Business intelligence (BI) strategy combines analysis, collection, integration, and presentation of information to improve decision-making in a business. A business intelligence strategy enables you to monitor the performance of your business and figure out the areas that need improvement.
Whether you are aware or not, your business is already using BI in some form. For example, if you use some applications that generate data and produce reports for daily operations, your business uses BI.
Need for Business intelligence strategy
A BI strategy allows businesses to address their data requirements and problems, build a cohesive system, and maintain it. If business owners use BI without a proper strategy, they focus on analysis and reports without realizing why they need them. Most business owners don’t know how to use those reports to improve their business processes.
What is the Power BI strategy?
A Power BI strategy is a collection of tools that makes business intelligence implementation fast and convenient. Power BI tools transform raw data into useful information and knowledge that support decision-making in business.
How to Create a BI strategy
There are many things to consider while creating a business intelligence strategy for your business. Here are the steps to follow to build a powerful BI strategy.
Access the present situation of your business
Analyze the structure of your business, the process it follows in every area, and the software it uses or needs. Determine the processes that are working well and which are not. Also, consult your teams to conduct sessions to learn about problems in different areas.
Establish your vision and goals
Define your vision and goals that you want to achieve in the short and long term. Consider the BI’s ability to process huge chunks of data and deliver real-time metrics that are easy to understand. A successful BI strategy is to be created for improvement in areas experiencing problems. Determining a clear vision and goals helps you use BI to get the desired results.
Define how data will be shared
As a business owner, you need to decide how the data will be shared and distributed. For example, you can share the data in a centralized or decentralized way. In a decentralized approach, data managers are given access to more than a dashboard as they are the people who define what is required in the department and require insights for decision making.
In a centralized approach, business owners offer limited access to data managers. They decide how much the people working on data can access and change. A centralized approach considers sensitive data, large distribution channels, and requirements for better governance. Also, how the BI solutions will be communicated with the company and customers through emails, training, meetings, etc.
Build a BI Roadmap
Now you already have the Data you want to work on and schedule, you should set up time frames for every task. The roadmap will comprise tasks like finding a BI vendor and finding the best matches. It should also contain the milestones and tasks assigned to your teams.
Document the BI strategy
Your BI strategy will be a reference point for your business and will be required for presentation. So, it is important to document the strategy in the following ways. Documenting should include the project’s scope and requirements, governance team, assessment, alternatives, and an executive summary of the strategy.
Review the strategy
It is important to determine the metrics and standards that determine the success of your BI strategy. First, revisit your business intelligence model to determine and choose the right metrics like ROI, access requests, productivity, and deadlines. Then, check the metrics and standards and make modifications if required.
A BI strategy is always created, taking into consideration the business strategy. Don’t forget to determine how BI can help you meet your business goals. If you don’t have the resources to create or implement a BI strategy, consider hiring a Power BI strategy consulting service for your business. Hiring a BI service provider can help you create the best strategy to meet your vision and goals.