Companies across the globe are turning towards business intelligence tools to shape up their business strategies so as to improve their delivery of product and services, cutting costs, and to improve efficiency across their operations.
However, the main issue is about deploying a Business Intelligence tool which can be quite challenging. As such, the failure rate is high when deploying the BI tools.
According to Gartner (a leading global research and advisory firm)–an estimated 70% to 80% of BI project fail when deploying the BI tools. Therefore, companies are required to adhere to the following five factors that would help them in driving a successful BI program. These five factors include
Engaging The Stakeholders
One of the main reasons for BI project failure is the lack of communication among the stakeholders.
The success of BI depends on how from the top level executives like CEOs to the bottom level employees such as sales executives will benefit from better access to quality customer data.
According to Forrester – a majority of BI initiatives failed due to disengagement of company executives and subject matters experts who were not engaged throughout the entire process.
Embracing The Value Of Data
For success in a BI program, data is a critical business asset and using this data for strategic business decision is vital for business growth. With the mass production of data across the entire enterprise, there is often disconnection among the departments using this data.
Therefore, it is important for organizations to recognize the value of data aggregation and the process of analysis to make the right business decision and planning.
Implement The Right Technology
The third important factor to be considered by organizations is in selecting the right BI technology.
With tech-savvy employees and workers who are always connected, it is important to choose the right and latest technology to engage stakeholders, employees for a successful BI initiative.
For a successful BI program, companies need to build a data driven culture involving all their stakeholders by gathering information about their customers, products and markets and then using this data to know about how people think about their organization.
People are the real drivers and as such the data should be made accessible to everyone so that they can understand the value of data for their specific roles and overall success of the business.
The Analysis Factor
The fifth factor that needs to be considered when the BI tool is in place and quality data is flowing from departments and a resource into the central database is its analysis.
By linking analytics to business outcomes will help the decision makers in knowing about the BI influenced revenue-generating opportunities, about improved customer services, and increased operational efficiencies.
The BI tools must be capable of facilitating a level of analysis thereby eliminating the doubts and in uncovering the intricate business processes.
These five factors are just among the few ones that can influence the success of your BI program.