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Business Intelligence (BI) offers significant benefits to organisations through the generation and delivery of rapid and easily accessible business insights. Organisations are able to make more timely and informed decisions, improve their operations, shorten business cycles, improve product line value, anticipate opportunities and focus their marketing efforts. When successfully implemented, BI can revolutionise the way organisations operate. To get the most out of your BI capabilities however, there are some common challenges that must be mitigated during BI implementation.
The first challenge that many organisations face is the overwhelming amount of data that sits within the organisation itself. This data may be unstructured, residing in disparate locations, in a myriad of formats. Once brought together, this data can be can be leveraged to enable transparency, accountability, ownership, and governance.
Secondly, BI must engage stakeholders at all levels of the organisations value chain. These stakeholders must be engaged in ways that promote visibility, capture and share collective wisdom, collaborate and make decisions with greater confidence. By promoting visibility at various levels of the organisation and improving information sharing, organisations can optimise the way their employees work.
It is also important to move the organisation to making predictive decisions rather than reactive ones. By leveraging BI and advanced analytics, organisations can use the wealth of untapped information at their disposal to take a forward facing approach to decision making. This allows for more accurate predictions as to the future direction and challenges for the business, clarifying alternative courses of action to ensure targets are met.
Finally, the largest point of failure when implementing technology and BI is recognised as poor change management. To successfully mitigate this challenge, organisations must ensure they really understand the business culture, identify and engage the key stakeholders, create an organisational structure, analyse user adoption, develop a communications & training strategy, engage users and earn their trust.
When these challenges are mitigated, BI implementations can greatly increase the speed at which organisations generate value. When implemented effectively, it delivers trusted insights that allow decisions makers to take positive action with confidence.
What are you doing to mitigate challenges in implementing BI in your organisation?
I will be speaking in more detail about how to Mitigate Key Challenges in Successful Business Intelligence Implementations at the Business Analytics Forum in Melbourne on the 15th of March from 2:30pm – 3:30pm. Alternatively, join the discussion on Twitter from wherever you are by using the #baforum hashtag.
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