Getting information is one thing. Utilizing it is another thing entirely. There’s plenty of data floating around out there, and businesses are collecting more of it than ever.
The problem isn’t so much a lack of intelligence, but rather an inability to effectively use the information you have. There’s so much of it, it can be almost paralyzing. How can you transform business intelligence into solid action plans for your business?
Use these tips and you’ll be creating action plan magic in no time.
1. Adopt Business Performance Management
One of the best things a Director BI can do is adopt the practice of business performance management.
Performance management provides a platform to integrate traditional BI into an automated and standardized decision-making framework. BI is applied to the rubric, and the decision becomes clear. Performance management also allows you to monitor the business environment’s performance and to make quicker decisions about enhancing performance and changing directions.
The result is a nimbler, agile organization. You can respond more quickly to changes in the market—an admirable quality in today’s business environment.
2. Use the Right Technology
Today, technology plays a central role in almost every aspect of a business. Whether it’s harnessing the power of your information, digging data out of a database, or developing a new product to deliver to your customers, you need the right technology to get the job done.
As Director BI, the importance of technology isn’t lost on you. After all, without it, you wouldn’t have most of the data you have at your fingertips today. Ensuring you have the right technology in place is therefore important for being able to transform BI into an action plan.
3. The Right Measuring Sticks
One of the problems facing a Director BI today is the sheer amount of data available. It can be paralyzing. There’s so much information available, you may feel you don’t have time to properly analyze it all to make the best decision. You might feel you’re being told to make decisions without fully understanding what’s really happening.
One way around this issue is to make sure you’re using the right measuring sticks. There are many different analytics available, but not all of them are useful. Choose what to monitor and factor it into your decision-making wisely.
A few tips here include using adaptable analytics. Your tools should be easy to configure in a changing business environment, allowing you to respond more quickly and effectively. They should also allow you to monitor different dimensions, since business interactions are multidimensional.
4. Operationalize BI
Are your users empowered to make decisions? Or do they have to transfer information back to someone else and wait for a decision? If you don’t allow for write-back capabilities, you’re slowing down the process of decision making in your company.
Instead, look to operationalize BI by allowing users to make a decision and act on it immediately. Once they’ve analyzed the information, they’re able to take action—essentially putting BI into operational use the second it becomes available.
5. Use Decision-Centric Workflows
Are your workflows centered around making decisions, or do they prioritize other aspects of BI?
Essentially, BI should be fully integrated into the work environment. If BI becomes an integral part of the processes and systems being used, it becomes easier to create actionable plans out of the information.
6. Use Integrated Information Management
Perhaps the largest task facing a Director BI these days is simply the management of all the information used in the business intelligence process. Integrated information management is a lifesaver. With it, information management happens at the point of collection, and it happens continuously.
By using these tips, you’ll create an environment where it’s easy to make BI into actionable plans. When decision making is integrated into every operation and procedure, using BI effectively and efficiently becomes even easier.