How to deliver and implement an effective Business Intelligence strategy?
Today, Business Intelligence should be treated as an antidote to the flood of large amounts of data. None of the companies will benefit from having data if they are not able to draw valuable business information from it. Read more on our blog!
What is BI, and how can it help your company?
In general, Business Intelligence is a comprehensive analytical solution that can be used to understand better your business and the state of the market you are expanding in. In order for BI systems such as Power BI to work correctly and benefit your business, you need to start from the basics and make sure you don't skip any key elements. This means that the development and implementation of BI must include:
- preparation of the strategy,
- implementation of a team of employees,
- identification of data sources,
- selection of analytical tools.
How to create your BI strategy?
The focus of BI is on data and data analysis, which means in practice that if you want to have a strong overall strategy, you need to have these two elements well worked out. In particular, you need to understand and organize the following issues:
- Indicators - consider which areas of your company's functioning you want to analyse. Then select indicators that will allow you to measure the results of your work. Consider not only the situation within the company but also its environment, competitions and archival data.
- BI team - select representatives of particular company departments who will be responsible for system implementation and data analysis. The involvement of the team is crucial here.
- Only thanks to their cooperation, it is possible to analyze data and draw appropriate conclusions from them correctly. In companies that have decided to base their organizational culture on data analysis, consistency can be observed at all levels. It is manifested in the fact that employees take over the habits of team leaders and follow them both in relations within the company and with customers.
- Data sources - although today's entrepreneurs have a wide range of data at their disposal, the only comprehensive analysis makes them useful. Website, contact form, CRM, social media, sales results - there are many sources. The first step is to determine what data sources we have, what information is most important from each of these sources and how to look at them in their entirety.
- Choosing BI tools - is one of the most important steps we need to take in this process. Consider whether you can meet your business needs with the tools you are currently using. The more we automate and simplify the entire data analysis process, the more benefits it will bring to our company. Fortunately, we are supported by systems such as Power BI, which allow for quick aggregation of data from multiple sources, their analysis and presentation in the form of transparent reports.
We hope that the above guidelines will help you to develop and implement an effective Business Intelligence strategy in your company. Unfortunately, there are no “universal” methods in this area - every business is different and requires in-depth analysis. If you have any questions about which Business Intelligence strategy would be best for your organization, please do not hesitate to contact our consultants.