Like it or not, just as coal was the fuel of the age of industrialization, Data, or Big Data, is the fuel of the information age. Any business, big or small, generate large quantities of data stored on individual computers, servers and different business systems across the enterprise. You can choose to ignore it as the potential resource that it is or leverage the data through Business Intelligence for improving decision making and performance across the board.
Here at Shearwater we recommend Adaptive Insights, the best in class, and a leader in cloud corporate performance management (CPM).
Will you crack the code and join the future of business intelligence? Here are five best practices to consider before taking the next step.
Drive BI as a strategic initiative at the highest levels of the organization. It is critical that Senior management understands and fully supports the usage of data as a strategic asset. If not, the drive for change can fail to gain traction. In the end, it will be upper management who stands to benefit the most. Getting access to BI dashboards and visual analytics to help them quickly unearth issues and opportunities, identify the root cause of problems, and make fast decisions about the best corrective actions
Unify data into a single source for analysis, planning, reporting, and decision-making. As businesses digitalize, growing amounts of data become available, but it may be spread over a number of GL, ERP, CRM, HCM systems, and in uncountable spreadsheets. Successful companies using BI will create a SINGLE source of data from across the enterprise that constitutes the “truth”. This enables Executives and business users can make decisions, generate reports, and plan for the future knowing that their actions are based on the same sets of numbers, all backed up by accurate and consistent data.
Enable stakeholders to take action on BI insights for true closed-loop performance management. Having the full view of your business is not enough, acting on the insights generated by the data is critical for success. Success with BI corresponds strongly to an organization’s ability to act on the insights it gets from reliable data and analytics.
Empower self-service analytics. Enable the actual consumers of the business information to access and generate reports on their own, cutting out the IT-request and subsequent waiting. Dashboards and end-user self-service access to information are among the two most important and strategic technologies for a BI initiative.
Prioritize cloud and support for multiple devices alongside BI. Having access to data anywhere and at any time is critical to effective decision-making and crisis management. Using a system that allows multiple devices, enables decision makers and business users access to KPI’s and Analytics. Built for the
Here at shearwater we warmly recommend the Adaptive Suite, the best in class SaaS cloud-based corporate performance management software on the market. We can help you with all aspects of the migration to cloud process of your planning and forecasting processes. Contact us today.
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