Business intelligence (BI) systems include tools and methodologies to acquire and convert raw data into actionable insights for employees to make informed business decisions. Some aspects of BI include data mining, analytics, reporting, benchmarking, and business performance management.
Below are a few aspects of BI system implementation that will give you a clear understanding of the expectations versus the reality:
Expectation: The BI System can be Implemented Instantly
Reality: Some BI systems can be implemented straight up; others need to pass an integration or a pilot phase. In this mode, the BI system will be put through a set-up period, helping companies transition from their current processes to use the BI system and evaluate how it can enhance business operations. It is important to remember that customized approaches to BI implementation will yield better results.
Expectation: The BI System has been Designed for End-Users
Reality: While BI systems are designed generally to serve all end-users, there are exceptions. These systems or tools are sometimes designed for people with advanced technical knowledge, making implementation a bit problematic. Therefore, it is best to select a tool that will address the business requirements but is user-friendly and easy to implement, at the same time. If you need to opt for a BI system with a complex implementation, business intelligence services can help. They can help implement the tool by educating and training the employees on how to use the BI system properly and extract actionable insights.
Expectation: The BI System is a Single Comprehensive Solution
Reality: Most individuals and enterprises would be under the impression that BI systems are all-in-one comprehensive tools to manage business aspects. BI systems are an aggregation of technologies and tools, ranging from Machine Learning and Artificial Intelligence to Deep learning. These are various tools working in unison to automate functions across departments and domains to deliver solutions in real-time. You can also employ the use of a Data Science Services firm to achieve a smooth implementation
Expectation: BI Systems are for Every Company Regardless of their Size and Growth Phase
Reality: The success of a BI system implementation depends on whether it is the right fit for the business. Therefore, before a company chooses a BI system, it is best to research the business needs of the enterprise. The core industry to which a business belongs is another area to consider while ensuring implementation success.
Steps to Implement Business Intelligence Systems
Equipped with a realistic understanding of the scope of business intelligence systems, you can make informed decisions about implementing them. So, businesses looking to implement BI systems can do so using the following steps:
Employee and Stakeholder Training
The first step will be to train all stakeholders, including company employees, clients, and other staff using the BI system, on the key features and functionalities of such a system.
Clearly Stating Business Objectives
To ensure stakeholders understand what to expect from the BI tool, it is advisable to clearly state the business objectives and come up with an implementation strategy.
Defining Key Performance Indicators (KPI)
Key Performance Indicators (KPI) is a measurable degree of performance over a given period about a particular objective. Well-defined KPIs help employees evaluate progress in achieving an objective and milestones.
Assembling a Team
The next part of the implementation would be to assemble an employee team to execute tasks ranging from data input and processing to analytics.
Selecting the BI System Software
Then, you will have to choose the software that best suits the needs of the business, as per its size and growth trajectory.
Defining Work tasks and Resource Delegation
After selecting the team, you need and the software to work with, you can go ahead and drill down the objectives into tasks and delegate the tasks to respective team members.
Data Cleaning, Processing, and Analysis
You can use a checklist to analyze data at pre-set intervals to create a high-quality database. The data that remains is then processed and analyzed to yield actionable insights that are aligned with the set business objectives
Implementing the BI system through a Dry Run
After putting together all the elements required to get the BI system up and running, you need to streamline the above steps into a single process and conduct a dry run.
Running the BI system on a test basis will help the business gather data on how the BI will help achieve the business objectives and KPIs. You can then re-calibrate the BI process based on the KPIs at hand.
Implementing business intelligence systems requires an iterative process that includes the selection of the right team and software. But most importantly, what really matters is the successful execution of the BI strategy.