In the News | Source: Information Managment.com | Nov 4, 2013
Best Practices in BI: Let Your Business Processes Drive Successful BI Analytics
There is no single organizational initiative that warrants preparation, planning and strategy more than the decision to invest in a business intelligence program. Fundamental to all BI programs is the core principle that BI platforms must be performance-driven. Key performance indicators must be role-based, Specific, Measurable, Achievable, Realistic and Time Relevant. An organization’s information strategy needs to be optimized to solve a business problem or create business opportunity.
Business intelligence can be defined as: People, process and technology required to turn data into information and information into knowledge, and plans that drive effective business activity, gain business insight and achieve competitive advantage.
Understanding the quantifiable and strategic benefits is essential to the process of prioritizing and selecting candidate BI projects. From a governance perspective, there must be processes in place to assess, define and monitor success when determining cost savings or ROI realized from projects. BI platform support must, therefore, be a closed-loop process as depicted in Figure 1.Read more »