There are many ways to save money, gain consumer insights, and increase ROI. Only if the CIOs learn the trick to optimize business intelligence (BI) data, it can provide a wealth of information about many facets of the business.
In this article at CIO, Christina Mercer explains that BI data can be helpful enough to explore the untapped business opportunities where money can be saved and turn ERP data into accessible and meaningful insights.
How Does It Work?
BI is capable of handling and managing such unmanaged data. Although CIOs may now feel obligated to collect this data, approaching it from a data analysis perspective can be intimidating. Therefore, here are some smart ways to extract maximum value from this data:
- Know the Difference: One of the prime barriers to get the most out of BI data is the misunderstanding of what exactly it is. Most people confuse BI with business analytics. BI examines present and past business actions while business analytics is geared towards predictive purposes. BI primarily looks at operational efficiency through pre-collected data.
- Smart Work: To get the most out of BI data, the CIOs must work efficiently. Splitting the data into easily analyzed sections is a good place to start. Adopt a DevOps approach and collaborate with as many departments as possible to make the task easier.
- Set Clear Goals: To manage team expectations while gaining a certain initiative, setting goals is essential. The goals must be clear and realistic— no point looking at the data if your KPIs are not suitable. Defining and measuring the key performance indicators will be helpful enough to establish the right metrics and improve upon it.
- Choose the Right Tool: There are plenty of BI tools like Microsoft BI, SAP, Oracle and IBM available for data visualization. But there has been a sharp rise in the self-service data discovery platforms like Tabealu, Qlik, and Splunk. Pick the right one for your venture as per the detailed research and discussion as to which data you want to measure and what insights you hope to gain.
- Collaborate with Shareholders: It seems obvious enough, yet important to ensure that all data and decisions made from BI insights are completely signed off by key shareholders. As BI is data-driven with hefty numbers, it also relies on communication and team collaboration.
Click on the following link to read the original article: https://www.cio.co.uk/it-strategy/top-ways-cios-can-get-most-out-of-bi-data-3648000/