In the modern world, money is no more the ultimate power, information is the king. The one who holds the higher amount of information holds the power in any negotiations. The same applies even in the business environment, thus making it imperative for businesses to have a proper in place. When you have the intelligence about the market and the competition, it becomes that much simpler to plan your further actions and gain the maximum benefit.
How to Build a Business Intelligence Strategy?
Making a business intelligence plan is not really an easy task. It takes a lot of resources and planning of those resources to build a strategy to tackle the entire activity in a stepwise manner. As an organization, one has to be aligned across all teams involved in the business intelligence (BI) gathering which includes a proper leadership. So as an organization or a proprietor business owner, the below keys shall come handy as they are some business intelligence implementation steps that will help you in your business intelligence strategy.
Keys to a Successful Business Intelligence Strategy
- Ensure proper hierarchy: Most of the times organizations create a mix-up here where the BI activity is put under the leadership of the information head. Instead, the department should be headed by the business owner himself/herself so that the information gathered reaches them unhindered for the best decision making possible.
- Having an efficient validation process: All the data that is uncovered might not always be true. Hence the data validation of the intelligence gathered is imperative sans the data could be misfeed in order to distract the competition. Validated data hold higher value over any other data in the BI world.
- Data should be able to solve business problems: Just having BI is of no use if that data is unable solve your business problems. Hence one should first identify the problems that are to be faced and then conduct the BI operation to find the solution to that problems.
- Optimum data storage of BI: Storing the BI securely is important so that not only the data is safe from breaches, but properly stored data is also easy to find in case of reuse or for reference purposes.
- Clean data off anomalies and duplications: There is a possibility that the BI teams might come across similar data in their individual searches, as well as a lot of data which does not match the requirements. Hence one of your business intelligence implementation steps should include cleaning the data properly to ensure only the required data is stored. This not only makes it easier to comb the data, but also requires less storage space.
- Ensure BI is inline with company KPIs: What is worse than not having BI is actually having a BI team which is not working in line with the company’s KPIs. KPIs or key performance indicators help track if the functions of the company are working towards achieving the goals set by the company.
- Have a plan-execute-learn-improve-repeat cycle: Having a BI strategy means planning on some tasks and then collecting the feedback to see if you are inline with achieving what you had initially set out to achieve. The feedback cycle is important as its absence could result in a lot of wasted resources.
Following the aforementioned 7 steps can help you deduce an effective business intelligence strategy for your organization. It is a cost center for businesses, but some good planning and execution can result in a substantially high ROI.
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