By spending heavily on data assets without an acceptable plan, you run the risk of making decisions that result in inadequate ROI business intelligence. Read on to learn about Platingnum’s innovative BI strategy, and try out our BI implementation services offer to learn how to align the BI project with this approach.
A well-developed BI solution is one of the success drivers for the well-being of an organization. It helps to enhance the business by allowing proactive optimization and being a BI-driven enterprise. A well-thought-out market intelligence approach guarantees that ROI makes large investments in a BI solution.
According to the 2020 Global State of Enterprise Analytics report, “only 52 per cent of front-line workers have access to their organization’s data and analytics,” which is a barrier to the spread of data literacy among employees. In this post, we will share how to plan a BI approach that will lead to an improvement in your company’s data literacy and turn it into a BI-driven business.
A potential success value for your BI strategy
To make the most of your data, you need to start recognising the data potential to solve your business challenges. A well-thought-out BI approach allows the enterprise to:
Improving operating performance
You should grasp and optimise any operating procedure, generating a revenue-driven opportunity.
Manage risk better
Empowered by advanced analytics, BI software enables risk assessment (be they risks in day-to-day operations or strategic decisions). In manufacturing, for example, it offers an impetus for predicting machine breakdowns, thus reducing operating costs.
Create new products/services and improve consumer engagement.
You will customise your goods and services to consumer data in real-time (interactions, transactions, feedback, sentiment, etc.). So, by taking customer-centric decisions, you’re growing your top lines.
Your organisation is able to recognise areas for growth by observing the success of its rivals and implementing best practises.
Get autonomy for immediate decision-making
A self-service BI solution with different types of data analytics allows companies to respond rapidly to evolving market needs and run diverse business environments without the need to include IT teams.
Our Innovative Business Intelligence Strategy Model
Our BI Strategy Model allows for the gradual reaping of BI advantages, beginning with the analysis that demands minimal investment and progressing towards deeper insights:
1, Limited optimization of ad-hoc:
At this stage, the company leverages the data acquired to adjust its current processes. Let us set an example: Company X launches a promotion plan to boost the sales of a certain product, but it appears to be fruitless. The corporation has to learn the explanation for this and to define what changes are to be made.
As a starting point, the organisation analyses its data – which data sources are already accessible and how the data collected will be useful. In other words, the organisation evaluates the data in terms of the ability to boost its marketing strategy. At the same time, the organisation guarantees data integrity through data quality control.
Otherwise, low-quality data could completely disapproval of the company’s attempts. The combination of descriptive and diagnostic analytics is then used to describe exactly what is wrong with the marketing message and the causes for the result. If the issue and its root cause are identified, the marketing plan may be tailored accordingly.
2. Proactive optimisation
At this point of development, the approach presupposes the implementation of a BI solution that seeks to obtain new knowledge in order to discover more elaborate on-going optimization solutions. Let us go back to the company X listed earlier, which is about to start a new marketing strategy. This time, the BI approach, driven by predictive and prescriptive analytics, supported by machine learning technologies, helps the organisation to tailor its marketing strategy in advance.
3. Become a BI-driven enterprise
The third level of development tackles the problem of providing insights to the right people at the right moment. At this time, company X uses self-service BI tools to give its business users (according to their user roles) the independence to make fast data-driven decisions without the need to involve the IT department. In this way, all-level workers will have access to data specific to their activities, which leads to the growth of data literacy across the entire organisation.
What’s going to be your BI strategy?
The business intelligence approach is a mechanism that allows the following business goals to be achieved gradually: transforming existing business operations, delivering top-notch goods and services, and being a data-driven business.
If you want to enhance decision-making by business intelligence? Turn to Platingnum to make your own road map a success.