A business intelligence strategy is a plan for how an organization will use business intelligence (BI) to achieve its goals.
The term Business Intelligence was first coined by Richard Millar in 1865 and has since become widely adopted by organizations of all sizes. BI generally refers to turning data into insights that can be used to make better decisions.
Businesses have long recognized the importance of using data to gain insights into their operations. What has changed in recent years is the advent of new technologies that have made it easier and more cost-effective to collect and store large amounts of data. Now BI is more important than ever.
Why it's important to have a business intelligence strategy
There are many reasons why having a BI strategy is important. For starters, it can help your business save money by making more informed decisions that yield cost efficiencies and better performance levels in the workplace.
A BI strategy also enables employees to do their jobs with all the data they need at their fingertips. This means less time wasted hunting through various sources for answers and information needed at the moment.
With a BI strategy in place, everyone knows where to find information and how best to use it for their needs. The result is increased productivity, effectiveness, and accuracy. Simply put, a BI strategy is key to unlocking your organization's potential and making it truly great.
Four key steps for creating a successful business intelligence strategy roadmap
There is no one-size-fits-all approach to creating a BI strategy roadmap. However, there are some key steps that all organizations should take when developing their roadmap.
Step 1: Identify your organization's goals
What does your organization want to achieve with Business Intelligence? Once these goals are identified, it is important to understand the data needed to achieve them. This data can come from either internal or external third-party sources.
Step 2: Select the right BI solution
There is a wide range of BI tools available on the market, so it’s important to choose the ones that will best meet your organization’s needs. Some must-have features to look out for:
Interactive data visualization – This feature allows users to quickly and easily see patterns, trends, and outliers in data sets to make data-driven decisions at the moment of impact.
Reporting – This feature allows users to generate reports that can be used to track progress, measure success, and identify areas for improvement.
Data mining – This feature allows users to extract valuable information from large data sets so they can uncover hidden trends and insights.
Predictive analytics – This feature helps users to make predictions about future events based on past data so they can make informed planning decisions.
Other criteria to look for in a BI solution:
Collaboration – Can users easily share data, reports, and insights with others?
Data security – How is the vendor keeping your data safe and secure so that unauthorized users can’t access or misuse it?
Flexibility – How easily can you customize views or processes in the solution to meet your specific needs?
Step 3: Turn your data into insights
After collecting data, it’s time to start creating insights with your BI solution.
Step 4: Put your data insights into action
Don’t let business insights die on the vine. Use them! Business intelligence is a dynamic field, and organizations must continually monitor their data and adapt their strategies accordingly.
Start building your BI strategy roadmap now
A well-executed BI strategy can help businesses of all sizes make better, data-driven decisions. ThoughtSpot’s search and AI-driven Live Analytics platform is easy to use and can be tailored to fit the specific needs of your company.
Start a free trial today and see how ThoughtSpot can help you achieve success with your own BI strategy.