9 Ways to Collect/Prepare Your Data with Long-Term Vision

Your Business Intelligence Checklist.

Whenever I sit down at the bar, people are always asking me (not really), “What’s my best way to BI bliss, especially if I’m not particularly far down the path?”  The good news is, I’ve jotted a few things down on some cocktail napkins.

I liken the adoption of Business Intelligence to savings in a 401K. Just start. Put something in your 401K. At least put in enough to get all the benefits from your employer’s match.  Know that starting as early as possible is just as, if not more, important than how much you invest at any one time. You simply have more time to reap benefits the earlier you start.

The same holds true with your BI investment journey. Just start. It doesn’t cost anything but time to start thinking about a plan. It doesn’t cost anything but a phone call to chat with an expert to get some thoughts on your environment and where might be a good place to start. If you do nothing but have a plan and therefore alter what (and how much) data you collect, you’re just that much more ahead of the game. If you’re not collecting some of the data you need for a year over year KPI trend you’d like to track, the sooner you start collecting the data, the closer you are to tracking that trend.

Data analysis is here to stay.  In fact, some liken the move to data utilization similarly to the advent of the internet. To ignore it is to seal one’s own fate. It’s going to happen, and your competitors are doing it, or about to start. Sixty percent of those in leadership roles say a failure to get on board could lead to obsolescence.

If we look at some corporate data trendlines, it’s not hard to see that analytics will continue to play a more and more important role in organizations.  Customer analytics (48%), operational analytics (21%) and fraud and compliance (21%) are the top three cases for big data. Companies that use data analytics are five times more likely to make faster decisions.  Over 50% of business users and analysts have access to some kind of self-service tools. Forty-two percent of companies plan to utilize mobile business intelligence.

Top 3 Cases for Big Data

Organizations are reaping the benefits of being able to turn on a dime as opposed to slowly turning the aircraft carrier around, since they have complete, trusted data at their fingertips and don’t have to dig deeper for information. The increase in business analyst self-service signals companies are getting further into their BI strategies and realizing the value of more robust, customized reports for their companies.  The interest in mobile is no surprise and speaks to the need of having real-time data at your fingertips, including in the field.

As a rule of thumb, organizations reported an average of 8% increase in revenues and a 10% reduction in cost. So, there is no better time than the present to get ahead of the curve and start reaping the financial and analytical benefits.  The sooner you take the leap, the sooner you’ll reach your BI destination.

Here’s a basic outline of how you can do it.

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By |2018-09-02T17:39:43+00:00January 4th, 2018|BI, Business, Business Intelligence, Kingfisher|0 Comments

About the Author:

Jason is the Marketing/Creative Director at Kingfisher. While he can’t juggle (yet), his background in marketing, advertising, web design, creative writing, journalism and news media allow him to juggle the many hats necessary to be worn in a small marketing department. When he’s not on the ice playing hockey, he can be reached at Jason.Bennitt@kingfisherinc.com.