In a year where data has been the driving force behind the majority of the Government’s decisions as to how the country will eventually come out of Lockdown and get back to some level of normality, what can businesses learn from this experience and leverage from the lessons learnt?
Let’s begin with what is BI?
Business Intelligence is the process of collecting raw data or business data and turning it into information that is useful and more meaningful. The raw data is the records of the daily transaction of an organisation such as interactions with customers, administration of finance, and management of employee and so on. This data will be used for “Reporting, Analysis, Data mining, Data quality and Interpretation, Predictive Analysis”
The next question is what do we do we all this data and how should we look to consolidate it.
Build a Data Warehouse?
A data warehouse is a database that is designed for query and analysis rather than for transaction processing. The data warehouse is constructed by integrating the data from multiple heterogeneous sources. It enables the company or organisation to consolidate data from several sources and separates analysis workload from transaction workload. In essence your data is turned into high quality information to meet all enterprise reporting requirements for all levels of users.
Easy eh? Well not really, and with lots of jargon it’s a little hard to visualise. In True North Digital spirit here is a quick example of how this works in practice.
- A retail store which has different departments like sales, marketing, logistics etc. Each of them is handling the customer information independently, and the way they store that data is quite different. The sales department have stored it by customer’s name, while marketing department by customer id.
- Now if they want to check the history of the customer and want to know what the different products, he/she bought owing to different marketing campaigns; it would be very tedious.
- The solution is to use a Data-Warehouse to store information from different sources in a uniform structure using an ETL process- Extract-Transform-Load processes can transform dissimilar data sets into a unified structure.
- Later use you chosen BI tools to derive meaningful insights and reports from this data.
Still uncertain that this should be an adopted aspect of your Digital 1st-Data Led Strategy- take a look at the following results from a recent study carried out by EY.
- 86% of business with a data led culture report increased levels of business results.
- 81% of businesses agree that in 2021 they should be looking to adopt this into their wider strategy.
Before you embark on such a challenge, remember to consider the following.
- Ask questions– doing this will encourage participation and collaboration. It will also help set goals and identify constraints.
- Establish metrics– nothing too complicated, but to ensure that everyone has a clear focus.
- Be empathic- to people’s concerns and fears– we say it all the time, but change is hard. Bring people into the mix and leverage from their experience and expertise.
- Enable outputs that are easy to understand– again simplicity is the key, with the user in mind.
- Don’t go big too soon!– use path finder projects or smaller initiatives to evidence the value first.
And remember, True North Digital are here to help if you get stuck and need some further advice.
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