Business Intelligence

How to Maximise ROI on Your Business Intelligence Tool

Your data-to-decisions journey just got a little faster & exciting. You might even say data-driven. why you’re going down the Business Intelligence route.


Your shiny new BI toy is integrated and purring.

Your ‘data-to-decisions’ journey just got a little faster and more exciting. You might even say ‘data-driven’. But data-driven journeys are also driven by the ROI imperative you have to your finances.

That’s why you’re going down the BI route, after all—to optimise financial efficiency. How can you ensure you maximise ROI on your business intelligence tool?

There are a few checkboxes you’ll need to quickly tick once you deploy your new business intelligence tool:

1. Have a BI implementation and use plan
2. Promote departmental uptake and team adoption
3. Customise your new BI tool in line with your goals
4. Feed your BI tool the right data from day one

Let’s begin.

But first, you have to know how to measure ROI on your new BI tool.

If you’ve yet to choose a new BI tool and you’re looking at options built on top of Power BI, make sure to run these checks first. They’ll give you a sense of the perks you’ll enjoy with options like our very own Finworx and Retailworx.


How to measure Business Intelligence ROI

Your business intelligence tool ROI will be weighed against all the incoming costs

 

  • Licencing
  • Deployment
  • Training
  • Administration
  • Operations & maintenance

If you work with a BI implementation and consultancy partner like us, you’ll be able to minimise these initial costs with expert help on maximising licence utilisation, training only the right people, reducing interruption to business continuity and setting things up so that maintenance cost is minimal.

Now onto the main points.


1. Have a BI implementation and use plan

Having a BI implementation and use plan means first prepping a short, medium and long-term roadmap.

First you need to select a set feasible short-term goals of what you want to achieve with your new business intelligence tool in the first 12 months. The low-hanging fruit.

This might be obtaining the right business data to give you the right insight for entering a new regional market, for example. Or it could be reducing dependency on Excel spreadsheets.

Having a roadmap will help you get progress stages against which you can track your BI tool ROI.


2. Promote departmental uptake and team adoption

Promoting BI tool adoption is one of the hardest things to get right because it involves rapid change, possibly involving changes to company culture. But adoption is also critical to getting business intelligence return-on-investment.

To achieve adoption, your incoming BI tool needs to be viewed and advocated for as a project, rather than a disruptive force set to trample on the legacy processes valued team members worked to implement.

C-Level leaders need to foster a sense of purpose within each team and department that breaks down cynicism and encourages team members to frame the incoming business intelligence project according to how they can contribute to ensure the project is successful.


3. Customise your new BI tool in line with your goals

Just as your new business intelligence tool needs to be floated in-line with a predefined road map of goals, it can also be customised post-deployment to mould efficiently to those goals.

Remember, part of the purpose of business intelligence is to create a universal data-language within your organization that gives each department equal fluency in interpreting and bringing deeper utility to performance and financial data.

Spending time applying department-specific access-level and other customizations, will ensure less investment needs to go into correcting compliance issues further down the line.


4. Feed Your BI Tool the Right Data from Day One

The sheer volume of data business intelligence tools are able to quickly ingest is truly vast. That’s part of their value. Though this very perk can become a cost in itself, putting business intelligence ROI further out of reach.

To avoid this, you need to have pre-decided what data will bring optimal utility, and ensure only that data becomes accessible within your new business intelligence tool.

This doesn’t need to involve months of data-cleansing. Instead, just a few days worth of the right data migration approach can help organise the right data into the right schema ready for efficient use within your BI tool.


Need an Expert Hand in Achieving Business Intelligence ROI?

We work with global enterprises to get the ROI ready when taking on new business intelligence capabilities like Finworx and Retailworx that are built on Microsoft Power BI.

As a Microsoft Gold Implementation Partner, we’re trusted by large retail and financial institutes to advise on the best way to navigate major business intelligence transitions.

Speak to us and we’ll mentor you on exactly what you need to do so that business intelligence ROI comes a little more easily, a little more quickly.

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