Developing a Business Intelligence Strategy – What You Need To Know
A business intelligence strategy is critical for businesses looking to gain a competitive advantage. It was noted as a top priority for finance executives as they look to improve their understanding of how their business is performing.
This article aims to provide advice on areas you need to bear in mind when developing a business intelligence strategy.
Overcome your restraints
There are many restraints that people through in the air when considering a BI tool and developing a business intelligence strategy. Some objections include:
- Our systems won’t link to it
- We have poor data quality
- We have little IT resource
- No time to implement a tool
- And most common… we have no money!
If you have most of these constraints then you will find it difficult to implement an inhouse BI system. However if you consider an alternative business intelligence strategy such as Cloud BI or SaaS BI there may be a solution that fits the package. As published by Information Management “Given these constraints (as listed above), I recommend alternative approaches to technology and methodology to meet business needs sooner. Organizations simply pay for what they use.”
What technology to use?
Another component of getting a business intelligence strategy right it developing a structure of how people will maximise the usage. Two ways to do this are through cloud and mobile technology. Cloud BI enables people to access their reports from anywhere and Mobile BI allows them to access it from a multitude of devices. With the growth of mobile technology this is more of a how and when will we do this rather than if.
In addition, a recent CIO article discusses how businesses should take advantage of the new range of software available on the market. By avoiding large upfront capital expenditure costs and replacing with SaaS or Cloud services, this can make the difference and be the fine line between success and failure in a business intelligence strategy.
Information for all
The result from creating and maintaining a business intelligence strategy should not be left to stagnate in IT and finance. There are many departments that would benefit from data-driven decision making. Sales and marketing are two and with easy to use Cloud BI tools available senior executive and directors can access and build their reports freeing up bottleneck in the IT and finance teams.
These are just a few areas that should be considered when developing a business intelligence strategy. To find out more top tips and information download our free E:book below