A good BI Strategy has been and continues to be a hot topic. How to start? Where to start? Who and what do we focus on? These are all valid questions and can go in many directions. Having worked with many organizations, I’ve found that a good BI Strategy focuses on three primary aspects.
Today, companies get their financial and performance metrics in a number of ways. More than likely, it involves analysts in the organization combing existing excel spreadsheets and/or reports to aggregate the data to build a performance dashboard which is then circulated and elevated to the executive team. A good BI strategy starts with understanding these existing processes, and works to build solutions that expedite this process and enables ad hoc reporting.
A CFO should be able to open a BI tool, and ask whatever question they might have around their financial performance and get an accurate response within a certain level of detail (state vs city, product vs SKU, etc). If they have to wait a week and worry about accuracy, then it’s a key pain point to focus on during the faster aspect of the strategy.
Beyond simply providing faster analysis within an organization, a good BI solution should make people smarter about their company by providing analysis and insights they couldn’t otherwise get on their own. As I mentioned in the previous section, organizations are getting reports today and know roughly how they’re doing (especially if they’re public) but having correlations between different silo’s of data can reveal things that executives may have not noticed before. This is a big reason for big data, but you can have very little data from different groups tied together in a single data warehouse and then leverage BI tools to help pull it together in a report, and get a great deal of value. A good BI strategy will focus not just on existing data, but new insights gained as well, from the BI activity.
Getting good analysis, and smarter insights doesn’t guarantee that everyone has a single version of the truth and that they all understand what they’re seeing. Having a plan for how the data will be visualized, and ensuring the right controls are in place to validate the output is essential. Putting checks and balances in, so you can leverage tools like Oracle Business Intelligence to build new types of visualizations can make all the difference on transformation useful data to actionable data.
eVerge Group is an Oracle Platinum Partner with extensive Oracle implementation experience in Oracle Business Intelligence. For more information about our business solutions, contact us at our website. http://www.evergegroup.com/contact.php
About the author: Garrett is Director of EPM Solutions who has worked with eVerge Group since 2005.