Impact of BI on Organizations’ growth

6 Feb

BI GrowthIn today’s churning market, every other organization is searching for a BI system that can support and handle their organizational requirement such as decision-making processes, demand generation, predictive analytics etc to survive the global market and to gain competitive advantage. The spread of Internet, adoption of digital marketing strategies and use of web based applications has allayed the organizations with choices of capturing the user data electronically and streamlining the decision making process. This is being the major factor for an exceptional growth of BI adoption globally. Potentially Bi creates a significant measurable value for organizations across various industries. The use of these techniques and technologies delivers a quantitative performance and higher ROI to organizations thus adopting BI. The main intention of this article is to concentrate on the managerial and organizational aspect of Business Intelligence

The adoption of Business Intelligence systems is vital to the smooth and coordinated operation of each and every organization. However; they are becoming more complex day by day. New sets of consumers which were not present before are entering market continuously. So the taste, demand and expectations of the consumers are always evolving. If business organizations fail to understand their markets and consumers then they will probably fail to achieve their organizational business goals as well. The best way to gather these in depth information is by using intelligence services which highly rely on sophisticated technologies.

Key determinants of the success of Business Intelligence systems

There are few factors that determine the success of BI system. Most importantly a company should be unified in contributing their responsibility towards a BI process. It is not the responsibility of a single department of a company; it’s almost the responsibility of all the other departments to contribute for the BI process. Secondly, common definitions are required to be made available before approaching for a BI Solutions and also the current BI stack, Processes and Organization structures are to be assessed. A preplan regarding storing the data, understanding the users are also major factors influencing the success of BI implementation.

An organization also needs to decide very early of the planning phase whether to build or buy data mart for their system. Considering all the business Intelligence components choosing a good system integrator and starting with high value but simple business component are always the foundation of a successful BI system.

Whose responsibility is it to initiate and implement the BI system?

Initially it’s the responsibility of the top management to realize the need of such a system. The second phase requires them to consult about it with the IT consultants within the organizations. The third phase should involve an open discussion between all the department managers of the firm.  A separate board of members needs to be created from there on. But the key factor is to remember that when we talk about BI it means that the entire organization is someway responsible for a successful initiative and final implementation.

Impact of successful adoption of the BI system

More accuracy in decision making, a quick upraise in the profit of your entire business, greater customer satisfaction these are the most visible impact of a successful implementation. But it must be cited that it may take quite a few long before an organization can observe an immense change in numbers in all these areas. This entirely changes from organization to organization.  The managements in all the level of an organization will start to get a broader picture of their business processes that is for sure. As a result accountability will increase from day 1. In some cases a decrease in overall expenditure of a company can also be expected. Business and decision making processes will take less time and the overall pace of the company will increase as a result of the implementation.

How can your organization adopt successful business intelligence implementation? Email your scenarios to Shaughn Knight, AVP – Business Development and Inside Sales Operations.

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