Business intelligence (BI) is a powerful tool for any organization, allowing them to capture and analyze a range of metrics to make informed decisions. But how do you measure the success of your BI initiatives? In this article, we'll explore the different ways to measure BI success and track usage, from surveys to customer lifetime value (CLV). We'll also look at the importance of eliminating barriers to widespread adoption, and how to use aggregated data to generate higher-value business results. When it comes to assessing the success of business intelligence (BI) initiatives, it's important to track usage and measure performance and value. This can include metrics such as customer lifetime value (CLV), cost of acquiring customers, employee engagement programs, and more.
Additionally, surveys can be sent to BI users to assess their satisfaction with BI tools and reports. Dimensions alone make excellent lists, but they don't tell us much without combining them with some measures. Measures are the numerical values that can be added together to give meaning to dimensions. Good examples of measures are revenue, cost, quantity, etc. In short, it's the total monetary value that your average customer brings to your business. The technology available today allows companies to easily capture and analyze a range of business intelligence (BI) metrics.
And the more barriers to widespread adoption by end users are eliminated, the better the organization will be able to incorporate and root a BI application in its business culture. The term business intelligence (BI) was first used in Richard Millar Devens's Cyclopædia of Commercial and Business Anecdotes (186) to describe how a banker benefited from receiving and acting on information faster than his competitors. Today, it has the same purpose: achieving mission critical objectives. Enterprise resource planning (ERP) software provides information on how the company has distributed its resources among the different departments. It also allows interdisciplinary teams and organizations to use aggregated data to generate higher-value business results and provide high-quality customer experiences. Participation in employee engagement programs, such as employee volunteer initiatives, is another way to measure engagement. The more employees have access to the benefits of quality BI, the better equipped the organization will be to respond to and take advantage of opportunities and changes in its business environment. We have just analyzed some of the most valuable metrics of today's companies, metrics that provide real and actionable information.
However, in most cases, this is a high retention rate, which means that your company is stable with reliable recurring revenues. In conclusion, measuring business intelligence success is essential for any organization looking to make informed decisions. By tracking usage and sending surveys to BI users, you can assess performance and value. Additionally, eliminating barriers to widespread adoption will help you incorporate a BI application into your business culture. Finally, using aggregated data will help you generate higher-value business results and provide high-quality customer experiences.
