BI is not an IT responsibility, although they need to be at the table. The size and makeup of your team will vary depending on the size and type of your business, but it’s important to have a cross-functional team to determine your BI strategy and implement the program.
#BUSINESS INTELLIGENCE STRATEGY 2019 HOW TO#
Now that we understand BI, let’s look at how to implement a successful business intelligence strategy. Its planning and implementation needs to be strategic, providing you with a roadmap, to ensure you get the right information and can understand and use it. The collection and analysis can’t be done in a haphazard manner, and it isn’t simply about finding a BI solution.
It can be small data like customer comments provided by email.īut like any aspect of your business, it needs to be aligned with your business goals. It doesn’t have to be “big data” like that gathered in a customer management system. Collecting and combining information can make it more valuable than any one source of information looked at in isolation.īI data can help a business look at new markets, new products, or reduce support costs, for example. The ability to collect valuable information and react to it properly is at the heart of business intelligence. Examples include external info like the pricing information of competitors, or internal information like ROI or customer support costs. To be its most effective, BI data should include information from the business marketplace, or external data, as well as internal data such as financial or operations information. This information allows a business owner to make more effective strategic and operational decisions. Business intelligence (BI) can include a wide variety of data, but basically it is a set of processes or methodologies that take data and turn it into meaningful information. Whatever size your business, having a successful business intelligence strategy is important.
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