Ambitious companies create competitive differentiation in their markets by adapting to disruptive changes. They reshape business processes by using a focused approach to extracting and developing the value of information and treating internal and external data as one of the most valued asset, which gives them the capability to better, understand their customers and drive efficiencies.
Today’s business environment is not forgiving enough for conformists that are looking at data only to analyze their existing customers. Business intelligence implementation supports a wide range of corporate decisions - ranging from product positioning and pricing to priorities, new opportunities and effective strategy implementation. The benefits could include enhanced decision-making, optimized internal business processes, increased operational efficiency, identification of new revenue streams and gained competitive advantage over business rivals.
The business intelligence experience of our team facilitates INDEAVR’s clients to align their organizations towards their key objectives. Our experts combine multiple sources of data and access data in its actual format, thus enabling faster and fact-based decision-making. As a result, businesses can enhance their competitive edge and establish themselves in a highly competitive market, where small differences make the difference between failure and success.
The strategically important phases of business intelligence implementation in which our capabilities deliver value cover:
- Go into the process with the right mindset and be prepared to address issues like complicated data problems, change management resistance, waning sponsorship, IT reluctance and user adoption challenges;
- Determine stakeholder objectives, collect and prioritize pain points and key performance indicators (KPIs) across the organization. The initial list and what is included in the initial rollout may be different, due to further refinement. They might not all make it into the initial rollout but it is better to start big and roll back;
- Choose a sponsor who has bottom-line responsibility, a broad picture of the organization’s strategy and goals and knows how to translate the company mission into mission focused KPIs;
- Employ a Chief Data Officer (CDO) who could be a great key stakeholder to involve and also most likely own the BI after the initial implementation is complete;
- Assess the current situation and analyze the existing software stack, and the processes and organizational structures surrounding it (or lack thereof);
- Clean the data; Develop a “Data Dictionary” to achieve consensus on data definitions and business calculations;
- Identify key performance indicators (KPIs) that sit at the core of a good BI strategy and show how effectively a company is achieving their business objectives;
- Choose the right tool and partner for your business; during this process you will need to choose an on-premises or cloud-based BI solutions that can start small but easily scale as your company and needs grow;
- Pursue a phased approach; a successful BI strategy takes an iterative approach