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3 Challenges to Business Intelligence and Analytics Adoption

big data, challenges, business intelligence, BI, analytics

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?

Preparing Data

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

Conclusion

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.

 

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The Internet Revolution for Business

business, internet, customer, work, product

The Internet has grown so much since its inception decades ago.  To the point that it influences our daily life, school and the work environment.  1/3rd of humanity uses the Internet presently.  Due to this the business environment has changed immensely due to how many people log on every day in order to communicate with each other.  The Internet has been implemented by business for marketing and promotion of products and services as people are leaning towards doing all their shopping online, or as much of it as possible.

Porter’s Five Force Model

This offers frameworks to measure industry competition and analysis, and helps to build business strategies.  What are threats from present and future competition and existing substitutes?  How much bargaining power do customers have and measures negotiating power of suppliers?

Threat New Entrants:  There is a lower entry barrier in being able to set up new businesses due to the Internet.  Increasing competition lowered margins too.

Threat New Substitutes:  There has been a reduction of the product life cycle due to the Internet.  Encouraging innovation and new shelf lives of products are now the norm for customer serving.

Bargaining Power Customers:  The customer is now well informed in what products do and what may be good substitutes.  In this businesses have to watch what they put out there dealing with differentiation and pricing.

Bargaining Power Suppliers:  Suppliers are in the same boat as the customer is now too except focusing on the industry they are in.

Threat of Competition It is now extremely important to be transparent and honest in order to become successful.  The customer knows more about the business, and the Internet lowered cost of searching for new products.

Internet and Business

How the Internet changed business can be measured in many ways.  The main thing is that it opened new avenues to be able to conduct business more smoothly, timely, and cost efficiently depending on the situation.

Communication:  There are now a lot of new ways to connect to others and disperse information.  Email, Instant Messaging, Intranet, Skype…

Collaboration:  There is no such thing as geographical boundaries as the Internet allows for ease of collaboration now.  The only thing that has to be considered is time zones as not everyone might be working in the same time zone.  Meetings would have to be scheduled around that…

Business Transactions:  There is now a culture of online businesses.  Many stores have been opened up online.  Now Internet banking and payment gateways are a normal part of supply chain transactions.

Work Flexibility Now it is possible to work from home or in remote locations.  Employees can now remain in touch with the company while away in order to know what’s going on at work.  They can also complete work from these locations through logging into the secure business Intranet.

Web Based Applications Here is where cloud computing comes to play.  It saves so much space and money depending on what the company buys into.

Conclusion

The Internet is both a good and a bad thing for business.  It’s good as the company can spread their products or services all over, or locally depending.  They can learn more about their competition, learn more about what their customers want, what their suppliers might suggest.  It makes communication a lot easier than ever.  On the bad side though it allows for hackers to find ways to attack them and steal information.  Security has to be high priority in order to make sure that this doesn’t happen.  Employees and customers don’t need to worry about identity theft to name one vulnerability.  The pluses outweigh the negatives though…