As technology advances, businesses see a rise in the number of assets that they can utilize to drive growth and success. Today, data has turned into one of the most powerful of these assets — and businesses have started to realize this. According to a Deloitte survey, 96% of the respondents believe that data analytics will be important to their organization within the next three years. Similarly:
- Almost 50% feel that analytics will improve decision making; and
- 16% think it will drive better strategic initiatives
These sentiments are shared widely, as Reuters anticipates that the global market for business intelligence or BI will grow to almost 30 million dollars by 2022.
However, reaping returns on BI investments is another thing. Gartner says that 70 to 80 percent of BI projects fail, and that can be chalked up to a couple of mistakes, three of the most important of which are discussed below.
Lack of Holistic Approach to Defining Goals
One of the most significant mistakes that a business can do when venturing into BI investments is to have an incoherent list of goals. All too often, enterprises approach analytics as organizations with segmented parts that have differing visions of what analytics can do. This results in data silos and inconsistent processes that impede the potential of Business Intelligence for your business.
To correct this, make sure that all necessary departments are united in understanding and defining your analytics goals. Both IT and management should work together to marry differing views, hash out misconceptions, and approach BI with a clear set of goals.
Lack of Flexible Working Models
It is also a downright waste of resources to invest in BI when your team isn’t reinforced with the resources that it also needs to make sure that capabilities are established, grown, and developed. These can range from people to key structures, whether they are in-house or sourced from outside. If you don’t have a solid enough in-house BI team, work towards creating a virtual BI team.
Lack of An Integrated Analytics Platform
Finally, do not underestimate the value of a comprehensive and integrated analytics platform. Most businesses have disparate reporting tools or other legacy structures built into their BI platforms, and this does not only contribute to inefficiencies, it also seriously undermines the benefits of analytics for your business.
ZenOptics offers an Intelligent Analytics catalog that provides multiple functionalities in one place. With this platform, you have access to all your analytics assets, such as reports, spreadsheets, dashboards, and applications, saving your business:
- 25% in license costs
- 35% in maintenance costs; and
- 5 hours per user per week
Ramp up collaboration, productivity, manageability, and governance in your BI project from one place! Contact us today.
Published November 16, 2020