How to Develop a BI Strategy in your processes
Companies are facing an environment in which business decision-making must be increasingly agile. Making these decisions quickly and accurately represents a huge competitive advantage in today’s fast-moving economy. This is where business intelligence solutions come into play: software tools that diagnose, analyze and optimize the technological processes a business needs to operate optimally.
What is a BI Strategy?
BI, also known as business intelligence, refers to all strategies that transform data into information that becomes crucial knowledge in the right hands. To do this, it takes into account both internal and external company data. That is, from the market, competitors, customers, suppliers, and even employees.
A BI Strategy thus encompasses the systems, processes, and methods for capturing, transforming, storing, and visualizing business or operational data to analyze and optimize a company’s performance.
Benefits of BI Strategy implementation
1. Improve the productivity
Amidst so many decisions that need to be made, organizational productivity is often neglected in businesses. However, with the help of business intelligence solutions, you can achieve all your quantitative goals, such as monthly sales or delivery targets with deadlines, and track your company’s progress daily.
2. Enable access to critical information
With massive amounts of data generated every second, it can be complicated to access the right information at the right time to make the right business decision. A BI infrastructure provides visualization tools to help you understand historical data, real-time updates, patterns, and trends.
3. Drives return on investment (ROI)
When companies deviate from organizational strategy, they incur huge costs. With a BI system, you can establish metrics and key performance indicators (KPIs) that align with organizational strategy, providing the visibility you need into business performance and return on investment.
4. Promotes making informed decisions
Making important business decisions based on intuition is too risky; the best practice is to make them through analytics. Business intelligence solutions make it easier to collect, present, and analyze data using analytics tools.
5. Increases value
If you want to ensure the success of your business, you must first eliminate everything that does not add value to the company. Using decision systems, you can identify areas of waste, which will help you improve your results.
6. Identify opportunities and patterns
BI systems analyze unstructured data based on qualitative and quantitative parameters. So they help you understand what happened and why it happened.
Steps to implement a BI strategy in your processes
1. Set clear business objectives
Everything starts with clear business objectives. Gather your team and communicate in detail what the specific objectives to be pursued through the implementation of the BI strategy will be. An aligned team with the same results in mind is key to maintaining a solid focus throughout the process.
2. Identify sources of information
With the objectives identified and internalized by the group, it is time to detect, purge and choose the company’s databases that go hand in hand with the expected results. A solid base of relevant data will be the key to finding opportunities for intelligence solutions improvement as well as the patterns and trends that are hidden in the different departments
You may be interested in learning how to write an analytical report.
3. Turn the collected data into actionable information
Once the correct databases have been chosen by the team, it is time to choose which will be the crucial data to take into account. Not all data translates into business insights, so prioritizing the most relevant data in terms of business objectives will be essential.
4. Analyze the information
Many opportunities can arise from the data collected on different business fronts. Arranging, categorizing, and classifying this data into clear categories will begin to set the direction of the project and will be vital for the correct implementation of the cloud analytics solutions.
5. Visualize the analyses and compare them with the objectives
The best way to organize and classify this data is to visualize it. Real time analytics, clear dashboards and graphs, charts, and predictive models are all tools that will help you translate data into the right decisions.
6. Validate project KPIs
With these business intelligence solutions operating in real-time and generating key data graphs, the team should go back to the initial business objectives and make optimization, automation, and improvement decisions taking into account the key performance indicators that will be expected to be found.
7. Automate the results delivery
By periodically analyzing whether KPIs are being met, the team will find critical areas where decision-making processes can be adjusted and refined. At this point, agility is key, so automating the delivery of information and results by applying BI Systems will be the engine that keeps the company in a state of continuous improvement.
Implementing a BI strategy with Heinsohn
We’re experts in data architecture and data warehousing solutions, as well as analytics and business intelligence. With our business intelligence solutions, we improve the efficiency of your organization by applying real time analytics, visualizations, auto service for business professionals, predictive modules, maps and localizations, data collection from external databases, XLS files, ERPs, social networks, and others we can make your company meets its unique potential and empower your processes with high-level data.
Chat with us today and discover how we can boost your company’s results.
