Business Intelligence and Analytics
What is the biggest challenge today for upgrading your business? You’ll find the answer through using tools enabling business intelligence (BI) and analytics strategies. It seems that businesses are looking to adopt BI and more advanced analytics to achieve bigger gains. Upper management needs to explore more information to gather key areas that they feel need improvement.
The Biggest Challenges:
- Data Preparation – The ability to complete data management in putting together and cleaning data before compiling reports and analytics.
- Skills and Leadership – Is there a structure focused on needs of both BI and analytics along with more complex methods?
- Ease of Use – Can those who are less technically inclined be able to use the system?
The biggest gaps are in data prep. It is more difficult and more complex than it seems. The size of the company and how they are using BI and analytics doesn’t matter. They all see big gaps in how they filter, transform and prepare their data. Good data gathering and compiling is completed. It helps find both relationships and potential outcomes quickly. The information found here will help improve your company’s productivity and build competitive advantages. Consider automation and self-service also for those in the agency who are less technically inclined. Analytics are behind BI. Improvements are needed to be able to prepare, augment and explore the data gathered. This will help your agency to find root causes and trends. You can then build and update predictive models through using machine learning.
Skills and Leadership
Skills and leadership are key too. Agencies strong in these areas still say that there are many challenges in innovation, creativity, and leadership. Shown executive support enforces the need for upgrades or change just will not happen. If there’s no strong vision and support at this level, the initiatives will fail or underperform. A leader needs to make sure that they openly show the value of success from the new initiatives.
Ease of Use
Overworked data scientists or analysts already in your company because of changes being implemented need help. In this case, it’s better to create self-service and interactive tools where everyone can find them. Nontechnical users will need the guidance, and instead of overworking your data scientists and analysts, this can help. There’s software built to aid building systems that can detect relationships, correlations, segments, and outliers. It could use natural language to create queries. It could present context-based narratives of important findings. All sorts of things could be created with the new software to help the organization.
Increasing adoption of BI and Analytics
- Invest in data and data prep
- Nurture culture, skills, and leadership
- Keep self-service and Ease of Use in the Forefront
If the challenges of gathering and preparing data are not addressed, it will become more difficult to find a use for BI and analytics. If strong leadership isn’t used to make the employees excited to use the new technologies, the initiative will be a failure. And if ease of use with smart/automated capabilities isn’t used, it’ll hinder adoption of BI and more advanced analytics. Consider these things before upgrading your systems.