Business intelligence is more necessity than choice in today’s world. And yet, many organizations aren’t extracting the full benefits of capitalizing on BI reporting using BI tools.
Here are some ideas for capitalizing on BI reporting.
Plan in Order to Act More Effectively
Business intelligence reporting is just one part of an enterprise’s larger BI and analytics program. In order to get the most value from BI reporting, organizations need to start from the beginning and build a plan from the ground up.
Everyone wants to get insights from their data as soon as possible. However, jumping in too fast without taking care to consider potential issues might lead to your BI being largely ineffective. There are lots of moving parts that need to be working together in order for BI to provide accurate, relevant results. From conceptualization, to collection, to storage, to reporting, every step must be working in tandem. Taking the time to properly set up your organization’s BI infrastructure will boost your chances of success.
Create More Impactful Visualizations
Visualizations are a huge element of BI reporting. While some people might think data is just data, there are right and wrong ways of visually representing information. For instance, pie charts are one type of visualization that’s often used in situations where they don’t actually make sense. While a pie chart can be good for showing parts of a whole, it’s not good at all for comparing independent variables. Presentation of data is an essential consideration for visualizations. Ignoring this can lead to people not fully understanding the implications of information.
Go Beyond the Standard Reports
Most organizations standardize their internal reporting in some way. Maybe every month or quarter, the same people will get together and talk about changes in the same key performance indicators. While this consistency is a good practice, it’s not generating the maximum value from Capitalizing on BI reporting.
In order to realize the fullest potential, you have to go beyond expectations. No quarterly or monthly report is going to hold all the answers to why certain things are or aren’t happening with a business. There’s almost always going to be something lingering just out of view playing an outsized role in corporate outcomes. Digging into data in new ways can help uncover these insights. Furthermore, getting new tools with greater capabilities can be a way for enterprises to bridge the gap between observable insight and reality.
Adopt the Power of Artificial Intelligence
The power of AI is changing the game of BI reporting. Artificial intelligence is simply capable of more than what can be accomplished by a human alone. The ability to seamlessly scour multiple databases to answer queries would be impossible for a person. But this is standard operating procedure for AI.
Ad hoc analytics is one of the most useful aspects of AI-enhanced tools. Instead of having to send all queries to a data expert, stakeholders can run their own analyses to create sharable reports and visualizations right on the spot. This kind of work drives results and creates new possibilities for success.
Integrate Into the Greater Corporate Culture
The more BI reporting becomes engrained into the DNA of an organization, the more that enterprise will make accurate decisions. Using data and fact-based processes to drive business outcomes is, over the long term, going to be more effective than relying on gut feelings and guesses. The more these practices are integrated into standard practices, the more the organization will benefit.
While some might have initial fears about democratizing data, the pros of doing this typically outweigh the cons. As already mentioned, ad hoc analytics is a great way for users to solve problems on the fly, without having to consult a data expert. This saves time and resources. But over the long term, data democratization and a culture of data can do so much more than that. Adopting a data-based corporate culture is like embracing the truth. Taking this stance means accuracy takes precedence over subjective opinion. The enterprises that take this approach will react faster to change, and continually stay ahead of competition.
Despite the benefits of fostering a data-first culture, a recent survey found over 70 percent of executives at several major corporations don’t think they’ve gotten there yet. There’s still a significant first-mover advantage to the enterprises than can effectively harness this concept.
There are many ways organizations can extract value from Capitalizing on BI reporting. Even if you think you’re doing well on this front, there’s likely more than can be done to further improve the decision process.