Business Intelligence

1) Identify Which Metrics Matter To Your Company

One of the most important aspects of business intelligence is understanding which metrics matter to your company. This can be different for every organization, so it's important to take the time to figure out what's important to you. Once you know what you're looking for, you can start tracking it and using it to make decisions. Here are some things to consider when trying to identify which metrics matter most to your company:
-What are your goals?
-What are your customers' needs?
-What are your pain points?
-What do your competitors track?
Once you have a good understanding of what matters to your company, you can start setting up systems to track those things.

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2) Build A Metric Blueprint

You need to know what data to collect, and more importantly, what you want to do with that data. That’s where a metric blueprint comes in. A metric blueprint is a document that serves as a guide for business intelligence analysts. It should include the company’s KPIs, as well as how those KPIs will be measured. In addition, the blueprint should identify which tools will be used to collect and analyze data, and who will have access to the resulting reports. By creating a metric blueprint, you can ensure that everyone is on the same page when it comes to business intelligence.

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3) Enlist User Insights

One of the most important aspects of business intelligence is understanding what your users want and need. After all, you can't make informed decisions without knowing what data your users need to see. The best way to get this information is to talk to them directly. Ask them what they want to see, what they need to know, and how they want the data presented. This feedback will be invaluable as you build out your BI system.

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4) Involve Executive Leadership

Business intelligence (BI) is critical for any company that wants to stay competitive. But too often, BI initiatives fail because they’re not given the attention or resources they need to succeed. That’s why it’s so important to involve executive leadership in your BI strategy from the start. Here are 10 best practices for doing just that.

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5) Embrace Change Management

1. Change is inevitable, and organizations must be prepared to adapt in order to survive. 
2. A sound change management strategy helps ensure that changes are implemented smoothly and efficiently, with minimal disruption to operations. 
3. One of the key components of successful change management is communication. 
4. It is important to keep all stakeholders informed of upcoming changes and their respective roles in the implementation process. 
5. Another key element of change management is training. 
6. Employees must be properly trained on new processes and procedures prior to implementation. 
7. Finally, it is essential to have a solid plan in place for monitoring and evaluating the results of the change initiative.

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6) Harness User Insights To Shape The Right Strategy

To make the most of BI, you need to understand what users want and need from your data. This can be done through surveys, interviews, focus groups, and other research methods. Once you know what users want, you can shape your BI strategy around their needs.

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7) Ensure Data Quality Is Optimal (for example, through the use of data profiling and quality checks)
Data quality is critical for business intelligence (BI) success. Without accurate and timely data, BI tools and dashboards are rendered useless. There are a number of ways to ensure data quality, such as data profiling and quality checks. Data profiling involves analyzing the data to identify patterns, trends, and anomalies. Quality checks can be performed manually or through automated means. Automated quality checks are typically more accurate and efficient, but manual checks can be useful in certain situations.

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8) Align Your BI Strategy With Your Overall Business Strategy

Too often, businesses invest in BI tools and solutions without first taking a step back to ensure that their efforts are properly aligned with their overall business strategy. This is a recipe for disaster. By aligning your BI strategy with your business strategy from the outset, you can avoid wasted time and money while setting yourself up for long-term success. Here are 10 actionable best practices you can implement today to get started.

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9) Determine KPIs That Are Relevant To The Company (For example, using a five step process to identify the right key performance indicators.)

It's not enough to just track data - you need to be tracking the right data. But how do you know what data is most important to your company? By following these simple steps, you can determine the key performance indicators (KPIs) that are relevant to your business and start tracking them today. 
1. Define what success looks like for your company. What are your goals and objectives? 
2. Identify the KPIs that will help you measure success. 
3. Choose KPIs that are actionable and measurable. 
4. Make sure your KPIs are aligned with your company's goals and objectives. 
5. Set up a system for tracking your KPIs.

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10) Assess Opportunities For Innovation (Test new ideas and gauge their impact on business performance, then determine how they can be integrated into the overall BI strategy.)

To ensure that your business intelligence strategy is as effective as possible, you need to be constantly on the lookout for opportunities to innovate. This means testing new ideas and seeing how they impact business performance. Once you've found an idea that works, you need to determine how it can be integrated into your overall BI strategy. Here are 10 best practices you can implement today to make sure your business is always ahead of the curve.