If used correctly, business intelligence data can help companies make better informed decisions and help gain business efficiency and competitive advantage. However, as mentioned by the authors Martha Bennett and Boris Evelson of this Computer Weekly article, a majority of organizations battle to use their business intelligence effectively due to “insufficient or in accessible data, excessive or wrong data, untrustworthy data, unacceptably long turnaround times for new reports or other BI capabilities, or BI tools that just are not right for the job.” Take into account the following tips for business intelligence success as summarized by Bennett and Evelson.
1. Put the business into business intelligence.
Treat BI projects like real business projects and involve participation from business executives throughout the whole project. They are an important part of the project. A lack of executive engagement is the commonly cited reason that projects fail at an early stage.
2. Be agile and aim to deliver self-service.
Being agile means creating and developing things quickly but also creating and developing the right things quickly. Using agile methods in business intelligence will ensure that BI initiatives are appropriately delivered.
3. Put a solid governance foundation in place.
As the article states:
In the context of BI, there are two key aspects to governance: data governance and governance of the BI deployment itself. In order to use data to improve operational efficiency and gain competitive advantage, organisations first need to understand what data they have available from internal and external sources and the value that this data has in terms of process improvement, decision-making, development of new products and services, and so on. They also need to be clear how they define each data item and what internal and external rules apply to the capture, storage, and further processing of such data. BI governance covers rules and processes pertaining to report creation, ownership, distribution, and usage, as well as prioritisation of must-have and nice-to-have capabilities.
The effective use of BI data has a positive impact on earning and business performance. Times are changing and so the importance of developing BI plans is crucial as to not being left behind.
To read the full article, click here: http://www.computerweekly.com/opinion/Forrester-Best-practice-tips-for-business-intelligence-success