Business intelligence (BI) is a powerful tool that can be used to improve performance in a variety of industries and business functions. From finance and marketing to operations and human resources, BI software can help companies run their operations more effectively, efficiently, and cost-effectively. To ensure successful implementation of BI software, it is important to follow best practices such as defining clear objectives, engaging stakeholders, selecting the right technology solution, and preparing for user adoption. Annual BI strategy reviews are essential for assessing the maturity model of the system.
Quantitative metrics such as the number of data requests fulfilled with the new system and process should be observed. Qualitative aspects such as whether the system has improved its workflows should also be discussed with users. To overcome resistance to change, it is important to demonstrate that while a little training may be necessary, the right tool will allow everyone to be their own analysts. Look for a tool that allows a wide range of users to easily connect to, explore, visualize, and communicate their data.
Simple drag-and-drop interfaces that require little training and that don't require prior knowledge of data analysis or SQL will also drive adoption. Providing staff with business dashboards that they can use immediately encourages them to make quick and secure decisions, and benefits the company as a whole. NetSuite has developed a set of leading practices that have been proven to offer rapid business value. If companies could follow and apply these best practices in business intelligence, they could design systems that work for all members of the company and that could lead to greater business performance and improved profit margins.
Systematically addressing data discovery, analysis, and reporting across your business can make the use of BI more efficient. Developing a BI roadmap helps stakeholders understand what needs to happen to achieve a successful BI strategy with an easy-to-understand picture. By taking the time to carefully plan and implement a BI solution that meets the needs of the organization, companies can unlock the power of business intelligence and turn data into actionable information that drives growth.
