Has your business intelligence software under-delivered on value? I don’t only mean the ROI of your BI – I also mean simply how valuable BI is to your organization. Is its use engrained in your company culture? If it’s not, you’re in the majority. By some estimates, 80% of corporate data isn’t accessed by BI users. How important to your culture can BI be if it’s only touching 20% of your data? But this isn’t an article about big data or social data – this is an article about changes you can make this year to improve how valuable BI is to your company, to increase the number of users who rely on it, and to make it essential to your everyday operations. You’ve likely paid between $100,000 and $1,000,000 for your BI system – why not squeeze every last drop of value out of it?
1) Pump customer data into your analysis
Is there a company in the world who can say “We have access to all the data we need about our customers”? A 360 degree view of customers is something every company seems to be chasing. Though it might seem like an elusive goal, you can take the first steps by integrating data from your CRM, accounting and customer support systems into your BI dashboards and reports to enable analysis of customer growth, profitability, and lifetime value. Understanding these KPIs can help you spot trends, identify opportunities to cross-sell, up-sell or simply target them more effectively. Your BI platform likely connects data from multiple sources, so why not take advantage of this inherent value by getting your platform to assemble the necessary data for you so you don’t waste time manually integrating data from all these different systems. It might not be quick to incorporate customer analytics into your BI initiative, but more companies are finding it essential to the continued value of their business intelligence and the success of their company.
Learn more about customer analytics in our blog series, which starts here.
2) Set up alerts and delivery
Increasingly complex business processes and customer requirements represent major challenges for companies and their Business Intelligence (BI) projects. With the latest update of its Unified Business Analytics platform arcplan 8.5 is addressing improved cloud support, forward-looking analyses, and accelerated application development. “With this new release, arcplan is raising the bar for business analytics solutions even higher. arcplan 8.5 offers new and exciting features in particular for the increasingly important area of predictive analytics,” says Hans Peter Wolff, CTO at arcplan. Continue reading this post>>
First let me start off by defining Business Intelligence as defined by Business Journal International Weekly. “Business Intelligence is a set of theories, methodologies, processes, architectures and technologies that transform raw data into meaningful and useful information for business purposes.” Over the past 10 years business intelligence has soured in popularity to what is now, a $15.8B a year business, with an estimated 55 percent of companies today using some form of Business Intelligence or Business Analytics solutions. According to Gartner, “by the year 2020 researchers show an estimated 75% of companies globally will rely on Business Intelligence to run their companies.” Who would have thought this number would get so high? Continue reading this post>>
While it might seem like every company on earth is using business intelligence tools to glean insight from their corporate data, surveys say that nearly 10% of companies do not yet have BI in place. Even though 91% of companies may have it deployed somewhere in their organization, anecdotally BI vendors like to trot out the statistic that only 20% of potential users have access to business intelligence. The more companies we talk to, the more this seems true.
If you run a company or a department that doesn’t have access to BI tools, you might wonder how you can use them. Boris Evelson from Forrester Research compiled a list of analysis types that may apply to your situation:
- Historical (what happened)
- Operational (what is happening now)
- Analytical (why did it happen)
- Predictive (what might happen)
- Prescriptive (what should I do about it)
- Exploratory (what’s out there that I don’t know about)
When you’re first starting out with BI, you’ll likely be most interested in historical and operational analytics, though we often work with finance teams who want to dive right into predictive analytics. Let’s look at a few practical BI use cases in various departments of an organization.
Finance Department: Historical, Operational, Analytical, and Predictive Analysis
Everyone loves a good comeback. Stories about celebrities like Robert Downey Jr. and Britney Spears climbing back to the top after falling so far capture our collective imagination. Movies like Rocky and Cinderella Man – about underdogs making a comeback – inspire us to think we ourselves can rebound from any setback.
Is your business intelligence dashboard the underdog at your organization? Dashboards have been around for decades, with some companies not putting the time and effort into updating them regularly to keep pace with the innovations in BI and the growing expectations of users.
Done correctly, BI dashboards are indispensable resources for decision makers, capable of bringing the most pertinent information to the forefront so leaders can take action. Conversely, BI dashboards that fall short of meeting the needs of business leaders will take a back seat in the BI toolbox or be forgotten about entirely. In order to keep decision makers coming back for more, BI dashboards must serve up relevant information, keep pace with new trends in technology, and at the same time maintain visual appeal. Read on for the 3 reasons why your BI dashboard may need a comeback.
Your KPIs aren’t KPIs…