Making,Business,Intelligence,W business, insurance Making Business Intelligence Work for You
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Companieslarge and small can benefit from a well thought out businessintelligencestrategy, but developing that strategy can sometimes be morechallenging than implementing a business intelligence program. Tomake sure that your company is getting the most out of your BIprogram, make sure that you define your goals and have a plan for theinformation you generate before you start collecting and analyzingdata. FirstStepsAssessyour current system of data collection. How you collect your datawill make a difference in how complete your information is, whichwill in turn affect the results of your business intelligenceprogram. Make sure that if you need historical data on your companyor customers that you know where it is and how to access it. Youllalso need to take some time to understand your business needs andmake a rough road map for how you would like your business totransform. Focus your attention on a few operational objective thatcan be achieved both short and long term. PlanningYour StrategyStartwith your vision of where you would like your company to be in 3 to 5years. Pick specific goals that can be achieved with the assistanceof a good business intelligence program. These goals should havemeasurable success rates or key performance indicators. You will useyour key performance indicators (KPIs) as milestones for how closeyou are to accomplishing your goals. You can then set up yourinformation infrastructure to collect the necessary data that can beanalyzed and turned into information, which can be used to makeeffective decisions for your company. Inorder to pick the most worthwhile goals, you must understand what thedesired end result is. You will have to ask yourself what you willdo with the business intelligence information your program generatesonce you have it. Otherwise, you will have a vast amount ofinformation and no way to strategize around it. In companies withouta comprehensive long-term plan, decision makers react to theinformation they get from their data without understanding thefar-reaching consequences of their actions. Anotherimportant thing to think about before you implement your program iswhat your options are once you have the information. Often companieshave an idea of how they want to move forward and are looking to thebusiness intelligence information generated by their BI program tosupport their current strategy. They soon learn that the informationis not always in line with their current plan. Brainstorm allpossible outcomes of your business intelligence program and think ofways that your company can improve based on the different results. You probably wont be able to come up with every singlepossibility, but you will be prepared to think creatively when yourBI program starts to generate useful information.Lastly,remember why you are implementing this program. Businessintelligence can be a huge asset to your business, but if you focuson the data and not on what the data can do for your company, yourenergy is misplaced. Before you become overwhelmed with datawarehousing and data integration initiatives, take a step back andrefocus on your companys goals.
Making,Business,Intelligence,W