You have made huge investments on your business intelligence. Now you have access to the most modern analytics, advanced intelligence, machine learning etc. But for many, measuring the success of analytics and business intelligence is not easy. Here are some of the factors that determine how powerful is your data-driven business decisions.
Choose the best, not the latest:
There are plenty of shiny, aesthetically pleasing tools in the market that could easily capture your attention. But are they worth the money that you spend? Do they cater to your specific business and analytical needs? To produce good value for money, you should be able to choose substance over style.
Quality in everything:
There are many factors that determine the BI success and it varies for different organizations. But one of the very common factors is quality. When we say quality, it includes the data that goes in for analysis, the methods of analytics, the output of analytics and the impact that these data-driven decisions have on the business growth. These are measured using different parameters such as time, cost, profit, customer service etc.
Instant access produces greater results:
Another factor that contributes to the success of your analytics is Data access. It could be data availability, speed or easy access without complicated algorithms. Having meaningful data and setting up advanced analytics model will not help miraculously change your business. Having the right data at the right time to make the right decision is important in business and is the ultimate goal of analytics. Many companies apply decision optimization model to understand different alternatives that would further optimize your decision making.
Explore different type of analytics:
One of the biggest mistakes organisations do is to stick with one method of analytics using the same parameters. If you want to travel the new road, you must take diversions and take the less-travelled path. There are plenty of dynamic methods of analytics that would give you a new dimension of your business. Instead of always asking ‘what’ it could be ‘why’ or ‘how’. This will open up new opportunities and add value to your business and investment.
Robustness is the long term goal:
The third element, which is often discarded or overlooked, is robustness. When your investment earns you continuous superior results irrespective of the changing dynamics, fluctuating market scenarios, and need changes it adds value for money. It should cater to the needs of changing KPIs and adapt to them. A robust system will churn out smarter and faster decisions that emphasize on the KPIs.
There is no doubt that a data-driven business environment is backed up by strong analytics. Therefore, organisations have option but to invest in them. It depends on them to optimize their investment in a way that they cover all the above factors that contributes to the success and gives maximum ROI.