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Most companies do not reap the full potential of their business intelligence systems. Archaic processes and lack of insight on how to make data meaningful, among other reasons, lead many organisations to wasted efforts and subsequent loss of potential financial gain. The good news is this can be changed: with help of The 5 Habits of Effective Business Intelligence, a whitepaper produced by our business intelligence consulting team.
This whitepaper was written by Paul Frith, managing director of itelligence UK, with responsibility for the strategy and direction for the analytics division. Paul has considerable experience in business intelligence consulting, helping to advise clients across many industries on their information and data strategies and gaining real value from business intelligence.
Every day countless businesses produce digital exhaust data. Default approaches contrived to ignore this can result in valuable information slipping away. As a consequence, companies miss out on using business intelligence data to make potentially more profitable business decisions. The reality is that few organisations are maximising the potential of their business intelligence strategies.
BI as a discipline aims to meaningfully analyse a company’s data. When used effectively, it can help set new strategic directions, support decisions, deliver input for innovation and give early warning on when something goes awry. To keep up with the status quo, it is likely that hours, maybe even days or years, are spent implementing what was learned about business intelligence strategy: producing reports, managing data, setting up infrastructure, etc. However, it is also possible that what was originally sought out to do has not been achieved.
While there is no silver bullet to mastering business intelligence, there is great opportunity for improvement using some tried-and-true techniques and change management strategies from BI experts: The 5 Habits of Effective Business Intelligence. Applied correctly, the 5 habits, which are easily incorporated into daily business routines, can spark change in your company’s BI and thereby increase the value BI gives to your organisation.
Focusing on drivers for insight means understanding the value that delivering insight to your organisation can bring. Your goal should be to identify what you are really striving to achieve, not about heeding to the loudest or most influential individuals in your organisation. Nor should you simply deliver series of reports as per the finance or marketing department’s requests.
In today’s fast-paced world, business requirements are constantly evolving and opportunity realisation must occur within a relevant window of time. However, the most cost-effective approaches to BI are often not agile and emphasise longer-term platform delivery. The consequences of slow data procurement mean further delay of any value derived from BI. Effective Business Intelligence requires mastery of the art of managing these conflicting priorities.
By engaging the audiences responsible for reports and the final recipients of BI information, you can increase BI’s relevance among affected employees. This is a v ital aspect of successful BI, since without engaging your audiences BI in an organisation will never work. Everyone speaks about adoption, but this is much more than just that. In BI, making actual changes is what proves that something is valued.
The goal of BI strategy is to enable your team to make the most of its information. This includes making teams as self-sufficient and effective in BI as possible. Doing so promotes the embedding of BI in organisations – not just as a task, but also as an inherent part of what they do.
Although delivering business value through the application of Business Intelligence services is top priority, monitoring and continually reducing ownership costs are an essential part of ensuring a sensible, sustainable investment. Whatever the driver for insight is, even if it is not TCO, it is prudent that both IT and the business jointly manage BI costs.
Please click to download the full PDF version of our whitepaper: “Effective Business Intelligence”