Last Updated on November 12, 2022 by
What Is a Business Intelligence Strategy?
A business intelligence strategy is a process of implementing a business intelligence (BI) system in your company. This includes defining the main stakeholders, assessing the situation, defining goals and key performance indicators (KPIs) to measure your efforts toward achieving these goals and drawing a roadmap based on this assessment, priority, and feasibility. At Managed IT Services San Diego, we believe BI is the key to unlocking insights about your company’s performance that will help you achieve goals and make better decisions faster. According to Mordor Intelligence, the mobile business intelligence market is expected to grow by a CAGR of 22.4% by 2024.
4 Steps to Develop a Business Intelligence Strategy
To make the most of BI tools and technologies, you need to develop an effective strategy. The good news is that business intelligence strategies don’t require an army of consultants or years of work—and this guide will show you how to get started.
Start where you are on BI and analytics
You should focus on what needs to be done right now in order for the business to move forward. You don’t want to get bogged down in high-level tasks if they aren’t going anywhere or if they don’t fit your budget and timeline.
Also, keep in mind that it will take time and effort before you can see results from any BI project—you may have some false starts along the way, but don’t let that discourage you from continuing on your path towards success!
Pay attention to security, privacy, governance and compliance
You can’t just start analyzing data without first understanding the implications of your data’s security, privacy, and compliance status. To get your house in order on these fronts, start by finding out if there are any legal or regulatory requirements for handling that information. If so, figure out what they are and make sure you’re compliant. If no such requirements exist yet but you think they might in the future (e.g., GDPR), take steps now to ensure you have the right policies and procedures in place so that when those new regulations come into effect you’ll be ready with everything required by law. For additional help and guidance, please refer to IT Consulting.
Incorporate collaboration into BI systems to spur business actions
As a company grows, two things become paramount: 1) finding new customers and 2) making existing customers happy. Business intelligence (BI) is the tool that helps you achieve these goals.
By incorporating collaboration into BI systems, you’ll be able to spur business actions by sharing knowledge and best practices, brainstorming with colleagues, getting buy-in for decisions, receiving feedback and more.
Build a BI community
The second step in building a BI strategy is to build a community of practice among business users. A community of practice (CoP) is an informal network that supports and shares knowledge and best practices within an organization, industry, or group. This can help you:
- Share knowledge and best practices.
- Build a knowledge base that you can use for future projects.
- Identify common problems so you can solve them together.
Post courtesy: Steven Truong, Marketing Coordinator at I.T. Responsive.