Business intelligence is the key to unlocking insights from data and empowering company leaders to make impactful decisions, act swiftly even in volatile market conditions, and plan strategically for the success of the organization. arcplan is celebrating its 20th anniversary this year, and BI has been around at least as long as we have. Over the last 2 decades, we’ve seen companies make similar mistakes – mistakes that undermine the success of their BI initiatives. Those new to BI should learn from their predecessors. Here are 5 common BI worst practices and how to avoid them:
1) Blindly buying technology without considering your analytical requirements
BI projects do sometimes fail; it’s not something anyone likes to talk about, but most of the time these failures can be blamed on a lack of requirements gathering. Vendors like us have to ensure that we understand our customers’ requirements inside and out in order to deliver a solution that will be successful and demonstrate concrete ROI. But the truth is, some companies don’t have a thorough understanding of their users’ needs before they start evaluating solutions. Too many organizations start “feature wars” with vendors and end up buying the solution with the most perceived bells and whistles – features they barely understand and will never have a use for.
This is a much of a problem for customers as it is for vendors; it’s our job to ensure that what we’re selling you will have value to your organization, and a lot of that comes down to understanding your users’ needs. But if you don’t understand your users’ needs, how can we?
The first thing you must understand before you try to purchase a BI solution is the analytical problems your company is trying to solve. Don’t get side-tracked by fancy bells and whistles that will not solve your business problems. Avoid the feature wars and make your shortlisted BI vendors prove that their solution is a match with a custom demo or proof-of-concept application.
2) Using BI as a gateway to Excel