In the framework of an increasingly competitive and challenging business environment, companies need to find solutions and systems to generate competitive advantages from the collection, analysis, and transformation of data into strategic decisions that allow them to design successful plans and properly manage the different areas and departments.
In this context is the concept of Business Intelligence or business, which refers to the optimum use of data, oriented business decision-making. This concept is also known as business intelligence or advanced business analytics and covers the understanding of the operation of the various circuits and processes of the company past, present, and future to form the base of knowledge necessary to support the decisions and actions that are taken.
The first step is to detect what kind of map by processes your company needs and implement it. Within each process map, you will have strategic, operational and support frameworks to fulfill. Once the flow of communication, work routines and data are correct, it is time to extract the intelligence of the data through BI tools.
Phases of a business intelligence project:
It is not enough to collect a series of data, even if they are of quality, or to make use of the appropriate methodologies and tools. To carry out a Business Intelligence project, it is necessary to carry out a series of steps or phases where the project and objectives are planned in detail, the work teams are set up, the data are analyzed to make decisions and, once implemented the corrective actions, a follow-up and control is made.
Phase 1: Planning and definition of objectives
The project planning comprises three elements that must be taken into account in decision-making:
The concrete and detailed objectives to be achieved.
The resources, both personal and technical, of the company.
The estimated costs and terms for its execution.
Phase 2: Training of teams
The adequate selection of the work teams and the assignment of roles or functions are fundamental for the final success of the project. They should use suitability criteria, personal motivation, knowledge, and experience in managing process improvement and data analysis. But, above all, you have to choose those professionals who work daily in the departments that are intended to improve and that are highly knowledgeable about their work routines, problems, and improvable factors.
Phase 3: Execution and start-up of the project
Once the methodological framework has been chosen and the team has been formed, it is time to analyze the data in order to transform the information into useful decisions. This will allow the improvement of processes and the increase of the quality and effectiveness of the different departments of the company, and of this as a whole. The advanced systems analysis of data can lead to decisions of great impact since they are aimed at three main areas:
Improvement of the quality of one or several processes.
Optimization of productivity and efficiency of the company as a whole.
Increase in business efficiency.