3 Reasons You Need a Business Intelligence Strategy
“By failing to prepare, you are preparing to fail.” The quote dates back to Benjamin Franklin, and is as relevant today as ever, particularly when it comes to a business intelligence strategy. If you fail to plan and prepare your strategy on how your company will use its business intelligence, a bumpy road lies ahead.
There are three key reasons why having a successful business intelligence strategy is vital.
Knowing your business intelligence strategy can ease the selection process
Creating a business intelligence strategy before implementing or even selecting a business intelligence system allows you to attain a system that matches your requirements perfectly.
Mikal E. Belicove (@Belicove) discusses how to choose a system on Entrepreneur: “I advise people to start with three business problems they want to address… then find a BI program that will allow you to pull together those data points in one place.” Looking at business intelligence systems first and then discovering later that they don’t match your requirements is a waste of time for all involved.
The users’ needs must be met with a business intelligence strategy
Without a BI strategy, it can be difficult to understand exactly what users need. But if those needs are not met, then the strategy will not be implemented—which will lead in turn to other problems.
First, the business intelligence system will be a waste of money and resources, as it will not get used. Second, employees who expected to use the system but do not, as it fails to meet their needs, may be demotivated—resulting in lowered productivity.
The decision making process must be as smooth as possible with a business intelligence strategy
As one of the main reasons companies implement business intelligence systems is to accelerate and improve decision making, strategies need to be in place in order for decisions to be made.
Without a clear business intelligence strategy, the decision making process will be cluttered and delayed, meaning the full benefit and full return on investment of the BI system will not be felt.
By failing to create a business intelligence strategy, your chosen BI system will fail.
It may not have quite the same ring to it as Franklin’s quote, but the message is just as important. In short, “Having the right business intelligence strategy is vital to the success of your business intelligence system.”
If you are interested in knowing more about building a business intelligence strategy register for our free webinar below.