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How do you use BI to make decisions and take action?

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Business intelligence (BI) is the process of collecting, analyzing, and presenting data to support decision making and action taking. BI can help you gain insights, identify opportunities, solve problems, and optimize performance in your organization. But how do you use BI effectively to make decisions and take action? Here are some tips to guide you.

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1 Define your goals and questions

Before you dive into data, you need to have a clear idea of what you want to achieve and what you need to know. Define your goals and questions in terms of specific, measurable, achievable, relevant, and time-bound (SMART) criteria. For example, if your goal is to increase sales by 10% in the next quarter, you might ask questions like: Which products or services are selling well or poorly? Who are your most profitable or loyal customers? How can you improve your marketing or pricing strategies?

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Ashwini Kumar

Analytics & Data Science Leader | Mobility, Manufacturing, Media & Retail | Business Strategy ?? Data Strategy | Dad | Conscious Parenting
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The overall article including this section assumes there is a single person / embedded analytics team inside a business department or function (marketing, finance etc.) which is not the case in the real industry world. Usually, analytics teams work in collaboration with the other business functions enabling them to boost performance. Hence in this step, the analytics team needs to connect with functional team leaders to understand their business goals and discuss how they can be more data driven. The goals would come from functional teams like marketing, sales, finance and the like.

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Diego Andres Restrepo Valenzuela

Data To Analytics Lead Latin America | Data-Driven Growth | Data Platform Manager | Analytics
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One of the first steps to make decisions and take action based on data, it’s definitely set a goal making right business questions and involving relevant sponsors that help you point in the right direction.

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2 Choose and source your data

Once you have your goals and questions, you need to choose and source the data that can help you answer them. Data can come from various internal or external sources, such as databases, spreadsheets, surveys, reports, websites, or social media. You need to evaluate the quality, relevance, and availability of the data, and make sure you have the right tools and permissions to access and use it. You also need to ensure that you comply with any ethical or legal requirements for data protection and privacy.

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Diego Andres Restrepo Valenzuela

Data To Analytics Lead Latin America | Data-Driven Growth | Data Platform Manager | Analytics
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Even before to choose and source your data, it’s important to understand the business context, understand the data and to be conscious about the limitations of your data.

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3 Analyze and visualize your data

The next step is to analyze and visualize your data to uncover patterns, trends, and insights. You can use various BI tools and techniques, such as dashboards, charts, graphs, tables, or maps, to present your data in a clear and engaging way. You can also apply different analytical methods, such as descriptive, diagnostic, predictive, or prescriptive analytics, to answer different types of questions. For example, descriptive analytics can tell you what happened, diagnostic analytics can tell you why it happened, predictive analytics can tell you what might happen, and prescriptive analytics can tell you what to do about it.

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John Miller

THE STARTUP CFO | Follow for posts about financial focus, startup strategy and leadership
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Although I believe visuals are the best way to present data, make sure you align your data analysis to your audience. And check your data thoroughly before presenting - always implement checks on totals etc. The other key focus is to ensure your visualisation tells the story and action you want to instil in the audience. The same chart can tell a different message with a different/truncated Y axis scale, or omitting outliers. This helps to ensure focus on the action you are trying to drive. There are also great options like data tables which can for example, supplement a discussion on covenant analysis (which will likely have 2 criteria).

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4 Interpret and communicate your findings

After you have analyzed and visualized your data, you need to interpret and communicate your findings to your stakeholders. You need to explain what your data means, how it relates to your goals and questions, and what implications or recommendations it has for decision making and action taking. You need to tailor your communication style and format to your audience, purpose, and context, and use clear, concise, and persuasive language. You also need to acknowledge any limitations, assumptions, or uncertainties in your data or analysis, and invite feedback or questions.

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Sequoah Lloyd, MCP, LSSGB ????????

??WARNING AHEAD: Data is my “LIFE”. | 11+ Yrs Exp.| Data Analytics??| Consultant | BI Lead | Data Visualization | Power Platform??| Power BI Expert??| RPA | Power Automate??| Power Apps | FL Notary Public | Entrepreneur
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Interpret the insights derived from data analysis. Understand the implications of the patterns and trends in the context of your objectives. Based on the insights, make informed decisions that align with your objectives.

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Hakam Abushanab

Data Analyst at Siemens | Passionate about Business Intelligence & Data-Driven Decisions
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Ensuring Accurate Data Representation in Visualizations, it sometimes becomes necessary to omit partial data that may not offer a complete picture. A common scenario where this practice is applicable is the representation of data for the current month, which is often not complete and can skew the comparison with the same period from the previous year. To address this, we can strategically exclude the current month's data from our visualizations, we can accomplish this using Power Query M following script, supposing a field labeled “Date”: = Table.SelectRows(#"Renamed Columns5", each not (Date.Year([Date]) = Date.Year(Date.From(DateTime.LocalNow())) and Date.Month([Date]) = Date.Month(Date.From(DateTime.LocalNow()))))

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5 Make decisions and take action

The final step is to make decisions and take action based on your findings. You need to weigh the pros and cons of different options, consider the risks and benefits, and align your decisions with your goals and values. You also need to plan and execute your actions in a timely and effective manner, and monitor and evaluate the results. You need to be flexible and adaptable, and ready to adjust your decisions or actions if new data or circumstances arise.

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Ashwini Kumar

Analytics & Data Science Leader | Mobility, Manufacturing, Media & Retail | Business Strategy ?? Data Strategy | Dad | Conscious Parenting
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This is also something that analytics team help functional teams to do and not take decision themselves. The sponsor is the functional leader eg VP of Sales, CMO, CEO ...

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6 Learn and improve

BI is not a one-time activity, but a continuous cycle of learning and improvement. You need to review and reflect on your BI process and outcomes, and identify what worked well and what can be improved. You can use feedback, surveys, metrics, or benchmarks to measure your performance and impact, and to identify gaps or opportunities for further learning or action. You can also seek new data sources, tools, or methods to enhance your BI capabilities and skills.

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Sequoah Lloyd, MCP, LSSGB ????????

??WARNING AHEAD: Data is my “LIFE”. | 11+ Yrs Exp.| Data Analytics??| Consultant | BI Lead | Data Visualization | Power Platform??| Power BI Expert??| RPA | Power Automate??| Power Apps | FL Notary Public | Entrepreneur
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Remember that BI is an iterative process, and adapting to new insights and changing circumstances is crucial. Additionally, choosing the right BI tools and training your team to use them effectively is essential for successful implementation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Diego Andres Restrepo Valenzuela

Data To Analytics Lead Latin America | Data-Driven Growth | Data Platform Manager | Analytics
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Basically, I would summarize the making decisions process based on BI as follows: 1. Involve relevant sponsors 2. Make the right questions 3. Understand the trends and the business context 4. Understand the data and its limitations 5. Communicate effectively 6. Create an action plan based on the findings

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How do you use BI to make decisions and take action?

1

2

3

4

5

6

7

1 Define your goals and questions

2 Choose and source your data

3 Analyze and visualize your data

4 Interpret and communicate your findings

5 Make decisions and take action

6 Learn and improve

7 Here’s what else to consider

Business Intelligence

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How do you use BI to make decisions and take action?

1

2

3

4

5

6

7

1 Define your goals and questions

2 Choose and source your data

3 Analyze and visualize your data

4 Interpret and communicate your findings

5 Make decisions and take action

6 Learn and improve

7 Here’s what else to consider

Business Intelligence

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