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What are the best tools and methods to track BI ROI across different channels and platforms?

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Business intelligence (BI) is the process of collecting, analyzing, and presenting data to support decision-making and improve performance. But how do you measure the return on investment (ROI) of your BI initiatives? How do you know if your BI tools and methods are delivering the results you want? In this article, we will explain how to calculate key performance indicator (KPI) ROI with BI, and what are the best tools and methods to track BI ROI across different channels and platforms.

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Maurice Schmidt

Head of Data @ cinify | Helping Companies Unleash the Full Potential of Their Data

1 Define your KPIs and goals

The first step to calculate KPI ROI with BI is to define your key performance indicators (KPIs) and goals. KPIs are measurable values that indicate how well you are achieving your objectives. Goals are the desired outcomes that you want to achieve with your BI projects. For example, your KPIs could be revenue, customer satisfaction, or conversion rate, and your goals could be to increase them by a certain percentage or amount. You should align your KPIs and goals with your business strategy and vision, and make sure they are SMART: specific, measurable, achievable, relevant, and time-bound.

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Maurice Schmidt

Head of Data @ cinify | Helping Companies Unleash the Full Potential of Their Data
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While the article suggests using KPIs and SMART goals to track BI ROI, I find this approach too basic. I'm currently writing my master's thesis on capturing BI's true value, and it's far from straightforward. Many benefits of BI are intangible, like improved decision-making or a better data culture. My interviews with industry pros confirm that although there's academic work on BI ROI, few methods are used in the real world. This gap makes it tough for data teams to prove their worth and justify their role in an organization.

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2 Choose your BI tools and methods

The next step is to select the BI tools and methods that will help you collect, analyze, and present your data. Depending on your needs, budget, and preferences, there are many BI tools and methods available. Dashboards are visual displays that show KPIs and metrics in real-time or near real-time, and allow you to drill down into details and compare data across different dimensions. Reports are documents that summarize data and provide insights and recommendations based on analysis. Data warehouses are centralized repositories that store and organize data from different sources and systems, and enable fast and easy access and querying. Data lakes are large collections of raw and unstructured data that can be processed and analyzed with various tools and methods, such as machine learning or artificial intelligence. Data integration is the process of combining and transforming data from different sources and systems, and ensuring its quality, consistency, and accuracy. Data visualization is the use of charts, graphs, maps, and other graphical elements to present data in a clear and engaging way.

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3 Calculate your KPI ROI

The third step is to calculate your KPI ROI with BI. This is the ratio of the benefits or value that you gain from your BI initiatives to the costs or investments that you incur for them. There are different ways to calculate your KPI ROI, depending on your data, goals, and assumptions. One of the most common ways is to use the following formula:

KPI ROI = (KPI value after BI - KPI value before BI) / BI cost

For example, if your KPI is revenue, and you want to measure the ROI of a BI dashboard that costs $10,000, you can use the following formula:

Revenue ROI = (Revenue after dashboard - Revenue before dashboard) / $10,000

You can also calculate your KPI ROI for different time periods, such as monthly, quarterly, or yearly, and compare them to see the trends and changes.

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Maurice Schmidt

Head of Data @ cinify | Helping Companies Unleash the Full Potential of Their Data
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While the article offers a formulaic approach to calculating KPI ROI, I find it overly simplistic and, frankly, unrealistic. The notion that you can directly attribute revenue growth to a single BI dashboard is a stretch. How can we definitively say that an uptick in revenue came solely from insights gained from a dashboard? In practice, the benefits of BI are often more nuanced, contributing to a general acceleration in decision-making or a more data-driven culture. This makes it incredibly challenging to pinpoint ROI to a specific BI initiative. So, while the formula is a good starting point, it's crucial to recognize its limitations.

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4 Track your BI ROI across channels and platforms

The fourth step is to track your BI ROI across different channels and platforms. This means monitoring and measuring how your BI initiatives affect your KPIs and goals on web, mobile, social media, or email, and organic, paid, or referral channels. Doing so will help you understand how your BI tools and methods perform on different segments and audiences, and how you can optimize them for better results. To track your BI ROI across channels and platforms, you can use attribution models, multi-channel funnels, and cross-platform analytics. Attribution models assign credit or value to different touchpoints or interactions that lead to a conversion or outcome, such as first-click, last-click, linear, or custom. Multi-channel funnels show how your channels and platforms work together to drive conversions or outcomes, and how they influence each other along the customer journey. Cross-platform analytics enable you to collect, analyze, and compare data from different platforms, such as web and mobile, and provide a unified view of your performance and behavior.

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5 Improve your BI ROI

The final step to improving your BI ROI is to use data and insights to identify and implement actions and strategies that will enhance your BI initiatives and increase your KPIs and goals. To do this, you can employ various BI tools and methods, such as A/B testing, optimization, and experimentation. A/B testing involves comparing two or more versions of a variable and measuring which one performs better on a specific metric. Optimization is the process of adjusting and fine-tuning your BI tools and methods to make them more effective, efficient, and user-friendly. Experimentation is the process of trying out new and innovative BI tools and methods and measuring their impact and value on your KPIs and goals.

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What are the best tools and methods to track BI ROI across different channels and platforms?

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1 Define your KPIs and goals

2 Choose your BI tools and methods

3 Calculate your KPI ROI

4 Track your BI ROI across channels and platforms

5 Improve your BI ROI

Business Intelligence

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What are the best tools and methods to track BI ROI across different channels and platforms?

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2

3

4

5

1 Define your KPIs and goals

2 Choose your BI tools and methods

3 Calculate your KPI ROI

4 Track your BI ROI across channels and platforms

5 Improve your BI ROI

Business Intelligence

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