Currently, the hype in the domain of Business Intelligence is all about Artificial Intelligence, Blockchains, Augmented Reality, Natural Language Processing and other high-end technologies. Applications in these areas are changing the whole field of BI, no doubt about it.
The reality, as far as I can see it, is that a large majority of companies are not there yet. Most of them are not even close.
– How do you approach BI on different levels of maturity?
– How do you ensure your company is ready to face the future of BI?
– What are the steps to take you forward?
There is no point starting to develop solutions based on Artificial Intelligence if the biggest challenge in a company is to get reliable data to make daily business decisions. Poorly aimed resources in BI development are a waste of time and money, a battle you will not win. An effective way to start choosing your battles is to start with a BI maturity assessment
There are different maturity models for you to choose from, all of which concentrate to different aspects of BI: data management, organization, technology etc. What they have in common is that there are approximately 4 to 5 steps to get from bottom to top – from prenatal to sage, from unaware to transformational, from reporting to prescriptive, from data to wisdom. Most effective approach is to utilize a synthesis of the relevant perspectives and do the assessment in the company based on initial analysis on the pain points.
To gain genuine value out of the BI maturity assessment is to define and understand three things, first two of which define the approach for the third one.
- Maturity assessment – Where are we now?
- BI Strategy – Where do we want to go?
- Roadmap – How do we get there?
When you know the starting point and have the goal defined through BI strategy formulation, you can see the gap between the two points. From there you can formulate a roadmap and plan concrete steps and milestones to reach the desired level of BI adoption. This requires time and resources not every company possesses – at least not in the starting point.
To get you moving up on the maturity steps and start creating a culture of fact-based decision making, your company needs a wide set of skills and competencies to support your journey. It takes a combination of strategic, technical, business and change management skills to succeed in reaching the defined target state and adopt the desired level of BI maturity.
We can help you with your BI requirements in order to improve the results and sustainability of your development projects through fact-based decision making.
Mikko Eriksson is a Business Intelligence Expert at Capacent. He is working with clients to address their data and information needs related to working capital management and other subjects in various industries. If you are wrestling with translating data into insights or simply do not have the resources for that, do not hesitate to contact us for more information on how we can help you with Business Intelligence.