As investment in data analytics continues to grow, we are seeing an increasing number of business intelligence success stories emerge. Powerful BI tools, which were traditionally only accessible to larger organisations, are now much more widely available – meaning it’s now easier than ever for you be the star of your own business intelligence success story, provided you follow a few simple tips.
With BI solutions more accessible, and more affordable than ever before, it is no surprise that companies of all shapes and sizes are reaping some amazing benefits from their implementation. For just a few examples of these business intelligence success stories, check out our article exploring 6 Real Life Examples of Successful Business Intelligence Systems.
And yet, despite so many examples of successful business intelligence implementations, around 70% of all BI projects fail, according to industry experts Gartner. However, don’t let this figure scare you. With the right tools and the right advice, your project is a lot more likely to succeed.
In this article, we explore some key guidelines to ensure that you emerge as a business intelligence success story, rather than as a BI nightmare!
Choose the right tool for your business
It might sound like an obvious first step, but so many businesses are guilty of rushing into a purchasing decision without careful consideration of how closely the solution fits in with their unique requirements.
This oversight can severely threaten your long-term business intelligence success and it’s no good realising your mistake months down the line, when large amounts of time and money have already been sunk into the project.
The problem is that many businesses aren’t aware of what exactly it is that they need. They can see that there is a problem, and they know it needs fixing, but they have no idea about the best course of action. This problem is only escalated by the large volume of contradictory information from competing vendors and the multitude of products available.
To make things easier, we’ve compiled a complete guide to Evaluating and Implementing Business Intelligence that helps assess which type of business intelligence tool is right for you.
Avoid escalating costs
One of the biggest contributing factors to the failure of business intelligence projects is escalating costs, which go way beyond those originally budgeted for.
With traditional on-premise business intelligence, there is likely to be hefty upfront cost just to get the solution up and running. Not only that, but there are many ancillary costs involved, such as additional hardware, consultancy costs and ongoing support throughout the implementation process and beyond.
When you consider that an average on-premise business intelligence project can take 12-24 months to implement, it is easy to see how these costs can spiral out of control.
However, with a Software-as-a-Service (SaaS) business intelligence solution, these costs are covered by a fixed price implementation and a cost-effective monthly subscription that covers all updates, training and ongoing customer support.
That’s why we see SaaS business intelligence as a much more cost effective alternative to traditional BI, helping to ensure that financial pressure does not hinder your business intelligence success.
Give users control
Some of the best examples of business intelligence success stories have come from companies that promote usage of these tools throughout the entire organisation, rather than restricting them to specific business segments.
The problem traditionally, was that business intelligence tools were so complex to use that only a handful of employees within the business had the necessary skills required to manipulate data and generate meaningful reports. This often led to bottlenecks forming around these individuals, disrupting the whole reporting process.
But this problem is now a thing of the past, as organisations begin to lean towards self-service business intelligence and user-friendly reporting tools. By democratising the use of business intelligence tools, and handing control to every day line-of-business users, companies can speed up the whole process and ensure users have access to the insights they need, when they need them.
Matillion business intelligence success stories
Here at Matillion, we have a whole host of delighted customers who are more than willing to share their own business intelligence success stories.
To find out how we’ve helped REAL companies, with REAL reporting challenges, see REAL success, visit the Business Intelligence Case Studies section of our website.
Alternatively, if you’re ready to take the first step towards being the star of your very own business intelligence success story, download our free eBook below for more information on implementing a successful business intelligence solution.