Once upon a time, the only way you got information in business was picking up the phone, sending an email, and waiting for someone to compile a report (usually in spreadsheet or PowerPoint format). You would get the information you asked for eventually, but getting a complete and accurate picture was very time-consuming. This method is no longer efficient or fast enough to keep up with the increasing complexity of data in business. Classic reporting tools and excel spreadsheets are no longer enough. One of the upcoming trends is the use of Business Intelligence (BI) tools. With the ability to handle/move massive amounts of data, integrate with multiple tools, automate what were once manual tasks, and show you real-time insights a tool like this is priceless in the eyes of executives. However, not everyone fully understands BI and how to properly implement this strategy. In this blog, we go over 5 things that people get wrong about BI and how you can successfully implement this in your business today!
1) Disparate Data - Data isn't just in one place, it's everywhere. You need to aggregate data from all possible sources in order to avoid skewing your holistic picture of your organization. Structuring data in a way that you can get cohesive and relatable insights is more complex than most people are led to believe. Here are some examples of departments you may not think to connect to:
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- Purchase orders
- Financials
- Day-to-day operations in ERP System
- Sales
- Marketing
- Accounting
- Account Management
- Etc
(Thoughtspot)
2) Data Governance - As Data becomes more complex, having a strong data governance strategy moves to the top of an organization’s priority list. Providing a structure allows you to filter outliers, aggregate clean and quality data, and provide clearer insights. You don't want to miss out on valuable data points that can make all the difference in a decision made by the executives. Lastly, strong governance allows you to get to know your customer better by pulling the proper data points. (Dataversity)
3) One Stop Shop - Due to the many benefits delivered by BI tools, it is sometimes mistakenly perceived as an end-all-be-all solution that will help make all future decisions for you. However, BI is just one piece of the puzzle when trying to aggregate, automate, integrate, and view data in real-time. Most BI tools today (Tableau, Jira, Azure, etc) are only now implementing future capabilities such as neural networks, AI, and ML. So, when you're searching for the best tool, be aware of what software you're getting and the capabilities it provides so your executive leadership doesn't expect one thing when the software provides another. (DZone)
4) Users' Needs - When choosing to implement BI into your business, don't ignore the users' needs. One of the biggest mistakes companies make is ignoring the users of the tool, which often leads to big delays in adoption. Don't think you can just implement a tool and it will work seamlessly. Training, education, and focusing on the users' needs help to promote cohesion and an understanding of how to work with the tool to provide the necessary results. (ITBusinessEdge)
5) Complete Executive Support - When you don't have support from upper management you waste more time than needed and you’re left to assume specifications and requirements, which only leads you to failure. As with user needs, you also need executive support/requirements. As stated in this article by CIO, "The problem is that not every BI implementation goes according to plan -- and those are words any C-level executive hates to hear. It takes a significant time and financial investment to get the ball rolling. Having the support of your executives makes things run much smoother, but that’s often not the case in too many companies." (CIO)
When a new tool comes out, you get a lot of assumptions surrounding it and BI tools are not immune to this. Learning from the above 5 ideas one can go incredibly far with implementing a BI solution. If you would like to read more about each of the key points click the links next to each tip. To stay ahead of your competition, make sure you're keeping up with trending and innovative strategies that are more than just buzz words. If you're looking for a solution to solve this kind of problem check out CORAS' AI and ML-powered Decision Visualization engine, where we provide the user with access to real-time data and the ability to view future effects of any decision you can make using those data points and adjusting on the fly for projects.
Visit www.coras.com to learn more and stay tuned for more blogs where we discuss other real-world scenarios and provide tips and tricks to help get you ahead of the curve.