10 Business Intelligence Pitfalls to Avoid in the New Decade - Slide 5

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Pitfall 4

Quite simply, if you don’t know where you stand, how can you improve? A lack of visibility leads to procrastination, excuses, missed opportunities and a culture in which no one’s accountable and no one is prepared to put their head above the parapet and take action. Transparency should therefore be at an individual, rather than departmental, level.

Gone are the days when just financial metrics are measured: New BI technologies mean it’s possible to apply the same levels of analysis across a range of areas for a truly holistic view of your business. The ability to track financial metrics like profit and loss, cash flow and general ledger information is a given. Core operational metrics such as resource allocation and production planning are becoming more common. But the very best of the new BI technologies are now making completely new areas of analysis possible – environmental metrics, for example, that assess market conditions or external factors like import/export duties. In the new decade, even social metrics will be measureable: Your BI will record and categorize Twitter mentions or track public perception of your brand.

Business intelligence (BI) emerged 20 years ago as a tool for aiding decision-making. Originally seen as the preserve of analysts and board-level executives, it has slowly evolved into a more democratic medium as organizations have come to realize that decision-makers at all levels and in all departments need access to timely, relevant information. Today, a strong move toward the “consumerization” of BI is evident. Users are demanding the same speed and ease-of-use from their workplace software as ubiquitous tools like Google have delivered in their personal life.

In short, a new breed of BI tools is eschewing cumbersome, complex technology and instead focusing on making the process as intuitive and rewarding as possible. This latest wave of BI – BI 2.0 – is serving a generation of technologically savvy, information-hungry users. Characterized by pioneering features like in-memory and associative analysis, powerful BI 2.0 tools are making a more “self-service” approach to reporting and analysis possible. With them, non-technical users can combine previously disconnected information for a complete view and analysis on the fly – without help from the IT department.

So, BI software should be offering all the answers. But because many companies are still persevering with outdated BI 1.0 technologies, only 13 percent of UK companies polled in 2009 by NCC reported complete satisfaction with their BI projects. In fact, despite spending more than $7 billion on it in a year (IDC), businesses globally are in a worse shape than ever.

According to IDC, “the challenges that BI implementations present mean that many organizations still struggle to deploy BI pervasively”. QlikTech has identified 10 common pitfalls associated with BI 1.0 that prevent organizations from getting full value from their BI investments.

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Related Topics : Business Intelligence Vendors, Data Quality, Data Warehousing, Key Performance Indicators, Knowledge Management

 
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