The Death of Business Intelligence

Trial and error: The creation of effective BI strategies

Posted in Business, Business Intelligence by neilwilson1984 on November 21, 2013

Business Intelligence is all about turning the data that companies collect about their clients, customers and markets into something of a useful business strategy through a series of theories, methodologies, processes, architectures, and technologies.

It is something that a number of companies around the world have bought into in recent years, thanks to the promises that it can help to develop all new business strategies and allows leaders to see insights that might never have been evident before its inception.

However, according to one company, the key to making the most of this is to develop a flawless strategy for its use, something that it says takes time and great care, as well as a level of trial and error, to achieve.

The most common problems

In order to develop the perfect strategy for the use of BI, you need to realise what the most common pitfalls of the technology are in order that you do not fall victim to these.

According to Matillion, the main issue that leads to problems with BI strategies is the fact that people will put their focus on not only the wrong elements, but also in the wrong order.

It said the very best strategies are focused, benefit-led, and affordable.

Another issue that can rear its head in the use of this technology is that some companies will fail to adapt.

BI is a relatively new technology, and as a result it is always adapting and changing to meet demands and make the most of raw data available. The use of BI now is different to how it was ten years ago, and vastly different to how it will be in ten years, and a failure to realise this can be one of the biggest hurdles.

Getting the right people

This applies partially to the last of the main problems that can come to the fore in the use of BI.

Many firms will make the mistake of not putting enough money into this part of their operation because they are as yet convinced. A lack of anecdotal evidence on the promised returns on investment makes them nervous, and stops them from spending all out on its implementation.

However, by putting money into hiring the right people who know how to make it work, and more importantly how to move with the times, who can focus all of their time to the task, they will have a much improved chance of success.

Always stay affordable

One of the biggest failures of BI, according to Matillion, is the fact that companies will abandon dreamed up strategies if it looks like they may not get out of it what they dreamed.

Some will devise wonderful and long winded approaches to the use of the technology, but do so without checking they can afford to follow through.

It is important then to keep checking strategies throughout the process so you don’t find you have wasted time and money on something you can’t even use in the long run.

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