Why A Winning Business Intelligence Strategy Is Your Key To Success
by Arina Smith Business Intelligence 30 January 2018
Business intelligence allows a company to leverage technology in order to achieve competitive differentiation and to maximize value. It is especially important for businesses looking for scalable growth. Here are a few reasons why a winning business intelligence strategy is your key to success, and a few tips on how to implement that strategy.
Getting Professional Help with Business Intelligence:
When looking for professional IT help to transform your business’s technology solutions and improve business intelligence, some of the best results come from engaging an IT consultant group that takes a client-focused approach. It is important that the IT consultant understands the needs of a client when gathering and analyzing business intelligence.
Another consideration, for companies with an international focus who are looking for professional IT help, is that there’s a significant advantage in working with an IT consulting company that has a global network. Having staff on the ground in multiple foreign locations allows the IT consultants to tailor-make solutions for a particular market area. This is especially useful for companies expanding their efforts into new territories for the first time. It is also a good strategy to make use of IT specialists from parts of the world where the staffing costs are lower in order to pass on cost-efficiency.
Key Performance Indicators:
Key Performance Indicators (KPIs) are business metrics that are used by executive management to monitor business activities and to analyze the results of operations. It is important to define your KPIs in order to measure the parameters against pre-determined benchmarks that are most useful in guiding the progress of your business towards achieving its long-term strategic goals. Better Buys notes that companies using business intelligence analytics properly are five times more likely to make faster and better business decisions.
When you define your KPIs well they show a clear pathway towards meeting goals by providing performance targets that are appropriate and achievable. Each different department in an organization has a need for tracking a specialized set of KPIs – for example, a CEO may consider corporate profitability as the most important KPI, whereas a sales manager may consider sales as the most important.
The best results regarding business intelligence come from choosing the KPIs appropriately and delivering the information to key executives on a timely basis. Companies that utilize goal-oriented KPIs, where key decision-makers receive up-to-the-minute updates, are better able to adjust business activities to improve results.
The keys steps in making the best use of KPIs include: Identifying the KPIs to track that makes the most sense; setting performance benchmarks. evaluating the KPIs against pre-determined benchmarks; adjusting business efforts and processes to improve KPIs; and, finally, modifying the KPIs as the goals and needs of the organization change.
Having a strong business intelligence strategy, which relies on effective monitoring of Key Performance Indicators, is a good way to help a business succeed. Business data must be collected that is useful and then evaluated against performance benchmarks to give executives the guidance they need to make appropriate business decisions. The key is to get the most useful information to the right people in an organization at the right time to help them make better decisions – that’s your key to success.