Market Demands Of Business Intelligence
Business intelligence investments do not follow current information needs, especially needs created by Marketing. Incredible but true, it is common situation everywhere. For creating new products and services high quality detailed data analysis are essential. Market demands and competition activities force companies to create more sophisticated products than ever before. Without detailed analytical results from different perspectives on related information cluster it is very hard to fine tune marketing products for niche markets.
Needs Of Business Intelligence Analytics And Reports
Investments into Business intelligence solutions for reporting purposes are usually not sufficient to follow marketing products hyper production. Marketing is under pressure to create new products and to generate revenue; therefore pressure is usually supported with marketing budget. Same need for budget is not recognized on business intelligence level. Since reports do not generate directly revenue, they are always left behind with lower priority level for investment. Business intelligence reporting and analytics are always at the end of investment tail and among first in the line for cost cutting.
Business Intelligence Investment Circle
New products are highly complex for IT and usually current structures in business intelligence solutions cannot properly handle their reporting processes without additional efforts in human expert’s working days or even with engagement of vendor. Business intelligence solutions are state of the art in sense of dynamic calculation capabilities but they cannot predict all significant changes in information structures like introduction of new dimensions and measures: sales channels, affiliates, new customer segmentation and etc. Marketing creates more products in shorter time ranges and marketing needs more business intelligence analytics and reports. During time without proper rewrite and restructure, business intelligence tools will not provide high quality and detailed data for generating new products. Investments are not sufficient in business intelligence and reports are less capable to provide data and information hunger in company. It is wicked business intelligence investment circle without proper solution.
Establish The Need Of Business Intelligence
Management and business community must have a general understanding and appreciation of the value that business intelligence applications can provide. Create a compelling need for developing a business intelligence application within your organization. Company individuals can use it to access data to obtain specific information or use it to solve any type of business problems. Plan your project thoroughly before implementing it, and complete the project within the stipulated time frame.
The Development Process Of Business Intelligence
Business intelligence implementations are a different animal to other IT development and should be treated as such. Traditionally, a design document is written to client specifications and once this is signed off as correct and complete, the software is developed and the project is considered finished. Any change to the software after this point incurs additional cost. Developing business intelligence reports however, should be a more fluid and iterative process. Many consultants will try to set requirements in stone as early as possible. There are many factors to consider, some subjective, or which seem a good idea in theory, but in reality do not achieve the desired results. This is to encompass the performance variations between jobs completed on different days of the week, morning or afternoon, employee undertaking the job.