How to Develop an Effective Business Intelligence Strategy?
The gauge of data has been increasing day by day in a tremendous volume! To access and make use of bulk amount of data at its best, methodologies like data analytics and big data analytics are in practice. In this row, business analytics has also added up.
A business intelligence strategy has become essential in a modern-day organization. It acts as a blueprint for your organization on how to leverage information technology solutions in your firm to improve organizational performance and fight your competition.
In this blog, let’s know business intelligence better and implement effective BI strategy.
What is Business Intelligence?
Business intelligence, BI is software that simply fetches data and displays it in an easily understandable format like dashboards, graphs, charts, etc. You don’t have any limitations in accessing data with bi. It has the capability to process and analyze structured data, unstructured data and semi structured data.
BI depends on Dataware houses for all kinds of information. Once the query was raised, BI extracts data from Dataware house and gives it in a user-friendly way. The most prominent role is played by OLAP (online analytical processing) engine integrated with bi which is responsible to answer multiple dimensional queries. Advanced bi has integrated AI and machine learning tools for deep analyzation.
Business needs business intelligence for the sound benefits below
- To Identify trends
- Take the right business decision
- Extract insights
- Streamlined Operations
- Explore new business opportunities
Effective Business Intelligence Strategy
Business intelligence strategy is considered as the ideal roadmap for how you are going to use the data for your business. Let’s go on with steps required in building effective business intelligence strategy.
#1 Create a perfect vision
It is important to consider the vision for your business in the initial days as well as the clarity in the sorts of data needed for your business. It is highly recommended to stick with BI maturity models, the factor that indicates the maturity level of your business. There are five maturity levels associated with BI maturity metrics, those are
- Unaware
- Opportunistic
- Standards
- Enterprise
- Transformative
#2 Identify your data resources
Then you need to identify key data sources in your organization. For example, if you are concerned about the number of customers that are churning every month then your data sources will include sales invoices. From here you can access which customers are regular repeat buyers and which did not buy again after the first purchase.
Also identify the volume, veracity, and variety of data collected. This will help you decide what kind of data analytics solution you need.
#3 Get the right tools
Invest in business intelligence tools, such as AWS data analytics so that you can extract insights about your business operations and make data-backed decisions in today’s rapidly changing market. Using the tool, you can perform various techniques such as logistic regression and machine learning models to predict important variables for your business. For example, if you are a real estate developer you can build a model to predict housing prices in a city where you might be interested in investing.
#4 Communicate to stake holders
If you don’t communicate the results effectively then the whole process will be meaningless. Use beautiful visualizations to explain the results to important stakeholders. This will allow them to make important decisions that will shape your company’s future.
Business intelligence tools
Business intelligence tools are a crucial factor when we do things with data. let’s check out the popular BI tools
SAP Business Objects
These tools let users create their own applications and dashboards which are intended to provide end to end user experience with multiple features and functionalities under one roof.
Datapine
IT is exclusively built to process complex data. Users can also integrate multiple data sources to get keen results.
Microstrategy
This tool is built for enterprise as it offers hyperintelligence and high speed. The prominent thing with this tool is that it is easily via mobile and desktop
SAS Business Intelligence
It is a predictive analytics tool for advanced performance. with its APIs, it large considerably vast customization options.
Yellowfin BI
This tool has machine learning and enhanced visualization. It is designed in a way to filter bulk volume of data.
QlikSense
It is a high-performance cloud-based platform with advanced AI and analytical engine.
Zoho Analytics
This is a great tool built by zoho for reporting and data analysis that can automate data syncing with integrated APIS
How bi provides accurate results?
Organizations only get success with big only when they formulate the right strategy and right tools. The bi helps out in decision making by incorporating these steps
- connected and aligned with different data systems
- Did deep analysis and unwrap the hidden relationships and patterns with data
- Answers are presented in very compelling formats like reports, maps and charts
- Complete comparison of data under different scenarios
Why is it important for your business?
- You can improve your ROI with keen understanding by resource allocation
- Get closer to your customer by knowing the trends and insights better
- You can make improvements in business operations
- To get into new business opportunities
Who we are?
We continuuminnovations, provide end to end cloud-based services. Looking to create a killer BI strategy?Take your business’s intelligence game to the next level with Continuum Innovations Inc. We help companies in Princeton with our suite of services including cloud migration, AWS-managed DevOps service, AWS-managed cloud services, AWS security and compliance, and AWS cloud consultancy services. This helps them stand out from the crowd and thrive in every kind of environment.
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