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What tips would you give a mid-sized company for driving maximum value from BI solution?
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5 Answers
In my opinion mid-sized companies do not plan for adequate training for BI solutions. To make it work stakeholders across the company need to understand the capabilities, the need for integration, and the overall business strategy. Beyond training, I think it's key for a mid-size firm to have a three year plan for developing a BI capability in the organization. It don't think it's possible to get it right in "one shot" so I think acknowledging this at the onset and including a development plan for BI can help a lot.
For a small to mid-sized companies, I suggest starting with a well defined and focused BI initiative that will have the greatest impact on the business, such as sales analytics. I agree with Brian that adequate training on the BI solution is needed so that individuals develop a strong understanding of the subject matter, learn the business rules, and navigate the user interface. Ideally, lessons are learned from this initial initiative and it serves as the basis for developing and evolving the organization's enterprise information management environment.
Likewise, I like Brian's opening remark referencing lack of training. Since many SMB's presumably do not know what BI is, I'd start with a basic question or two ... "What do you want to better track?" and "How would you like to see the results?" Then I would suggest toolsets that could address those fundamental questions.
@Jonathan, I completely agree with your suggestion of the focused and well defined approach. One element that I would add to your suggestion is an examination of risk. In other words, it's important to look at the various opportunities for BI as they align with overall company strategy, be it sales analysis, activity based costing (for operations), promotional lift (marketing), etc... and then weigh this against risks: how much is data-driven decision making part of a department's culture? How readily available is the data needed to make this BI project successful? How would you assess the level of executive (departmental) sponsorship and funding for your BI project? What are your competitors doing?
So I guess, in short: getting the biggest bang for the buck would entail: aligning BI and company strategies; finding targeted opportunities (as many of you have suggested) to apply BI; weigh these opportunities against the risks/degree of difficulty you'd encounter if you tried to implement each.
*And ditto on the training
To get maximum value from BI you need to get the maximum ROI for your investment. Cloud BI is a great way to do this - affordable and effective, it can provide the same advanced level of analysis as an on-premise solution but at a fraction of the cost. Scalability also renders it an attractive option because as your business grows, your investment in BI can be increased alongside it.
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