Odds are you know your business needs business intelligence (BI). Over the past 5 years, big data and BI became more than just data science buzzwords. Without real-time insight into their data, businesses remain reactive, miss strategic growth opportunities, lose their competitive edge, fail to take advantage of cost savings options, don’t ensure customer satisfaction… the list goes on. In response to this increasing need for data analytics, business intelligence software has flooded the market. With the benefits being numerous and the costs of not having good BI growing, it is easy to want to quickly adopt a solution.
Unfortunately, this approach could be disastrous. Investing in BI shouldn’t be taken lately. Whether you are starting from scratch, moving past spreadsheets, or looking to migrate to a new platform: you need a business intelligence strategy and roadmap in place. We previously discussed business intelligence for small businesses. Now we are going to take that a step further with the following 16 steps to a better business intelligence strategy. These steps are imperative for businesses, of all sizes, looking to successfully launch and manage their business intelligence.
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A business intelligence strategy refers to the process of implementing a BI system in your company. This includes defining the main stakeholders, assessing the situation, defining the goals, and finding the KPIs that will measure your efforts to achieve these goals.
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You define the strategy in terms of vision, organization, processes, architecture, and solutions, and then draw a roadmap based on the assessment, the priority, and the feasibility.
Business intelligence implementation is not an easy task, as it requires a lot of preparation work beforehand, gathers many different actors, and will involve expenses. But the rewards outperform by far its costs, and it is well known that business intelligence ROI is real even if it is sometimes hard to quantify. The costs of
Applying business intelligence is important – but the way you do it matters just as much. This is why having a BI strategy roadmap is extremely important: no sailor ever threw their ship in the sea without a map, a telescope, and a compass. Think of your strategy just as that: defining the steps on your BI roadmap, following your goals as a compass to stay in the right direction, and investing and using the right tools to get a deep view of your information and understand it.
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Having a BI strategy in place before implementing – or just selecting – a system lets you find the perfect match for your needs. It will also facilitate and unclutter the decision-making process, which usually is goal number one of BI. Among other things, a structured enterprise business intelligence strategy is important to:
The benefits of business intelligence are numerous and undeniable; now you just need to get there and reap them! Let’s look at the top 16 steps to build a successful business intelligence roadmap.
As mentioned above, there are many benefits from implementing a BI system in your company. Once you identified the potential behind it, it is time to start planning its application. When thinking about BI we are not only talking about choosing an online data analysis tool. There are several other steps that need to be taken to ensure success. In this section of the post, we are going to see a business intelligence strategy example consisting of 16 steps that are fundamental for a successful BI implementation. Let's quick it off!
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When you have the right BI solutions, it is easy to identify trends, pitfalls, and opportunities early on. But implementing the right tool isn’t always easy. Actually, it usually isn’t. We are going to be honest here, even the best software needs some initial heavy lifting to maximize its potential. If you go in with the right mindset you will be prepared to address issues like complicated data problems, change management resistance, waning sponsorship, IT reluctance, and user adoption challenges. Reminding stakeholders, and yourself, of the pain points that necessitated it will encourage the process forward. It will be worth it.
Odds are everyone at your organization could benefit from increased data access and insights. That doesn’t mean they are all key stakeholders. Right off the bat, you must determine who your key stakeholders are. Then find out what they need: visible and vocal executive sponsorship is a must. Gathering and setting executive team expectations early is paramount. Then move past the executive team. They often don’t have the same front-line knowledge that other staff does. Collect and prioritize pain points and key performance indicators (KPIs) across the organization. They might not all make it into the initial rollout, but it is better to start big and rollback.
While a business intelligence strategy should include multiple stakeholders, it is imperative to have a sponsor to spearhead the implementation. It may be tempting to place the Chief Information Officer (CIO) or Chief Technical Officer (CTO). This is usually not the best approach. It should be sponsored by an executive who has bottom-line responsibility, a broad picture of the organization’s strategy and goals, and knows how to translate the company mission into mission-focused KPIs.
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CFOs and CMOs are good fits. They can govern the implementation with a documented business case and be responsible for changes in scope. Of course, whoever the chosen sponsor is, they will need to be in constant communication with the CIO/CTO. This brings us to the next step…
Important. To succeed, a deployment must have the support of key business areas, from the get-go. IT should be involved to ensure governance, knowledge transfer, data integrity, and the actual implementation. But every stakeholder and their respective business areas should also be involved throughout the process.
By involving a range of stakeholders you can ensure you cover the three broad classes of business intelligence users: strategic, tactical, and operational. These different users types will need customized solutions. Understanding who will use the data and for what purposes can show the type of information needed and its frequency, and help guide your decision-making.
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The business as a whole must be willing to dedicate the necessary resources: staff, IT resources, costs, etc. BI implementation doesn’t just come out of the IT budget. The best business intelligence strategy lays out these resources in the beginning, with additional wiggle room.
. In the article, he pointed to a pretty fascinating trend: “Experian has predicted that the CDO position will become a standard senior board-level role by 2020, bringing the conversation around data gathering, management, optimization, and security to the C-level.” We love that data is moving permanently into the C-Suite. While, like the CIO, the CDO probably shouldn’t be the main sponsor for BI implementation: they (or a similar role) are a great key stakeholder to involve. They will also most likely own the project after the initial implementation is complete.
As we have already stated: usually a deployment isn’t quick or easy. There is a lot of work to do on the front end. One of the biggest sections of a business intelligence roadmap should be assessing the current situation. Now that you have all the right stakeholders at the table the next step is analyzing the current software stack, and the processes and organizational structures surrounding it (or lack thereof). Find out what is working, as you don’t want to totally scrap an already essential report or process. Find a way to integrate it into the new strategy, or you will have upset employees. On the flip side, document everything that isn’t working. What data analysis questions are you unable to currently answer? Which processes are inefficient or broken?
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On top of all this, you need to compile which data sources you currently have and how they are being stored. Decide which are necessary to your business intelligence strategy. This should also include creating a plan for data storage services. Are the data sources going to remain disparate? Or does building a data warehouse make sense for your organization?
Once you have defined the current situation of the business, it is time to think about a budget. Developing an accurate budget is a key step in the process of building a successful business intelligence strategy. Budgeting allows you to smartly allocate your resources to make sure you have everything you need to kick it off. For example, as mentioned in a point above, you need to think about expenses such as hiring a Chief Data Officer, training instances for your employees, and of course about what kind of software or system you will choose to invest in.
When it comes to business intelligence tools, there are many options in the market that offer a range of BI features that enable companies of all sizes to leverage their data. In most cases, their pricing varies depending on the size of the company and its needs. This is why it is important to have a clear understanding of what your specific requirements are and how much money you have available before going on the search for one of these solutions. Like this, you will be able to compare vendors and
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