Just like other innovative solutions of technology, BI can also take your business to a level higher if followed precisely. It is not that simple to shop for a BI solution and expect excellent results, you need to think on the strategy firstly.
Most of the business intelligence projects suffer from a basic lack of strategy. Most of the companies take BI as a tool choice, implying that they treat it as a virtualization technology decision or an operating system. Isnât it a software package?
In actual terms, a project of BI involves numerous different tools: a real âBIâ tool, a tool for easy dashboards, q âquick hitsâ tool such as Tableau, an exploration tool for data search. However, this choice of tools is just the icing, not even a cake. In-fact, this is quite expensive icing to savor without first analyzing the ingredients.
A successful initiative requires appropriately mapped strategy and such sort of strategy can be figured with the identification of the business needs. The most valuable initiatives of Business Intelligence (BI) include technology and information so that the insights derived directly showcase the limit to which the strategy of the organization is working and helps for a better decision making.
The well-maintained scorecard is one of the popular methodologies used for establishing a link of technology, strategy and the performance management. Some other methodologies, including combine statistical analysis, applied information economics, decision science and portfolio theory so that the firms can calculate the economic value of correct information. Whether you will be using a published methodology or develop your own practice within, the prominent point is to ensure that all your BI activities are directed for generating real value of business, not just creating attractive, but useless, reports and dashboards.
Many companies, in the modern era, wants to become âdata-drivenâ without having a clear understanding about its actual meaning. It is very imperative that they should be asked âwhat data do they wish to have and how it reflects the variety of decisions. The solutions to such questions prove to be of great help in estimating top-level requirements for any BI project.
Second aspect where mistakes are noticed is to pick a right team. Bringing in 100 people who can talk on theoretical aspects without understanding the core is nothing but wastage of time, money as well as resources.
Hence, you can finally get down on picking your BI tools depending upon the business requirements and the technology. All you need to do is identify the use cases, pick up a good team, begin your data integration project, and make selection of right tools.