Before beginning your implementation journey, it is vital to take stock of the four BI tech options
Business Intelligence (BI) can be defined as a set of tools, technologies, and strategies that lets you analyse business data to extract meaningful information and actionable insights, with the sole purpose of making smarter, data-driven decisions.
Data-driven companies earn 80% more revenue per employee on average, besides being 22% more profitable – which is why BI implementation is a top priority for most organisations in 2021. With the right approach, you can unlock significant ROI from your BI investment, automating basic tasks like report generation and periodic reviews while also generating added value.
Business intelligence technology comprises a layered market, with a range of solutions for every level of digital maturity. Before you begin your implementation journey, it is vital to take stock of the four BI tech options available:
Keeping these four types in mind, here are the steps you need to follow for a successful BI implementation.
You need to have a clear business use case in mind before short-listing solutions and starting on implementation. Begin with the vertical(s) with pre-existing data resources and assign an owner to head the BI project.
The centre of excellence ensures there is a cohesive vision for digital maturity as multiple BI initiatives are executed across the organisation. It should ideally include the respective project owners from each business unit and a centralised governance leader.
Now, depending on the nature and number of business use cases at work, you can zero in on the best-fit BI solution type from the four alternatives we discussed. For highly complex and unique use cases, data science capabilities may be required. Industry-specific tools are meant for multiple use cases within one business unit.
Assess the potential vendors in your selected category based on feature specifications, hosting environment, security and compliance, and services support. There’s some vendor lock-in involved with BI, so this is an important decision.
Finally, benchmark performance after 6, 12, and 24 months after implementation using the pre-BI baseline to understand the solution’s total economic impact.