Did you know that every day we create 2.5 quintillion bytes of data? According to IBM, this creation is so rapid that 90 per cent of all the data that exists today was created in the last two years.
This fact alone is one of the main reasons business intelligence tools are so important. In order for businesses to take advantage of the massive amounts of consumer information on hand, they need systems and platforms that can help them leverage it.
And while most modern organisations have a BI solution in place, there are few that are leveraging these tools to secure maximum ROI. So, how can your business better use BI solutions to ensure you are getting the most return on your investment? Let's take a look:
1. Align your strategy with your BI functions
Leveraging a Business Intelligence solution without a clearly defined objective is pointless. There is so much information and so many functionalities within a given platform – you need to decide where you want to focus, why and how. Without a predetermined direction you will gain little value from your BI solution.
2. Draw up a road map
Once you have pinpointed the objectives for your BI solution, you should work to create a road map for your processes. How will you measure success? What are your metrics? What information do you need to support your goals? How do you extract it? Establishing these detailed processes sets you up on a path to success.
3. Start small and build up
It can be tempting to want to extract every last bit of information from your various systems. A much more sound approach is to take your BI knowledge and apply it to one small project at a time. This will allow you to not only secure maximum ROI from a given project but will give your team time to better familiarise themselves with navigating your BI platform in a meaningful way.
4. Consult the professionals
One of the best ways to secure maximum ROI from your BI solution is seeking out the advice of a consultancy. Here at AtoBI we have years of experience helping businesses leverage their BI solutions in the most effective ways possible.
Our consultants are well-versed in how to best align BI tools and functionalities with your businesses core objectives – ultimately helping you secure the best ROI. Interested in learning more? Reach out to one of our reps today!