Whether you want to optimize processes, improve customer service, increase the accuracy of marketing initiatives, break into new markets, or find ways to get ahead of the competition, the key factor is getting the right data to the right person at the right time. This is a type of business intelligence, and it should be neither overwhelming nor difficult.
The following are a few simple tips for improving business intelligence within your organization.
Governance
In order to use data to improve operational efficiency and gain competitive advantage, you must first understand what data you have available, from what sources, and what value that data has in terms of process improvement, decision-making, development of new products and services, and so on. Business intelligence governance covers rules and processes pertaining to report creation, ownership, distribution, and usage, as well as prioritization of must-have and nice-to-have capabilities.
Data
What data is most important for your business? Consider making a list of the metrics you want to measure and then ranking them in order of how actionable they are. You can then use that prioritized list to structure the sources of data.
Surveys
All businesses can benefit from annual surveys. Keep the surveys brief and be transparent about the results. Remember that you will get more accurate results if you ensure anonymity for all respondents.
Tools
Employees are more likely to use and embrace business intelligence tools that they can use independently. To create an environment of business intelligence self-sufficiency, establish a group composed of both business users and IT representatives to collaborate on prioritizing user needs and choosing or developing business intelligence tools. And don’t forget training!
Dashboards
Ensure that all dashboards are easy to access and easy to understand. If the information is easily accessible and relevant, your dashboards will get a lot more use, which will benefit both your employees and your business.
Software
Business intelligence software is best implemented after you’ve determined what data you need and what format you want it in. Look for a technology solution that can deliver clean data with actionable insight. For example, Sage 100 ERP’s Intelligence Reporting module offers reporting capabilities that empower you to quickly and easily obtain the information you need for improved operations and reporting across your entire business.
Commitment
Gathering high-quality data is not a one-time effort, and your business intelligence needs will change and grow over time. Periodically re-evaluating your goals and determining whether or not your current methods are helping you achieve them is important. If they’re not, consider changing or upgrading your business intelligence.
According to a report by the Economist, organizations that use data to make decisions are more successful than those that don’t. There is no doubt that your understanding of the importance of business intelligence to support the efficient and effective running of your business can only improve your bottom line.
Want to learn more? Please contact Oates & Company today.
