points towards how an organization can evolve with a clear vision.
- Define business outcomes: A well-defined vision is only the beginning of a successful BI implementation. It also needs to have specific and measurable targeted goals. There needs to be a good mix of top-down as well as bottom-up approaches which can identify various cases for business use. A top-down method can be utilized to determine KPIs (Key Performance Indicators) while a bottom-up method can be used to identify the data with which to improve the KPIs. It is also recommended to search for quick wins. Use the cases which can bring improvement in a short amount of time in order to ensure a continued business support.
- Set up the organization: Perceptions from the EU Data Directive study have yielded that more than data-specific issues, a lack of expertise is one of the main barriers in setting up a successful BI-centric organization. There is not enough number of people in both organizations and the marketplace with the needed expertise to handle data. One of the plans implemented by the organizations that pioneered the BI revolution is appointing a chief data officer or insight officer for the computerization of actionable insights.
- Examine governance: Organizations that show that they are committed to striking a good balance between value and privacy will get the nod of their shareholders. If you are mulling over moving to a data-centric model for your business, try creating a BI competency Centre or a Centre of Excellence made up of people who have a good understanding of both the IT environment and the company’s business. This team of people will help create a BI system that is adaptable and flexible, which helps to keep you relevant even as the business and marketplace evolves. The center will also help ensure that governance principles are met, help monitor benefit realization and user adoption as well as drive an enterprise-wide regularity of the BI platform.
- Analyze the Technology: Whole data and BI systems need to be continually evolving in order to handle fast moving, real time data at excellent cost levels. Start off by using tools that the organization is well accustomed to before moving ahead with your studies. Some of the problems with BI technology may include skepticism among its users, technology glitches, low adoption rates and even inadequacy in executive support. The resulting intelligence reports may also have lacked in data definitions and may have extended a limited usefulness in the decision making process. The problem often lies in the fact that BI is usually seen from a technology or a business perspective, when both perspectives are equally important. If you’ve already gone through the experience mentioned, you may also have already erased the problems you have encountered in the past.
Data analytics is being used mightily in many businesses today and for appropriate reason. With everything in business, however, there is no one-size-fits all method. After all, each business is different, with unique requirements and cultures. If you wish to achieve success with your BI model, it is best to look first at what your goals are for your organization and work backwards from there. You are more likely to find out new and innovative ways for forwarding your business with the aid of your BI platform.