Business Intelligence identifies a way to measure and manage performance within your organization. BI is leveraging technology that supports performance management by providing better visibility and business performance. It enables and changes the way decisions are made.
An initial Business Intelligence implementation will evolve as an organization becomes more competent in both the process and technology. We call this progression a BI journey. Understanding the benefits of BI, enables insight into how a strategic implementation will affect your organization.
A first meeting with a new prospect nearly always begins with “We have the data we need; we just can’t get it out as usable information.” Sales managers often want better and timelier information about how they are performing against their forecasts. The operations team has no coordinated view of the organization and often learns of closed sales opportunities long after the opportunities have passed. Finance managers want better financial reporting and the ability to deliver accurate, yet critical information to key stakeholders and executive management.
Initiating a successful BI project will require acceptance from IT and the business. The following steps are required for delivery of BI:
- Choose a segment of your business that will have the greatest return to your organization’s information needs.
- Gather information for the selected segment.
- Build a prototype and review the data.
- Deploy the solution.
Remember that everyone benefits in a well-performing company. Insight to that performance is critical and will enable you to make adjustments as necessary- quicker, better, and faster than your competition. Good luck on a successful BI journey!