Companies want to be able to use the correct data at the right time to make game-changing decisions. That’s why they rely on Business Intelligence solution implementation and good Business Intelligence strategies.
The success of a BI (Business Intelligence) platform depends on a combination of specific competencies and technology capabilities of the business. In this article, we will learn 5 Important Elements of Successful Business Intelligence.
Businesses need to keep in mind that aligning performance indicators (KPIs) with business goals is the most important factor in creating a successful BI strategy. Therefore, the companies that thrive are those that continuously measure and improve performance based on effective KPIs. Besides, since BI supports decision-making, a BI platform can only be as good as the KPIs it supports. Top companies also typically have a 2.5x more periodic review/review of their performance and related metrics than other companies. This review is intended to ensure resources are re-linked and the business can adapt to changing market conditions.
One of the key competencies companies need is the application of officially recognized KPI systems, such as the Balanced Scorecard, the Six Sigma Principles, and the 99.999% Reliability Principle (five). Nines reliability). Successful businesses often possess this capacity four times higher than poor businesses.
Aberdeen Group has emphasized the importance of cooperation between information technology and business in ensuring the success of a Business Intelligence system. Accordingly, it is necessary to invest in facilities and allocate resources appropriately. 57% of the top companies have an executive-level sponsor for their BI plans. In addition, these companies also tend to own a centralized data environment, with 62% of participants from leading companies responding that they have an individual or a group responsible for the data collection. Collection/management of operational data, while this figure in backward companies is 26%.
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3. Knowledge management
For decision-makers to gain insight from the data, there needs to be an open exchange of operational information across different business functions/departments. Ideally, this will be incorporated into the corporate culture to create a work environment that emphasizes timely understanding and allows decision support to flourish. In leading companies, information flows from different departments are almost twice as transparent as in backward companies. As a result, employees in top companies can better understand the impact of their decisions on the company, allowing them to build better BI and analytical skills.
Another aspect of knowledge management is developing and managing BI and data analytics talent. According to research by Aberdeen in 2010, leading companies often focus on training and developing analytical talent internally rather than outsourcing. This ability is often more than 4 times higher than those of other companies. Other. These companies will have formal programs in place to train BI talent. They may also have a BI excellence training center or BI competency center.
4. Performance Management
When a good Business Intelligence system is put into operation, the company will “gain a deep understanding of how to drive operations, thereby creating a performance in long-term metrics.” In other words, top-performing companies will have answers at their fingertips to questions like:
- To double the number of customers, what rate of growth is needed per week?
- To drive a 10% increase in cash flow, what level of inventory needs to be?
- To achieve this year’s revenue target, how much production capacity is required?
Not only can they answer these questions, but they can also generalize the connection between day-to-day operations and long-term strategic goals. The top 86% of businesses track their performance and match it to their company’s goals.
Moreover, compared with other companies, the speed of information capture of leading companies has important differences. According to Aberdeen’s research, 64% of respondents from these companies responded that they always require immediate or near-instant performance-related metrics, whereas the percentage. This is 45% for mid-level companies in the same industry and only 25% for backward companies.
Collecting data, organizing information, and giving insight are what BI technology provides. The four most commonly used Business Intelligence solutions are:
- Instant or near-instant reporting system
- Centralized data warehouse
- Activity chart
- Data integration tools
According to a 2010 Aberdeen study, 62% of participants from leading companies require the ability to provide immediate or near-instant information, compared with 42% in the industry average. Profession and only 18% in backward companies. In addition, leading companies often use charts and other visualization tools to deliver needed information to those who need it effectively.
Research also shows that employees at top companies are also much more satisfied with the technology deployed in their companies. In fact, in these companies, the employee “satisfied” or “very satisfied” rate for information request response speed is 83%, with data accessibility related to their work is 73%, with the ability to generate custom reports/views is 68% and with access to the information anywhere, anytime is 73%.
Above is an article about 5 essential elements of successful Business Intelligence. With the great benefits that Business Intelligence tools bring, what are you waiting for without owning this great solution? Using more discount codes and coupons when buying will help your business save money. A Business Intelligence solution platform is good or not reflected in its impact on the quality of decision making. A fully functional environment and a professional understanding of how to operate enables faster and more relevant business insights and ultimately leads to financial, sales, and customer service results in great customers.
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