Practical Business Intelligence Strategies: Getting The Best ROI
This infographic reflects the views of 201 IT decision makers polled in the CIO Market Pulse Study for TEKsystems.
What is business intelligence?
- BI refers to techniques used to identify, extract, and analyze business data to give organizations an in-depth view of their business operations.
- Techniques include: online analytical processing, statistical analytics, data mining, process mining, complex event processing, business performance management, benchmarking, textual data mining, predictive analytics.
- On the rise. Currently, the North American BI services market is worth $15.5b and is expected to grow by about 8% through 2013.
- Among 201 IT decision-makers polled: 1) 53% have an "enterprise wide strategy with dedicated resources and coordinated architecture"; 2) 35% have "no enterprise wide strategy, but have implemented tactical solutions at the
business unit level on an ad hoc basis"; 3) 12% have "no cohesive strategy at business unit level or enterprise wide level".
- Ways companies leverage BI to make the right decisions: 1) Gain a consistent view of the organization; 2) Contain cost; 3) Discover potential business risks; 4) Determine where to make investments; 5) Predict the future.
- BI programs require tight alignment between IT and business units to be truly successful. When IT does not have buy-in or the necessary collaboration from business units at the onset of BI projects, developing a BI strategy can be
- Data governance. A set of processes that ensure data assets are properly managed. 70% say their business counterparts are somewhat, not very, or not at all engaged in data governance processes.
- Data quality. The ability to measure and analyze data for quality. 46% report their BI structures rarely or never incorporate a formal data quality program that includes data quality scorecards.
- Delivering timely responses. Often as a result of the two challenges above. 53% are neutral or disagree that their company's BI initiatives help them compare results in real time.
Achieving optimized BI
- Optimizing BI strategies can result in significant improvements realized across the business. Companies can create successful BI programs by making sure these factors are in place: 1) Align teams with defined roles and
responsibilities; 2) Track and prove data quality over time with scorecards and dashboards; 3) Build prototypes that answer business questions and help IT and business align; 4) Evaluate the cost/benefit of BI projects by
answering specific business questions; 5) Count the cost of DW and data quality separately from an ROI assessment for BI analytics and reporting.
- When these key attributes are embedded within a BI program, organizations are more likely to be satisfied (% increase in satisfaction with BI program): 1) IT organization has dedicated enterprise data architecture group - 50%; 2)
Formal data stewardship program with an automated toolset or portal for data quality management - 48%; 3) Business-driven analysis via top down methodologies - 60%; 4) Business process modeling resources are engaged with the
business - 57%; 5) Data warehousing organization has baseline budgets for data quality or master data management - 50%.
Source: IDG Research, June 2011; Infographic created by: TEKsystems; TEKSystems, Inc. is an Allegis Group, Inc. company. Certain names, products and services listed in the document are trademarks, registered trademarks,
or service marks of their respective companies. Copyright (c) 2012 TEKsystems, Inc. All rights reserved.