
There is no doubt that large corporations and multinationals understand the high importance of business intelligence (BI) in supporting their activities and management plans. Business intelligence, a term that encompass a wide variety of software applications used to analyze a company’s data, includes several disciplines, such as online analytical processing, data mining, reporting and querying.
Due to technological advancements, companies can now use business intelligence in their advantage by capitalizing on the easy-to-use and reliable software tools available to them. Whether it’s improving customer service, optimizing processes, increasing the accuracy of marketing activities, seeking unique ways to get ahead of the competition or storming new markets, companies recognize that using BI at its full potential is prerequisite to business success. In order to deliver successful BI projects, you need to use some practices that can make the whole difference for your company. Here are the best 7 practices for successful business intelligence.
1. Get the Whole Business Involved.
Even though this might sound weird, many BI projects fail either at an early stage or at the final stage due to a lack of involvement from the company. A BI project means more than just having a good business sponsor and setting some requirements. Instead, a successful BI project is when all the processes and relations are in place and the collaboration between business executives is smooth.
2. Quantify Stakeholders’ Objectives
Your stakeholders are sponsors, business unit directors, managerial staff and line managers directly involved in the BI process. Each stakeholder might have distinct objectives, so it is wise to call a brainstorm meeting and assess each of these objectives. Even though not all objectives might be in line with the final goal, all should be voiced and considered, at some degree.
3. Dedicate Enough Resources
In order to make sure the BI process goes by the book, you need to ensure that you have enough resources. These resources could include time, money, IT personnel, business staff, and the list goes on.
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