Business intelligence is an incredibly powerful tool. Unfortunately, not everyone who acquires a BI solution experiences the same level of success. Some people invest a lot of money in new BI software only to see their company’s growth stabilise rather than rise. Many reasons may exist for this failure, although they can almost always be prevented with the proper use of technology. To help you make the most of your business intelligence solution, we’ve compiled a list of the top reasons people succeed with business intelligence.
They Work With Their Existing Infrastructure
The first thing that sets apart the people who succeed with business intelligence from those who don’t is understanding their company’s infrastructure. In order to make use of the business intelligence system you acquire, you need to consider the facts. What is your company’s infrastructure is like, and is it equipped to handle the system.
Is it easy to scale and meet the needs of your business? Make sure you find the business intelligence to work with your existing infrastructure. If the BI software you invest in can’t connect to your company’s database, you’ll need to build integration tools to make it work. This can add a hefty price tag. However, that could be easily avoided if you find the proper BI application for your company.
They Have Clearly Defined Goals
Another reason people succeed with business intelligence is that they have clearly defined goals that they’re working towards. Consider the exact objectives you’re trying to achieve before integrating a BI solution. If you do not, you run the risk of procuring the wrong kind of software that won’t meet your needs. Clearly defined goals will help you understand whether or not your business intelligence solution is working. If you’re not meeting your goals on time, this is a sign that something is going wrong with how you’re applying BI to your company.
When you meet with a company to acquire business intelligence, make sure you know your priorities. Your CIO and IT staff should ask the workers most likely to be using the software what questions they need answering and how they’d prefer to receive those answers. The more you know about the kinds of insights and visualisations you’re looking for, the more you’ll understand whether or not they can deliver what you’re looking for.
They Invest In A Quality BI Solution
When faced with the cost of purchasing BI software, it can be tempting to forego companies with a higher price tag and select something much more rudimentary. But the problem with this is that not all business intelligence tools are alike. There are various BI tools on the market, and many of them won’t meet your expectations and help you succeed.
Don’t take shortcuts when you’re looking into procuring BI for your company. Ask questions, come with a set of clear goals, and do your due diligence. Make sure the BI solution you’re getting is the BI solution you deserve. Ask for competitive proposals, clear deliverables, and detailed service-level agreements. It may cost you more money now to find a BI solution that can deliver what you need, but it will save you thousands more in the long run.
They Integrate BI Throughout The Company
The use of business intelligence cannot be relegated to your IT team. Data is a mighty weapon, and it’s one the entire company can wield. Ensure that the leadership teams in each department have access to and training with your business intelligence software. Making data-driven decisions should be at the base of your business strategy moving forward. The more employees in your company can access the data and communicate about it; your approach will be more unified. The companies that succeed the most with business intelligence are most willing to integrate.
They Invest In Proper Training
To fully integrate BI into your company, you must also invest in the proper training. Although business intelligence software can present insights clearly and concisely, it requires training to entirely understand and use the technology. By skimping on the training, you run the risk that your employees will forgo using the BI software and miss out on critical insights that could inform decision making.
It’s essential to train every leadership team member to use and understand your new BI tools. Focus on what will motivate your employees (increased sales, higher efficiency, etc.). Use this to encourage them to use the technology regularly. Training employees who would most benefit from the technology and giving access to internal communications regarding the sharing of data insights.
They Take Full Advantage Of The Technology
Business intelligence is capable of a multitude of things. Companies most likely to succeed with BI do so because they know how to use every facet of the technology to benefit their business. Features like real-time analytics can allow leaders to make time-sensitive decisions based on current data. This can help maximise profits and stop problems before they grow out of proportion. Business intelligence can also use data for predictive and prescriptive analytics. Therefore, helping you make decisions based on projections for the future. The more you’re willing to lean into the technology, the more you’ll get out of it.
Are you willing to invest the time and money to find and acquire a quality BI system? The best approach for business intelligence is clear, driven, and persistent. When you’re willing to fully embrace business intelligence technology and adopt it throughout your company, you’ll see the fruits of your labour begin to materialise. Then, you’re on the right track towards growing your business.