Know Your Business Intelligence Investment Strategies

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When you invest your money in a particular business, you will want to be successful. You do not want something you've worked hard for to go down the drain in a matter of time. In order for you to make sure that you will rise above the challenges when setting up a business, you have to come up with effective business intelligence strategy. But before you develop a strategy, you need to know more about business intelligence. In general, business intelligence is to learn how to mind your client work. In this way, you will be able to determine the right thing to do in order to serve them well. On the other hand, also about the size up your competitors so you will get to appear in the middle of a big competition. What's more, business intelligence is about knowing your organization's weaknesses and strengthen weaknesses. When you can learn more about business intelligence, you will know how to come up with a business intelligence strategy that will surely make your investment a success.

Back Up Your Business Intelligence Strategy with Effective Tools

Your organization should plan a business intelligence strategy carefully if you want to rise above the competition. You must enter the mind that when you work together as a group, you will be able to come up with the best tactics to create your business wins. Your team must continue to goal-oriented and united. If you want to make sure that each group member has the right knowledge, to choose wisely from your organization. A team that has more expertise from business intelligence will help you develop business intelligence strategies efficiently. In addition to great teamwork, you must also back up your strategy with the best tools. Examples of these tools will be the application of intelligence or management software. Although your business plan sounds just perfect, he will never be one unless you pair it with the right tools.

Importance of Business Intelligence Strategy Formulation

If you want more profits directly into your business, you must understand the importance of business intelligence strategy. Once you realize the benefits that can give you, you will be able to come up with intelligence solutions that match your business goals. You must make it a point to make a tactic to make your business more successful intelligence efforts. However, it should not end only with the awareness and understanding. Careful planning and development of ideas are also needed. preparation of your business must be careful before you think about the implementation of any business intelligence strategy.
What Makes Your Business Strategy Intelligence Success?
Before you develop a business intelligence strategy, you need to know certain factors that make it more effective. There are main factors that determine the efficient intelligence tactics. These include:
• continuous adjustment of your business goals with your intelligence strategy.
• practical integration of business intelligence applications into the main workflow and business processes.
• Constant consultation with members of your organization's right, like the authority of the business.
• Improve your business practices with technology.
• Use the definition of efficient processes for your business intelligence strategy.

Business Intelligence Strategy Change in Your Business Growth

Your business is not within a certain level. Over time, your investment will grow and grow. This goes especially when your business intelligence strategy effectively and successfully. With the growth of your business, your strategy must also change. This is due to the fact that you need to improve your tactics to meet the growing demands of your clients. Your competitors are also thinking of ways to get the victory. This is why you need to increase your intelligence business strategy at all times to gain an edge against them.

Reference:
[1] Hall Andrew, http://www.articlesbase.com/small-business-articles/know-the-best-business-intelligence-strategy-for-your-investment-321497.html

common mistakes in business intelligence strategy

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In a recent study by Gartner, Inc., a leading IT research and advisory company, a list of disability strategy - or no strategy at all - as one of nine "serious mistake" in the Business Intelligence (BI) project implementation. A good BI strategy, on the other hand, is the key to a successful implementation, helping to maximize return on IT investment.

How do you know if your BI strategy was flawed? Here are seven signs - how many applied in your organization?

1. BI systems are not seen as relevant.
This often indicates a lack of consultation throughout the organization. This causes a lack of buy-ins, and potential users do not see what the BI system has to do with them. If the beneficiaries of the system is not involved in the design of these systems may not be successful if implemented. BI strategy, if any, not including the requirement to consult widely internally.

2. Seeking strategic advice from the vendor
An upper-dependence on software vendors that could cause conflicts of interest where the vendor siezes chance to get what they want (more sales) at the expense of what the organization needs (appropriate use of the software).

The most common example of this would be a solution where overselling OLAP cube reporting application will do a better job for users who are concerned. OLAP cubes provide the information summarized in the hierarchy, and there are many advantages to this, but the ease of reporting is not always one of them. In addition, the number of users for whom the appropriate OLAP cubes are almost always less than those who need a standard reporting applications.

3. Continuation of past
Doing things "like they always do" is the enemy of a good BI implementation. This can too often lead to attempts to cut the budget, and often result in inappropriate decisions, such as a report from a spreadsheet where what is needed is a fair assessment of delivery of BI tools that are available. The use of solutions that exist only because they're in place is a sure sign of flawed strategy, and is very important to be aware of the latest BI methodology and applications.

Changing the habits of a person is often not easy, and may require training, but a certain level of change needed if you want to maximize the benefits of BI for your organization.

4. Management of hot air balloons
When budgets start out of control, you start seeing a lot of pet projects thrown into the sea. This is what I call management by "hot-air balloon." Like a hot air balloon, remove the goods from the project makes a lot lighter and more buoyant. The problem is, this process also makes a lot of BI projects is less functional and effective.

The problem is, more often than not, failed to properly assess the project cost in the first place. Does the project have been split to start by making the cost more manageable? The message here is, better or less and give a promise, than promise the world and let people at home when reality hits the economy.

5. Information silos
A silo of information occurs when the data from one computer system can not communicate with each other. This is the kind of problems that the project Business Intelligence with a good strategic plan to identify and correct.

gross information is very costly to an organization because the benefits of hidden information within the organization to that part. This problem is usually solved by making the strategic decision to create and maintain a data warehouse. A data warehouse collates data from various places into a series of one or more''market data, in the process of reform and re-calculating the data to make it more useful for Business Intelligence.

6. Inaccurate metrics
Metric (I use that word as the BI vendors like Cognos IBM to use it) to monitor changes in the months in the performance and are often based on calculations of the various items of data. They can be inaccurate in several ways. For example, data can be entered incorrectly, or miscalculated because the metric is defined wrong. Or that his own calculations could be wrong. Often there is no single definition of metrics - a strategic mistake - or they may over-reliance on sources of data are inherently unstable, such as spreadsheets. This is a strategic mistake, because they can be overcome by policy decisions such as avoiding the spreadsheet input as possible and publish a dictionary metrics to the organization as a whole.

7. There is no sustainable development of BI systems.
Unlike, for example, accounting systems or CRM (customer relationship management) systems, Business Intelligence adds value to the system being reviewed and improved continuously. The project has a 'cycle' which involves the BI review your needs regularly. New metrics and KPIs (key performance indicators) are found, these need to be added to the data warehouse and made available to appropriate managers. New data mart that is not within the scope of the original project may come on board in later stages.

Article Source:
Copyright 2008 Clive Margolis, at http://www.acestar.co.uk/
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