Business intelligence technology has enormous potential and existing use cases across a range of industries. The best way to implement BI into your business model is to get assistance from the top BI consultants and developers. However, you must be at the center of the implementation process. Here’s how you can implement business intelligence into your business model with the help of a partnered business intelligence organization.
1. Build a business intelligence strategy - A business intelligence strategy is a roadmap that allows you to measure the success of business intelligence initiatives. It also helps you understand the shortcomings and opportunities which you can use to better the competitive advantage. A well-defined business intelligence strategy enables you to use analytics to make informed business decisions. While building a business intelligence strategy, make sure you deliver the right information about your business to your development partner. Your startup business organization must be well aware of the following:
- Business objective
- Resources you have to meet that objective
- Requirements needed in the short-term and long-term
2. Set up key performance indicators - Once your partner organization has enough information and a roadmap in place, you need to set up KPIs. Consult with your business intelligence software company to know the timeline of each KPI. The team will also help you understand what areas are priorities and what the process will be like. With the help of set KPIs, you will be able to track the company's growth against the BI implementation period. Make sure the KPIs are measurable and match the company's objectives. A few popular KPIs you must know about are -
- Marketing: Customer acquisition cost, conversion rate, repeat customers ratio
- Financial: Liquidity ratio, net income vs net earnings
- Project management: ROI & productivity
- Customer service: Customer effort score, net promoter ratio
- Human resource: Net income per employee, cost per hire, training costs
3. Build a BI team - When partnering with one of the top BI companies, you must understand that knowing each member and their roles and responsibilities is crucial for the company’s growth. Some of the professionals who must be a part of your BI team are BI infrastructure architects, business representatives, data administrators, data mining experts, data quality analysts, database administrators, metadata administrators, project managers, and subject matter experts. This top professional team will help you know and understand the ins and outs of the overall initiation, implementation, and execution process.
4. Know the best software requirements - The partnered business intelligence agency will help you with custom business intelligence software that matches your business requirements. Knowing about the best and most necessary software requirements for your business is a must. You must ensure a few things before approving the developed solution:
- Does it offer a simplified view of the data?
- Is the software integrating your existing business system?
- Collaboration features in the data analysis part
- Can team members discover and access insights on their own?
- How is the data source connectivity?
- Necessary functional requirements and more
5. Pick data storage, platform, and environment - If your organization does not have an infrastructure, it’s time to revamp the old processes with the assistance of your partner organization. It will be great to look for data storage options. Usually, the top BI companies suggest using data warehouses as the best choice for business intelligence implementation.
They offer analysis of data coming in from both apps and online transaction processing. Once you are ready with a suitable storage platform, it’s time to fix the environment. You can choose among in-cloud, on-premise, or hybrid environments depending on your business needs.
6. Prepare your business data for quality analytics - The success of a good business intelligence and analytics project depends on the quality of the data. Your partner team must make sure that all the data coming to you is complete, valid, unique, consistent, timely, and accurate. This will prepare your business for real-time execution and success of your business. Data preparation is basically a pre-processing step where data sourced from multiple places is gathered, simplified, reformatted, and transformed for quality analysis to yield informed critical decisions.
7. Run a pilot project - Now that you have set everything up, from processes to data and training, it’s time to run a pilot project. Although you can be eager to launch the project across the entire organization in one go, it is suggested to test it among a team to see and understand how receptive they are towards it. Also, it would require ample time to train all the employees.
It is suggested to follow the top-to-bottom approach where the training of management-level employees is a priority, and next, you can move to other employees. It will help you save more time as trained team leaders can motivate and assist other team members in understanding the process well.
What are the key business intelligence trends in 2024?
We now understand that business intelligence has become an indispensable asset to organizations of all sizes. They want to leverage every bit of information and extrapolate possible results to make better-informed decisions. However, to do so, you need to stay afloat with the latest BI trends. Understanding these trends is vital whether you’ve installed business intelligence software or planning the same in the future. Here are some key business intelligence trends that will help you make the most of the latest BI approaches.
Data governance - Data governance creates a blueprint for managing corporate data assets, including process, architecture, and operational infrastructure. It forms the foundation on which organization-wide data management occurs. Most organizations have some form of data governance in their business, although many have not standardized it.
The creation of data governance, while seen as a nice-to-have process, will grow to become a must-have element in the BI architecture of a company to stay compliant with the laws. It enables organizations to harness the true power of technologies, processes, and people involved in managing data assets. It truly impacts the organization at operational, strategic, and tactical levels.
Connected cloud - There’s no doubt that the future of a business lies in the cloud, especially in data. Cloud business intelligence is becoming a dominant force as all BI elements, including data models, data sources, storage, analytics models, and computing power, are destined for the cloud. A connected cloud strategy brings flexibility and reduces risks involved in analytics. However, its implementation poses some challenges for organizations, so before following the trend, understand the pros and cons too.
Self-service BI interfaces - Big data analysis requires substantial involvement of data scientists; however, this approach to data analytics is changing fast with the advent of self-service BI. For a long time, business users have experienced discomfort while operating complex rigid BI analytics tools. Also, the high operational costs of hiring a BI expert were troublesome. It led to the innovation of self-service BI systems. This BI trend is going forward as it empowers users to filter, sort quickly, and analyze corporate data.
Data quality management (DQM) - Big data has a tremendous impact on the trajectory of any business. It helps companies predict customer expectations, obtain a competitive advantage, and execute informed decisions. However, the data needs to be accurate, consistent, and up-to-date, as poor-quality data can destroy business value. Data quality management provides insights into data pumping through a business. This trend is still leading over the years as it improves the data governance framework and enforces data standardization.
Collaborative BI - Collaborative BI isn’t the latest but a critical business intelligence trend in this ever-evolving business landscape. Collaborative Bi is a combination of BI tools and collaboration software that enables streamlining data-driven decision-making. In the business environment, collaborative BI facilitates sharing analytics and reporting, which helps in efficient decision-making. In the coming years, this trend will also lead its way ahead.
Why should you hire a business intelligence company for your next project?
Hiring a business intelligence company can bring numerous advantages and added value to your organization. Here are some compelling reasons to consider:
- Expertise and experience: Business intelligence companies possess specialized knowledge in data analytics, reporting, and data visualization. Their experienced professionals have a deep understanding of BI tools and methodologies. By harnessing their expertise, you can unlock valuable insights from your data, enabling you to confidently make well-informed decisions.
- Tools and technologies: BI companies have access to state-of-the-art BI tools and technologies. They are skilled at implementing and leveraging these tools effectively, which empowers you to efficiently process and analyze large datasets. This access to advanced resources enhances the accuracy and speed of data analysis, providing you with valuable insights for better decision-making.
- Data security and compliance: When it comes to data security and compliance, BI companies employ robust measures to protect your data. Their expertise in data protection regulations ensures that they adhere to industry standards, reducing the risk of data breaches. By entrusting your data to a BI company, you can have confidence in the safety and integrity of your information throughout the analytics process.
- Customized solutions: BI companies can tailor their services as per your specific project needs. They can design custom dashboards, analytics, and reports that align with your business goals, giving you actionable insights for better decision-making.
- Scalability: BI companies possess the flexibility to scale their services according to the growth of your project and data requirements. Whether you encounter larger datasets or seek to expand your analytics capabilities, these companies can readily adapt to meet your changing needs. This scalability ensures that their services align with your evolving business demands, fostering a seamless and efficient analytical process.
Wrapping up!
As the demand for business intelligence solutions is boosting, many organizations are joining the race to provide related services. Thus, it has become difficult to pick organizations that solve quality problems and take care of corporate needs. In this blog, we have done thorough research to list down only the best possible options for your organization.
Now, if you are one of the organizations that provide top-notch quality business intelligence technologies, reach out to us to get your company listed.
We will offer your organization a fair review to provide it the opportunity to get featured by MobileAppDaily. Meanwhile, do not forget to go through plenty of other informative blogs on the website to stay up to date with the latest ongoings in the IT industry.
