Build an Effective Business Intelligence Strategy for Smooth Business Administration
Business Intelligence is the process of using fact-based system to enhance the decision making power of an organization so as to have a smooth business administration. Business intelligence process bags numerous allied activities including data mining, business process improvement and analytic processing.
Business Intelligence can certainly assist companies to achieve its goals, but it will not be an effective solution until and unless a business intelligence strategy is built.
Business Intelligence strategy is a road-map that assists organizations to measure business performance, gain competitive advantage and obtain customer loyalty through the available statistics and data. As finding a solution without knowing the destination is not possible, the business intelligence strategy plays a vital role to support the company’s overall vision.
Creating an effective BI strategy for your business administration
The key purpose of creating a Business Intelligence strategy is to assist business administration with the long-term planning, middle level management with strategic reporting and analysis, and operation level in their day-to-day decision making and processing.
The major areas of Business Intelligence strategy:
For building a new BI strategy or to update an existing strategy, there exist five key areas that demand a special attention:
- BI Road-map – This acts as a start-up to a BI strategy building process
- Managing Stakeholders – This assists in placing right people at the right level for executing various segments of the business intelligence strategy.
- Architecture Blueprint – This blueprint explains how BI domain of the organization will be operating.
- Improving Capability – This analyses each segment of the business administration strategy and decides on what needs to be upgraded, re-developed or decommissioned.
- Planning Implementation – The implementation step has to be planned with simple and broken steps so as to build a road-map to reach the destination.
The steps to create an effective Business Intelligence strategy go as analyzing the current status of business, deciding the future destination, planning steps to attain the destination. This can further be given as –
Determine the scope of BI strategy:
Defining the scope of the business intelligence strategy will assist in maintaining the focus and aligning the activities on the decided track, to achieve organization’s goals. This avoids any deviation from the required process and reworks.
Once the scope of business intelligence strategy is well defined and understood, discuss with and manage the key stakeholders of the organization who decides the goals and destination of the business.
Determine the structure of your BI:
Decide the type of BI environment that you are willing to build. The environment can be self-serviced, cloud-based or mobile according to the requirements of business. Address all your business administration needs of the organization and design the permissions that the users will require.
Train your team:
The success of business intelligence strategy built depends on how well the team handles the BI tools. The team must be trained fine for an easy deployment and management of the BI solution. Irrespective of whether it is a new solution that is being implemented or an existing solution, training will always produce better results.
Implement the BI strategy:
The implementation process starts with building a work breakdown structure so that the process is running smooth and uninterrupted. This step ensures that each segment of the implementation is well identified, budgeted, delegated and scheduled. Always keep the team well informed about the project unfolds.
Ladders for the successful built of BI strategy:
- Generate a business case and outline the probable benefits.
- Do not begin with a narrow vision. The business intelligence strategy needs a wider approach.
- Handle from an expertise perspective.
- Treat data and information as an asset of the organization.
- Design a procedure to handle change management.
- Follow the Business Intelligence strategy document while designing the BI environment.
- Break the overall activity into small baby steps.
- Have a framework and adapt to proven methodologies.
- Business Intelligence strategy built should be in line with the IT and overall enterprise strategy.
- Business intelligence strategy built should be comprehensive in nature. It should integrate more than just data warehouse and BI tools.
Having a Business Intelligence strategy in place assists in smooth business administration. BI strategy aids to create strategic plans for your organization and obtain team focus on the project unfolds. This will obviously turn to be a success factor for your business administration.