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
I am sitting on a train to Düsseldorf on my way back from Paris, where I presented an update of what we are doing at arcplan to a mixed audience of customers and prospects. Part of my presentation included the usual content of company and product development updates. The outlook included a preview of our next release, code named Xenon, in the context of what is happening in businesses these days. One of the key topics was the explosive appearance of mobile devices and the challenges this poses to organizations – different form factors and operating systems, security issues, and expectations from a user community that is educated by the private consumption of applications on these devices (bringing an expectation of usability to the business environment). Of course, I introduced our first-ever approach in the business intelligence world to solve the dilemma of catering to this ever-increasing diversity of different device types and form factors as DORA: Develop Once, Run Anywhere. This is accomplished by responsive design for business intelligence and analytics applications. The audience was clearly impressed as was our customer advisory board in a similar session last week.
However, this blog article is not about how to develop and deploy analytic content effectively in this new world; it’s about the business value BI solutions create.
This year we were positioned by Gartner in their annual Magic Quadrant for Business Intelligence Platforms. Although the Gartner analysts expressed strong appreciation for our capabilities (and commented accordingly in the strengths and cautions section of the report), we are positioned at the lower end of the niche vendor section. We were told this is partially due to self-service analytics and data discovery playing a strong role in this year’s Quadrant as this represents advanced BI. Really?