Business intelligence (BI) datasets guide you in understanding a product’s historical performance and related consumer behavior. The latest BI strategy development emphasizes a flexible, outcome-oriented approach. This post will elaborate on creating a modern business intelligence and analytics strategy.
What Is a Business Intelligence Strategy?
A business intelligence strategy includes steps and guidelines that help your BI teams determine the appropriate data collection techniques and reporting methods. Enterprises and consulting firms benefit from business intelligence solutions in developing a modern analytics strategy that enables precise data visualizations for clients.
Different companies have unique priorities, and every BI software platform has its pros and cons. Therefore, organizations request a detailed roadmap educating them on the rationale for each step in modern business intelligence operations.
The Importance of Business Intelligence Strategy and Roadmap
If a company considers using BI and data analytics solutions without an industry-relevant strategy, it often suffers from an inefficient allocation of financial resources. An optimized roadmap also decreases the difficulty of tracking the performance of BI development projects.
However, professional business intelligence solutions assist you in selecting a suitable BI platform. Your team can utilize them to understand how some business intelligence components provide better returns than others. So, you learn to concentrate your resources on the most profitable data categories.
Considerations for Modern Business Intelligence and Analytics Strategy
- The budget allotment is essential since scalable data analytics solutions demand extensive computing resources. An insufficient budget might slow you down. This situation can also prompt you to revise the schedule corresponding to the goals in the business intelligence strategy roadmap.
- Return on investment (ROI) assessments guide you in separating meaningful BI practices from less effective operations. You want to eliminate those data categories and processing operations that have a minimal contribution to your business growth. Later, you can reassign the saved company resources to more beneficial activities.
- Business objectives must directly influence your business intelligence strategy, and modern data analytics solutions will respect this principle. There is simply no point in spending company resources on collecting data about business aspects that have no strong correlation with your goals.
- Time is a rare resource, and BI strategy consultants prefer scheduling business intelligence solutions to acquire a detailed roadmap quickly. Therefore, all stakeholders must balance the scale of data operations with the practical consideration of promised deadlines. Nobody wants to spend an eternity developing perfectionist plans.
Steps to Develop a Modern Business Intelligence Roadmap and Analytics Strategy
Business intelligence solutions provide companies with systematically organized workflows using modern data analytics. They recommend steps or blueprints to assist your teams in avoiding the loss of time in brainstorming and creative decision-making.
Modern business analytics can verify the industry relevance of a suggested BI strategy through statistical modeling. So, the corporate leadership can selectively follow the components in the roadmap. This flexibility helps you meet the requirements of each industry and business unit.
Different consulting partners might maintain proprietary blueprints. Yet, they will often include some standard steps to create a modern business intelligence strategy, as explained below.
Step 1| Financial Feasibility Analysis
Some business intelligence operations do not require large budgets. For example, corporations that possess structured data can use simple data analytics solutions. Besides, regional companies operate on a scale smaller than international enterprises.
Therefore, the same facilities of BI software platforms are financially feasible for every company. However, more modern business intelligence solutions might be appropriate for more prominent corporations.
If it is not financially feasible to create business intelligence datasets for multiple departments, the company can develop a BI strategy for one or two departments. This decision depends on the immediate priorities of the organization. Nevertheless, you will have to revise your strategy more often to obtain business intelligence for other business units.
Step 2| Choosing Business Intelligence Tools
Some business intelligence solutions offer simplified user interfaces, eliminating the need to train your employees and develop modern analytics tech skills. Meanwhile, other BI tools do not use graphical user interfaces (GUIs). Instead, they rely on coding languages and command-line environments.
You want to choose the BI solutions that satisfy your data analytics requirements. The selected business intelligence solutions must respect the following principles.
- Ease of learning,
- Smooth interactivity,
- No bugs or error codes,
- Multi-user collaboration,
- Continuous updating and patching,
- Natively supported troubleshooters,
- Promptly available technological support,
- Strong and stable data protection mechanisms,
- Compatibility across operating systems and file formats,
- Intuitively visualized dashboards and custom report generation.
Assume that a BI team has many members with computer science or information technology skill sets. Therefore, this team can build a modern business intelligence strategy using the developer APIs (application programming interfaces) provided by the data analytics solutions.
Step 3| Invite Departmental Representatives and Create a BI Coordination Team
Integrating business intelligence solutions with the usual project activities requires time. This endeavor also implies that the stakeholders in various business units of your organization will witness a remarkable digital transformation. However, a lack of coordination can throttle your modern business analytics efforts.
One solution is to select some employees as departmental representatives. Moreover, managers must create a team of coordinators to help all the staff members learn how BI will help them.
Allocate the responsibilities among the coordinators judiciously to prevent burnout and confusion. Remember that the clarity and simplicity of communication must be vital in developing positive attitudes among employees toward modern business intelligence solutions.
Step 4| Optimize Business Intelligence Solutions for Each Department
The business intelligence strategy to enhance production management will defer from the business analytics roadmap optimized for the human resources department. So, consider the needs of each department and specify the guidelines to educate employees. They must know how to adjust the dashboards.
Data visualization concerning the sales department will share some components with the finance team. Therefore, standardization for identical data elements is often desirable. It helps you simplify business dataset cleansing for modern data analytics solutions.
Implementing a standard format for the frequently accessed datasets promotes real-time collaboration and reduces the delay in reporting. Likewise, a formal structure for a database used by different departments encourages multidisciplinary discussions. It frees corporate data from departmental silos.
Step 5| Build, Maintain, and Expand IT Ecosystem
Some institutions gather data using on-premise systems throughout the day. Later, the employees upload the collected business intelligence data onto the company servers before leaving the office. Therefore, those institutions invest heavily in the physical IT infrastructure near office buildings or project sites.
Other organizations lack the financial means to build, secure, troubleshoot, and upgrade powerful servers. They prioritize outsourcing business intelligence solutions to reduce the operating costs of modern data analytics.
Still, each IT ecosystem provides you with unique advantages and disadvantages. Furthermore, the availability of cloud computing environments empowers your employees with self-service BI tools. Your team must understand how different IT environments can benefit or hurt the roadmap envisioned in your business intelligence strategy.
Simultaneously, you want trustworthy and easily scalable data analytics solutions that protect the confidentiality of your business intelligence databases and stakeholders’ privacy.
Precautions in Business Intelligence Strategy
- Dataset quality affects the reliability of insights extracted from the business datasets. Integrity, relevance, completeness, and logical resilience are some of the data quality metrics. Therefore, pay extra attention to the activities like removing duplicate records and updating outdated values.
- Correcting bias is indispensable to increase the performance of data analytics solutions. Biased datasets will cause the company’s computing resources to be wasted in identifying and eliminating mathematical outliers. One solution is to focus on unbiased data sources validated by experienced professionals.
- Unauthorized data manipulation creates inconsistencies across the reporting dashboards recorded at different times. So, the companies must develop and implement a strict data governance policy. Time-based version control and modification history are also imperative in preventing data manipulation.
- Strategy revisions assist you in adjusting business intelligence solutions when organizational priorities shift in another direction. For example, a managerial leader might use BI to make internal operations more efficient in the growth phase. However, analyzing competitor behavior could become more important in the later stages of the business lifecycle.
You can create a modern roadmap corresponding to your business intelligence strategy using these five steps. BI datasets are crucial for creating data-driven procedures concerning sales, marketing, competitor analysis, and industry trend forecasts.
However, each organization has unique requirements, while distinct BI platforms demand a certain level of technological aptitude. You want a business intelligence software environment that matches your employees’ skill levels. Otherwise, your team members might take longer to learn the new visualization interfaces or command line syntax.
Creating a dedicated coordination team can help you avoid employee confusion. Besides, departmental representatives tell you how to adjust the business intelligence solutions according to the needs of each business unit. Finally, consulting a reputable data partner is beneficial for distributing risk and optimizing costs.
A leader in data analytics solutions, SG Analytics, supports organizations in developing a modern business intelligence strategy. Contact us today if you require impactful roadmaps and scalable technologies for precise business insights.