Decision-makers understand that business intelligence needs to be a top technology priority. It is because of this intelligence that they are able to create value and continue to build on actionable insights in order to consistently lead by delivering successful results. The business intelligence (BI) and information science sectors have dedicated the past several decades to making access to data easier, but there are occasions when the amount of data can be overwhelming. Jorge Zuñiga Blanco, the founder of eCommerce advisory firm EG Services Global, shares the 15 tips that will help business owners create a successful BI solution.
Unify the different departments. What we believe impacts how we carry ourselves and unifying an organization is a key step to aligning different perspectives into one BI focus. Explains Zuñiga, “Senior management and executives across all divisions of an organization must collaborate fully and efficiently for BI to be successful in a company. This is the base upon which the entire BI solution is built.”
One of the most fundamental principles in any process is to keep things simple. Complexity can derail plans and lead to unpredictability and analytics are most useful when the entire process is focused and not complicated.
In every organization, there are those that are against change. To combat these individuals’ perspectives, keep BI exciting – create organizational awareness and show how the initiatives are going to help achieve the end goal.
The BI processes must always be monitored. “What works today may not work tomorrow,” asserts Zuñiga. “Be prepared to be flexible and adapt the BI model so they’re always in line with what the business needs, as well as responsive to the expectations of shareholders.”
As a business owner or manager, it’s important to have a firm grasp of what the data says. Information that is too compartmentalized will break down the BI model.
The BI program will deliver full analysis to get sales moving, support the execution of your marketing capacity and shake up how teams interact. Implement tools that will help reps gauge their activity and reactions in order to develop a representation of the strength of prospects.
One of the principal explanations for the rising interest for devices that can facilitate BI is that it’s never been as important as it is now to see how your clients are associating with you and how best to contact them – or how to convince them to contact you. Without this information, you are probably going to wind up falling behind the competition.
The customer experience has become the “new marketing battlefront.” With a strong BI system in place, the business is able to build its customer insight, which will help it to create profiles of the customers and to determine how best to concentrate resources to meet business targets.
BI can help uncover inefficient process and introduce new levels of organization to the team. By centralizing data and making it singularly accessible to everyone simultaneously, administration time is reduced and this will lead to an increase in productivity, as well as an increase in productivity.
When executed properly, a BI solution provides data to everyone in the organization. This allows for a greater amount of data accuracy and can provide a complete picture of the customer. Says Zuñiga, “When everyone is working from the same data script, there are no questions regarding the accuracy of the data. The team is more cohesive and able to stay focused on the same target.”
The BI group must cooperate to decide the Key Performance Indicators (KPIs) for the business. These must be quantifiable numbers that show whether the business is meeting its objectives and where it needs to make enhancements. KPIs and their successful estimation and detailing are the substance of a decent BI methodology.
As a major aspect of the improvement of KPIs, it’s additionally vital to building up a typical language. This is practically similar to a word reference that runs with the KPIs. There must be an agreement of how the information and any calculations are characterized.
Begin with a trial and work out from there. Take in as much feedback as possible and build the BI solution – keeping in mind that it always must be adaptable.
Creating a BI solution requires a great amount of planning and commitment. However, the end result is worth it and will save considerable time and resources in the future. The cost of not having an effective BI solution is greater than the cost of creating one.