The term ‘business intelligence’ includes a complete range of processes directed at collecting, stocking, and analyzing business operations information. Business administrators can subsequently utilize BI platform to make knowledgeable data-driven decisions based on the comprehensive picture it delivers.
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Data Drilling— Specific AI and machine-learning techniques are implemented to discover and collect relevant data to track trends.
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Data Arrangement— It involves collecting information from multiple data sources and aligning measurements and dimensions to prepare the information.
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Benchmarking—On customized dashboards, you can compare historical data against the current performance metrics.
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Querying— In the collected database, business administrators can seek answers to very specific business-related questions.
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Data Representation—You can use Charts, graphs, tables, and histograms to better visualize business performance.
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Descriptive and Statistical Analysis— Find the case scenario and then dig into the process and causes of the development under scrutiny.
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Reporting—Once the analysis is complete, all stakeholders can avail of the results and plan their actions correspondingly.
Once you implement business intelligence, you will be able to leverage all these summands to the optimum and add much value to your business operations.
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Steps for Business Intelligence Implementation
A well-planned business intelligence implementation can help C-suite understand their customers more. In such a case, these steps are applicable even if you choose to outsource business central implementation via an accredited solution provider.
Create a Business Intelligence Strategy
A business intelligence or Cloud BI is a blueprint that allows businesses to measure its performance, expose shortcomings, improve competitive advantages, and make the most of data mining and analytics for successful decision making.
Before you go ahead, you should have a a clear understanding of the key elements
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Objectives
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Existing Solutions
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Requirements
Set the KPIs in Business Intelligence
After collecting information, businesses must define the KPIs that are measurable, matching your objectives, and vital for achieving your business goals.
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Appoint Stakeholders and Train the Staff
To overcome one of the key business intelligence implementation challenges i.e. human tendency to resist change, educating your personnel is the key. You should determine key stakeholders in each department. They will help you collect and prioritize pain points and key performance indicators (KPIs) across the company.
Build a Strong BI Team or Outsource
Your team should know how to make Business Intelligence work? And a good business intelligence developer should know and where to find a BI team. In case, you are looking for outsourcing business intelligence implementation, we can offer you the team structure that best suits your requirements.
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Get the Best Software for your BI
The selection of tools or the best software for Business Intelligence varies widely upon the requirement and budget.
You can consider some of the following factors while choosing a software solution:
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Access to data
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A convenient view of the relevant information
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Integration within the existing systems or APIs to connect
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Interaction with data within a visual interface of the software
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Collaboration with others on data analysis and share visualized analytics
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Discovery of new and productive insights on your own
Pick your Data Storage, Environment, and Platform
In general, a data warehouse is considered a more suitable choice for Business Intelligence implementation. It comes with an analysis of relational data coming from both online transaction processing systems and business apps.
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Perform Testing
Once all the processes are ready, it is high time to go for a test run. Moreover, it is better to have a pilot project within a smaller group if you are going to test the system on the company-wide scale.
Implement the Changes to Meet the KPIs
Reviewing your results and checking whether you've met the initial expectations helps achieve the initial KPIs. Once you implemented the changes, you can run another pilot project to understand what has been covered between these two pilot runs and the changes it has brought into the picture.
Importance of Business Intelligence
Business Intelligence implementation helps improve access to data and its use for business insights, but helps increase profitability, gain competitive advantage, and accelerate overall growth.
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Benefits of Business Intelligence Implementation
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Improved decision-making process
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Optimized business processes
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Increased operational efficiency
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An integrated platform to collect fragmented versions of data into a single bigger picture
You can ensure robust business intelligence implementation by connecting with an accredited and acclaimed Cloud BI Solution Provider. For instance, you can connect with us at our standard business hours to copmprehend BI applications, opt for BI implementation, and drive optimum business benefits out of it.
