BI: Actionable insights. - SDBS
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06.08.2017
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BI: Actionable insights.

It’s been quite a while since business intelligence was the sole province of high-level strategic planners and C-level executives. Today, BI tools and analytics insights are being used by increasing numbers of people to answer immediate tactical questions and identify optimal courses of action. This trend has been enabled and accelerated by the consumerization of IT and the “democratization” of tech knowledge.

Companies might need to adjust, and in some cases rethink, their BI and analytics solutions to address the real-world operational needs of a rapidly expanding group of decision-makers. This article provides five steps toward achieving maximum benefit throughout BI adoption.

  1. Use Technology that Enables Self-Service BI

    Currently there is a huge number of BI software in Kazakhstan’s market. However, many companies have faced the situation when the need for the smallest change in reports or algorithms requires help of the IT department or the developer. This turns the “convenient and agile” program for generating reports in a slow and troublesome mechanism. Moreover, in some cases companies have to purchase additional reports or functions for a separate fee.

    For these reasons, it is necessary in the first session of negotiations to determine the extent of self-service and change management BI is offering.

  1. Use User-Friendly BI Interfaces

    With increasing daily information flow in everyone’s life, there is a need for intuitive, catchy and colorful graphical reports. BI systems often provide an opportunity to form infographics, but have a cumbersome and technical interface, hard to use.

    Therefore, when purchasing a BI program, make sure that any of your employees is comfortable with its interface.

  1. Use an Established Library of Predefined KPIs and Metrics

    It is recommended to create a library of pre-defined metrics and Key Performance Indicators (KPIs). Such a repository helps to ensure there is a single version of truth. In addition, by creating an institutional memory, a library can help ensure consistency when there is staff or executive turnover in a department. Providing a central repository of metrics ensures that employees know exactly how KPIs are defined, and which metrics are most important to the success and strategy of the business.

    This repository will eliminate the risk of data manipulation, a different interpretation of the relevant indicators and methods for calculating them, that could lead to inconsistent analyses and sub-optimal decision-making.

    Choose BI systems that already have a library of indicators based on the world’s best practices and considering special features for specific industries. If that is not attainable, agree on the creation of such a library specifically for your company.

  1. Use BI that is compatible with mobile devices

    Mobile delivery offers enhanced opportunities for leveraging real-time or near real-time BI, providing truly up-to-the-minute insights to executives, managers and sellers while they are at the point of decision and able to take action.

  1. Align Analytics Insights with Action

    BI solution may provide analytical insights that, while relevant and interesting, the enterprise is not yet equipped to act on. You have to constantly track and review actions that were not taken and specify what each barrier was. It will ensure that you don’t miss any chance to improve your IT system, software or organization structure towards automated act on a taken decision.

Keep yourself updated, the possibilities of BI systems expand continuously. Make sure that you are not going to buy functionality, limited only to visualization. Leaders in this market already offer automated forecasting mechanisms, business scenario simulations and recommendations in decision making, generated by an impartial artificial intelligence.

 

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