Web Portal

Business Intelligence Series (1)

12/28/2012 11:41:49 AM Posted by Erin Carrather

WHY IS BUSINESS INTELLIGENCE (BI) IMPORTANT FOR YOUR SMALL TO MEDIUM SIZED BUSINESS?

Step 1: Identify Which Business Processes Need to be Improved

As we touched upon in our previous postBusiness Intelligence (BI) is a key component to staying a successful competitor in your marketplace. To attain this success, you always want to maintain constant awareness of all moving parts and realize that as your business expands, you need the ability to maintain continued effectiveness. Since successful continued growth depends on how your business is run, you need a process of recognizing opportunities, taking action, and measuring benefits, all in a repeatable process. By using BI tools, you will be able to ensure the above process from start to finish, all while delivering actionable knowledge to the right individual(s) within the appropriate window of opportunity.

The first step in nurturing a successful business is identifying which business processes need to be improved. Your main challenge is transitioning from a reactive environment to a proactive one. By being introspective, you can identify the business or operational processes in greatest need of improvement. Next, define performance measures, success objectives, and information requirements for each identified business process, which will ultimately allow you to define “success”. Once you have achieved “success” and have measurable Key Performance Indicators (KPIs), you need to move on to identifying the key players, roles they play, and how any additional knowledge that would come out of BI can benefit your organization. By looking at the needs of your business users, who would reap the immediate benefits of BI, you can create an initial set of functional and informational requirements for reporting, analysis, and presentation. The last step in the process of improvement is to identify success criteria, filter out needs, and set achievable goals to ensure that this actionable knowledge will lead to increased value.

 Don’t wait to find the right areas for improvement at your organization. Visualize the way your business should be run, envision the right changes for your organizational advantage, and provide continuous insight into how your company will meet defined corporate goals! Contact Third Wave to find out more information on how Business Intelligence can provide the best opportunity for reaching your goals.