Do you know many organizations just ‘adopt’ Business Intelligence software? Yes, the software which is meant to provide you insights and analytics of your business is itself not successful in making your business prosper. The reason? Like any investment, a BI implementation project needs to be justified and once it goes live, the impact has to be monitored and measured. But many organizations fail to do this.
Businesses are growing and so are the data masses. It’s time for you to realize that you should take advantage of increased ROI from analytics, gain productive insights from the hotchpotch of facts and figures and become enriched with the right data to suit the company’s specific needs. Information, and not the data, is the base of better decisions. Business Intelligence will help you make your data relevant to your business needs and reap the best out of available data before it becomes less relevant.
If you continue to invest in analytics and business intelligence, it’ll become easier to understand and meet the growing demands of your customers. After the successful deployment, leveraging only the quality information is the key step. It is not necessary to analyse every sort of data you have. That will lead to nowhere. Enrich your BI software with data which shows you statistics you need to forecast the trends either by time or events or other relevant base. This will enable you to know from what and why of the things that happened to how to make things happen in future. When you know what and how much to include, your BI will help your business prosper.
When you are not sure what your BI software has done for you so far, ask these questions:
1. How has your business performed after implementation of BI solution?
The usage of BI software is the main thing you must measure. Measure the rate of end-user adoption. That is, how many people in your organization who have access to BI software, actually use that software, and access the reports it generates, on a regular basis, to make operational and strategic business decisions. See that your business has a positive growth in terms of ROI too.
2. Does much of your data lose its relevance?
BI software is deployed so that the tons of data your business is utilized productively and timely. Information is short-lived and loses its relevance very often. Is your BI able to capture its essence before it becomes useless? If yes, your BI is doing its job well.
3. Are you able to make quicker and better decisions?
With readily available data insights and analysis, the decision making process in the organization speeds up. Instead of wasting time on excel sheets, you will have the analysis of required data on your screen. Based on these, business decisions are made. Faster quality decisions are a sign of successful BI software.
4. What’s the scope of the data that’s being extracted?
The insights your BI software provide should have a broader scope. It should aid you in deciding which information will benefit in long term to organization as a whole and not only to a specific department. You won’t want your income to grow with soaring expenses.
In summary, measure, measure and measure. Establish specific goals before you choose upon aBI software. BI is one such tool which helps you save your time and money, lets you do things you couldn’t do before, builds greater ROI opportunities. All-in-all it increases your bottom-line if used intelligently. And yes, again, don’t forget to measure the overall business implications.
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