Business intelligence (BI) is an essential tool for any organization that wants to stay competitive in today's market. With the right strategy, companies can use BI software to extract data, discover trends, generate reports, and compare future efforts with previous performance. To ensure a successful implementation of BI software, organizations must follow best practices and develop a comprehensive strategy. In this article, we'll discuss the 19 steps you need to take to create a successful business intelligence strategy.
The initial step in creating a successful BI strategy is to identify the high-level staff and their team who will be using the system. This will help guarantee that everyone is on the same page when it comes to understanding the system and its capabilities. It's also important to include useful details, such as standard terminology, in the strategy. Once you have identified the key players, you should discuss what worked and what didn't in previous implementations.
This will help you identify areas that need improvement and ensure that your new strategy takes into account any lessons learned from past experiences. End user training is also essential for ensuring that everyone is able to use the system effectively.
Types of Business Intelligence ToolsThe types of tools that typically form a business intelligence software application system include spreadsheets, operational dashboards, data mining, reporting tools, analytical processing tools, performance management, and predictive and prescriptive analytics. Each of these tools has its own set of features and capabilities that can be used to help organizations make better decisions.
19 Steps for Developing a Successful Business Intelligence StrategyTo create a successful business intelligence strategy that meets your business needs, follow these 19 steps:
- Identify high-level staff and their staff who will be using the system.
- Discuss what worked and what didn't in previous implementations.
- Provide end user training.
- Choose the right visualizations for your data.
- Develop a holistic approach.
- Create a process for proper planning.
- Establish strong data governance.
- Build a scalable infrastructure.
- Commit to an ongoing full-scale BI program.
- Identify advanced users in business units and departments.
- Create tools, analytical data models, and visualizations that best fit their daily workflow.
- Ensure self-service capabilities are available.
- Provide access to data-based information and expert advice.
- Use best practices when developing a successful BI strategy.
- Extract data to discover trends in large data sets.
- Generate reports on this analysis so that you can draw conclusions about the data.
- Compare future efforts with previous performance and even with industry standards.
- Leverage technology to solve business challenges.
- Ensure that everyone is able to interpret visualizations and act accordingly.