Business intelligence and analytics evolution should become a company strategy
The business environment is changing and digitalization is boosting demand for analysis. Increasing competition and choice are making it necessary for business to continually attract new consumers. New products and services are introduced into the market to satisfy consumer needs. Finding efficiencies in business operations are necessary to keep up with the pace. It is in this context in which business analytic solutions add value because they help us to understand and improve business processes easily.
Until now, business intelligence has been focused on building corporate repositories, such as data warehouses, that supplied companies with a consolidated and validated data silo which used to allow them to have a unified, common vision of the main business indicators (KPIs) permitting decision making under the same prism.
Currently, those companies that improve the analysis systems and democratize access to information by means of artificial intelligence and advanced analytics tools will be able to better manage data and gather a more complete view of the company.
It is becoming a necessity for CIOs and business managers to be well aware of their business intelligence operations and how to improve them. According to Gartner, 87% of organizations have a low level of maturity in terms of their business intelligence capabilities.
Companies must manage the need for data use, user expectations about the system, new data exploration practices and statistical and predictive methods that process information in a continuous and interrelated manner, by way of implementing change management in the company and openly unlimited collaboration among all users.
What are the main pillars of this business intelligence evolution that allow companies to make the most of their resources?
Data is the most important aspect
A data-driven approach is necessary in which data quality is fundamental since it will provide effective analysis and interpretation. Analytics platforms will have to be integrated in order to offer different uses. It should be possible to combine cloud services with legacy systems and it will be essential to create and involve compliance and security departments so that all areas can work together with the IT department. All this should come without forgetting the data governance program as the basis of the entire process.
Define a business strategy
Many times, companies with little maturity in business intelligence are not clear about a data analysis strategy, hence creating inconsistent individual models without a straightforward vision adapted to each business unit independently.
Alignment between IT areas and business areas is necessary because it would allow the integral development of Business Analytics in an ongoing process of improvement.
Leadership for Change Management
Companies have to surround themselves with teams that achieve success in evolving and transforming, committing and focusing themselves to the organization. People must have the skill to transmit those new capabilities that the company will be equipped with and they must be vigilant to all external challenges in order to anticipate future needs in the Data-Driven strategy.