If you want your business to be as successful as possible, it is of critical importance you implement an effective and all-encompassing business intelligence (BI) strategy. Don’t, and you may never truly reach the lofty heights your business deserves to achieve.
Many of you are probably wondering why you even need a BI strategy. In short, it’s because adequate data is key. Without it you won’t be able to make appropriate projections or identify sales trends as they emerge. You’ll have trouble establishing your price points, tracking a product’s trajectory, and analyzing profits. And you certainly won’t be able to improve the efficiency of your business. Ultimately, you want every decision pertaining to your products or services to be smart and well informed; and this requires as much data as possible.
The problem is that more often than not gathering the necessary data for analyzing and reporting isn’t the world’s easiest task. Ordinarily, it requires an extensive team all harvesting vast reserves of information from a wide spectrum of disconnected systems, which may fall prey to unpredictable results.
Imagine for a moment a manager who wants to look into just how profitable a particular product is over a set period of time. Perhaps she also wants to find out who had the greatest volume of sales during this time period. In order to find the answers she’s looking for her team and her will need to invest a great deal of their time painstakingly reviewing customer relationship management data, accounting system data, financial system data and any other rogue documents that may be involved.
Most companies waste time with routine tasks like these. Your analysts may be interrupted with special requests from other workers and find themselves frequently burdened with revisions to the reporting format. They’ll need to constantly be on the tail of ever changing data reserves in order to accurately find the results the manager is after.
The thing is, with an effective BI strategy in place, it doesn’t need to be this awkward and time consuming. You can dramatically decrease the amount of time needed to construct this kind of report by simply centralizing all your data into an easily searchable, interconnected system. Seeing all the data in such a simple format may also help you identify new opportunities, trends or potential problems with far greater ease.
Without a strong BI strategy, almost every aspect of your business will find itself impacted and impaired in some way or another. Without it, it’s almost inevitable that your team will waste huge chunks of time sorting through miscellaneous data, simply to find what they are looking for (not to mention analyzing it correctly). This paralyzes the decision-making process. A smart organization is one able to establish a unified, comprehensive system that can expand alongside the company, instead of being made obsolete by a company’s growth. Just think, with this sort of system, your payroll hours are used more effectively, your forecasting is more accurate and thanks to all those streamlined work processes making everything much, much easier, everyone is simply happier and far more productive.