How do I Form the Best Business Intelligence Strategy?
Within most businesses today, real-time information is the fundamental factor that provides true competitive advantage. This information informs executives about sales, customers, and competition. A business intelligence strategy is a comprehensive enterprise reporting capability that provides business information on several key elements within an organization. This strategy provides a holistic view of profits, trends, and the overall health of a company.
In recent years, business intelligence has become an integral part of most organizations. Business analysts have created an effective means of collating disparate information into a common repository. This has transformed business reporting by providing complete information of an organization. Historically this type of information would take weeks to prepare but today it is available on a daily basis.
Data warehousing is a key element for an effective business intelligence strategy. A data warehouse is a central data repository of all relevant information for an organization. This data is consolidated in a manner as to provide enterprise reporting capabilities. Once the data warehouse is configured, daily reports can be generated that provide a dashboard of information to executives within a company.
There are many facets to making a good business intelligence strategy. Monitoring the sales and profits of an organization is an important business management strategy. Business intelligence takes this strategy to the next level by providing real-time information on manufacturing output, inventory, quantities and overall profits for each service item in a company.
Most business intelligence information is provided through the use of advanced reporting software. These reports typically provide a graphical representation of the fundamental factors that make a company function. Many reports are designed with gauges, bars, and productivity charts, which make it easy for executives to understand the issues within a company. Having this information available on a daily basis provides companies with the data needed to react quickly to changing market trends.
Business intelligence requires accurate data in a timely manner. Creating accurate data is a critical element for creating an effective business intelligence strategy. Bad data produces inaccurate reports, which can cause poor decisions. “Garbage in, garbage out” is a motto that most business intelligence experts preach. If the business does not capture the data correctly it will lead to inaccurate reports.
In an effort to ensure accurate reporting, many organizations create data quality teams. These teams are responsible for reviewing the data and data- capturing processes within a business. They are considered the data-quality auditors, and are critical for the successful implementation of a business intelligence strategy.
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