Vipul Sharma, 16th Dec
Business intelligence (BI) is a critical part of any organization. It’s the tool that allows companies to collect data, analyze it, and make informed decisions about their business operations. But what does it mean to have a successful BI strategy?
In this article, we’ll outline the steps you can take toward developing your own successful BI strategy.
Table of Contents
Steps to Develop a Successful Business Intelligence Strategy
Define the business problem your company needs to solve
You should define the business problem your company needs to solve before you start. If you don’t, it’s easy for your team members and managers to get lost in their projects and forget about this important step.
It’s also important that when setting goals for yourself, especially those related to BI strategy development, you don’t worry about what other people might have as their own goals—they’re not yours! Don’t let others’ aspirations influence yours too much; instead of being ambitious with a specific goal in mind (e.g., “I want my business intelligence system up by Monday”), try breaking down complex tasks into smaller pieces so they’re easier for everyone involved (ego: “My first step is going through all our existing reports & dashboards”).
This will help keep everyone accountable because there won’t be any confusion about who’s working on which type of task at any given time.
Outline the data that needs to be collected
The first step in developing a successful BI strategy is to outline the data that needs to be collected. This will help you identify what data sources are most likely to be used and where they are stored. It’s also important to determine whether these sources can provide the information needed by your business at no cost (i.e., free).
- Internal data sources: These include internal databases and reports generated by employees in departments within an organization, such as finance or sales
- External data sources: These include external websites such as Google Analytics, Facebook Ads Manager, and Twitter Analytics; market research companies such as Nielsen or ComScore; social media platforms like LinkedIn Pulse, etc.
Select the right tools, technologies, and platforms to collect data points
Choose the right tools, technologies, and platforms to collect data points. The right tools will help you identify and define your goals. You must select a tool that can easily be used by your employees daily while still providing them with enough flexibility in terms of what they can do with it.
A good example would be Microsoft Power BI which allows users to build dashboards using visualizations like charts and graphs; moreover, it also allows them to drill down into data sets using Filters or Quick Views (which display a subset of rows based on certain conditions). The latter feature makes finding specific information fast and easy without having to figure out how each column relates together first!
Set up a proper data infrastructure to collect and store data points for future use
The data infrastructure is the foundation of any BI solution. It includes data collection, storage, and analysis. The data infrastructure should be flexible, scalable, and secure as well as cost-effective. It should also be easy to use with an intuitive user interface that provides a unified view of all your business information through one single platform or application.
Identify and acquire the necessary talent
The most important aspect of building a successful BI strategy is having the right people. A business intelligence team needs to be comprised of individuals who can analyze data and make decisions, as well as implement and manage a successful BI strategy.
You should also consider hiring people who can collaborate effectively, share knowledge with other members within your organization and work in an open environment where everyone is encouraged to voice their opinions openly without fear of repercussions or retaliation from management.
Establish a culture of data-driven decision-making
Data-driven decisions are made when you take into account all the information available, and then make a decision based on that. You need to ensure that everyone in your organization understands what it means for them to be “data-driven” so that they can participate in generating and using business intelligence effectively.
The most important thing is to promote collaboration among employees as this will help them work together as a team towards achieving your goals through proactive communication methods such as meetings or workshops where members present ideas/suggestions etc., before making final decisions based on facts alone (without bias).
Meet essential requirements of a successful business intelligence strategy
A successful business intelligence strategy requires a solid BI roadmap from a reputable business intelligence consulting firm. An expert team of BI professionals will help you create this roadmap and implement it with the right BI tools and technologies.
The first step in creating your go-to-market strategy is to complete an initial assessment of where you stand in terms of data collection, storage, analysis, and reporting capabilities. This includes determining what types of systems are currently in place; how much data they collect; how often they update their information (i.e., do they store all the latest updates); whether or not there are any issues with accuracy or efficiency; etc…
Conclusion
Business intelligence is a critical part of any company’s success. It enables organizations to make better decisions and execute their business strategies more effectively than ever before. But it doesn’t come easy; even the best-run companies need help with their BI strategy.
A good business intelligence consultant can help you define your data needs, select the right tools and technologies, and establish a culture of data-driven decision-making across your entire organization so that you can succeed in this exciting new era of technology-driven business intelligence!
