Since enterprise seem to enter a new era ruled by data, the general understanding that organisations that use data as a strategic advantage perform better than those that don’t increase. As a result, increasingly more companies are turning to business intelligence (BI) software to help shape their business strategies, improve their products and services, drive cost and process efficiencies and eliminate pain points from across their operations.
However, simply implementing a BI tool is not enough. Certain aspect that include the entire organisation need to be considered improving the chances of BI success.
Below are four factors that can help drive a successful BI software implementation.
Not every business is prepared to embrace a software application such as a BI tool. In many organisations the right mindset to regularly consider data and analytics for strategic decision-making is missing. Even though, companies have always gathered information about their customers, products and markets, analysing and using the data aren’t necessarily inherent, consistent or enterprise wide practices.
Building a data-driven culture will require changes to how people think and behave. Data must be accessible to everyone, and everyone should understand the value of data for their specific roles and the overall success of the business, only then the BI solution will become part of the culture.
The dependence on technology has made every business a digital business. Data is collected across the entire enterprise, often in remote offices, disconnected departments and disparate silos. Resulting in disconnected business planning and poorly informed decision-making.
Data needs to be viewed and treated as a significant business asset. Once a company becomes data driven, the next steps are to put in place the tools and solutions to convert raw data into actionable intelligence.
It is known that if the technology is difficult to use, or accessible, most likely employees will become disconnected and won’t use it. Therefore, choosing the right BI application for your business has never been more important.
In Today’s fast pace business environment, employees don’t want to have to submit requests forms for reports, to then receive an email with static, outdated spreadsheets. They want to see what is happening right now, and they want the information presented in an easy-to-understand way. While culture, quality data and engaged stakeholders play vital roles in a successful BI initiative, ultimately, the underlying technology is what will make it go.
Once the BI tool is in place and quality data is flowing from departments and resources into the central database, the next critical process for BI success is analysis.
Making business decisions based on data is a competitive advantage. Linking analytics to business outcomes can show how BI influenced revenue-generating opportunities, increased operational efficiencies and/or improved customer service. As your single source of truth, your BI tool should facilitate a level of analysis that will eliminate doubt and wonder while uncovering what is really going on with your business.
These are just a few factors that can influence the success of your BI program. There are others, including taking action on the analysis, monitoring progress, and constantly reviewing and refining processes.
As BI becomes more engrained in your business culture, it can have a dramatic impact on how you engage your customers, create and market new products and services, and develop strategies that benefit your bottom line.
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