Every business strategy and decision pivots on data. With data, a business can remain relevant and make effective decisions. Yes. Data is a priceless asset today.
Yes. Data is a priceless asset today. But you need a business intelligence (BI) strategy that helps you leverage data optimally and maximizes its value.
If you are looking to build a BI strategy for your business, this quick guide can help.
Guide will help you navigate the steps involved in developing an effective and promising business intelligence strategy. So, let’s get going!
What is a Business Intelligence Strategy?
A business intelligence (BI) strategy is a comprehensive plan or a blueprint that determines how you will use data for your business. As stated earlier, since data is critical to every company’s success, the BI strategy revolving around it and driving its use becomes equally crucial.
Thus, building a BI strategy is more than just choosing the right technology and implementing software. That’s because BI strategy isn’t simply a tactical move. It is a roadmap that helps you derive optimal value from the data you generate and use.
So, while developing a BI strategy, you must also answer questions concerning how you will deploy the software platform, manage data for analysis and enable people in your company to make informed and data-driven decisions. Remember, the purpose of a BI strategy eventually is to drive actionable insights. Thus, every aspect of the BI strategy should aim to achieve the practical value you intend to derive.
5 Steps to Create an Effective BI Strategy
Building an effective BI strategy is a complex process. But following these five essential steps can help you develop a plan to deliver tangible value.
1 Review the Current Status of Business Data
The first step is to assemble a team that can accurately analyze and present the data collected and the technology that manages it. In addition, it includes understanding the company’s structures and workflows that mine and interpret its data. Essentially, the BI team will identify every dataset’s importance level.
2 Establishing Data and Performance Relationships
The next step is to determine the KPIs (Key Performance Indicators). KPIs should be measurable. Your BI team should be able to point to objective figures concerning your business accomplishing its goals and executing improvements.
A critical facet of identifying KPIs is limiting the overall number evaluated and focusing on top-level priorities. Besides, the KPIs must represent the business in its entirety. Hence, you must select KPIs from various parts of the business to gain a more comprehensive insight of your business operations.
3 Determine the Key Stakeholders and Involve Them
BI includes software. But it isn’t necessarily related to IT or a particular department to which the data is related. A more holistic approach involves a key team member from every department under the BI strategy and asking them questions about their data usage and what works and what doesn’t. These real-time ground insights could contribute to your BI scope.
4 Select the Right Solution and Test it
BI strategies require the right software platform for optimal performance and results. But here, a crucial aspect of deciding is whether to use a cloud-based or remain on-premise. Factors like the business volume or security measures can influence the decision. You must also consider the current BI resources and future scalability to make the right decision.
Having the right software platform in place can help you run KPI trials. Every trial can help build insightful dashboards and summaries. You can share the results of each with the respective departments and gather feedback concerning data clarity and relevance.
5 Develop a BI Roadmap and Review Results
Your BI team must develop a BI roadmap to implement your strategy. They must consider a few elements like tracking milestones and dependencies when the data warehouse will be operational and ensure roadmap agility and proactiveness.
Determine when the BI platform and data warehouse will turn operational for the BI initiative. Don’t let your BI strategy focus on responding to ad-hoc reporting requests. Doing so will curb the potential of your BI strategy. Develop an intelligent and visionary roadmap that marks new initiatives, market changes, etc. Keep your BI strategy flexible and agile enough to adapt and effectively respond to these changes.
Optimize Data and its Value with Datafortune!
Datafortune is a team of comprehensive and experienced data specialists with a tactical and strategic understanding of the various dimensions of data. Thus, from helping you choose the right technology and deploying it, we can also strategize data management with a BI strategy that reaps fruits in the long run. So, deal with data in collaboration. Choose us as your data partner and pave the way to quantifiable results. Click here to connect with us and discuss your requirements with our experts.