Business Intelligence, analytics and big data have become the buzzwords in business. Behind the scenes, the success of all the above initiatives boil down to Integrating Data Sources and Slicing them for Extracting Actionable Insights.
While there are robust platforms to take care of the Business Intelligence and Data Visualization aspects, the real challenge lies in properly assessing needs, defining objectives and executing the whole project towards success.
Here are a few tips on how to make a successful plan.
Before working out for a new BI plan, let us gauge the existing BI you have in place. Which data are you measuring? How many data points are you tracking? Why are you doing it? Which Key indicators will accurately reflect you organization’s trends and health that will impact the future? Are you missing out any indicators? This assessment will help you see where you are and how far you should lead ambitious business intelligence goals.
Most of the organisations that steer business intelligence (BI) projects often overlook the need to align LOBs with Technology Teams. Technical Teams need vital inputs from BI Consultants, business executives, to securely set up, deploy, manage and distribute valuable insights across the organization. Though Business Intelligence is largely enabled by Technology it is mainly exists to empower business stakeholders for taking real-time decisions.
Literally, you can track thousands of indicators, but the KPIs are the key- the vital pieces of data people need to take better decisions. If You already have an view about what is you KPI’s are well and good, but if you don’t have an idea, Have a look at your strategy, mission and goals and determine which KPI’s are most vital to measuring performance. Limit your KPIs to only the key factors on the list. If you get too Micro with your focus, you may dilute the Key signals they convey. This will make it hard to mine the right insights.
Choosing the right business intelligence tool significantly boosts your collective ability to steer business impact. Microsoft Power BI is one of the market leading cloud-based analytics suite to analyse data and share insights in a cost-effective manner. It provides interactive visualizations with self-service analytics capabilities, where business users can create dashboards and reports to monitor Key metrics of the business without the help of IT staff or DB admins.
Trying to bolster your Business Intelligence Project? Connect with us today.