Have you noticed? There's a lot of buzz around Business Intelligence (BI) lately. BI is a technology-driven process for analyzing data and presenting actionable information to help executives, managers and other corporate end users make informed business decisions. Sounds great, doesn't it? And yet, on the whole, BI is still not fully embraced or implemented by many businesses.
With the addition of data coming online from many multiple sources - including IOT sensors - it is more important now that ever to be very strategic in how you are considering, managing and implementing successful business intelligence.
Here are 5 ways to ensure breakthrough progress:
1. As a foundation, you need good data quality. Data quality and standards, as well as strong processes, are essential as we start to integrate data from multiple sources.
2. When designing the dashboard, know your intended audience for dashboard reporting. What do they care about? One dashboard does not fit all!
3. Know what problem you’re solving. There is no sense in accumulating data that does not contribute towards solving the task at hand. Measure what matters!
4. A dashboard is not the finish line. Translate your accumulated insights into actions! So many times I see people not closing the loop by taking action. The data you've collected should provide insight, which translates into recommendations and actions that need to happen.
5. Communicate, communicate, communicate. Use facts to promote progress. Be transparent, and hold strategic decisions accountable for progress. After all, this is why you've gone to all the trouble of collecting and analyzing this information. Take your valuable information, make a plan for change and follow through.
What do you think about the above 5 suggestions? Do you have anything to add? Leave me a comment and let's have a discussion on the subject!