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How do you leverage business intelligence for competitive advantage?

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Business intelligence (BI) is the process of collecting, analyzing, and transforming data into insights that help you make better decisions and improve your performance. BI can help you gain a competitive advantage by enabling you to understand your customers, markets, competitors, and internal operations better than others. But how do you leverage BI effectively for your IT strategy? Here are some tips to help you.

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1 Align BI with business goals

Before you invest in any BI tools or solutions, you need to define your business goals and how BI can support them. What are the key questions you want to answer, the metrics you want to track, and the actions you want to take based on the data? How do you align your BI initiatives with your strategic priorities, such as increasing customer satisfaction, reducing costs, or launching new products? How do you measure the value and impact of your BI efforts? By aligning your BI with your business goals, you can ensure that you focus on the right data and insights that matter for your success.

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Paul Drysdale
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This is true but it is harder to do than might be imagined. Quite often the reason for this is that the business often doesn't know what's possible, and, what is possible changes quite rapidly. Part of the role of the BI practitioner is to be able to articulate what's possible and how it will advance the business. Old school charts and diagrams are still massively beneficial where basic decisions are not supported by facts, but, now BI can be done in real time (e.g. predictive analytics) it can be at the heart of your BAU operations. an active partner in your value chain. It is the role of the BI professional to understand what's possible, what's applicable and what will drive the most value long term.

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2 Choose the right BI tools and solutions

When choosing BI tools and solutions, you need to consider the types and sources of data you want to analyze, the level of complexity and customization needed for your data analysis, the scalability and performance of the tools, as well as their security and compliance. Structured, unstructured, or streaming data from internal or external sources may be analyzed with simple dashboards, advanced analytics, or predictive modeling. The speed of processing and delivery of data, its ability to handle large volumes, maintenance and updating ease, protection from unauthorized access, loss or breach, and compliance with regulations should all be taken into account.

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3 Build a data-driven culture

Leveraging BI for competitive advantage isn't just about having the right tools and solutions, but also about having the right culture and mindset. To create a data-driven culture in your organization, it's important to communicate the benefits and value of BI to stakeholders, provide training and support to users, encourage collaboration and feedback among them, and reward and recognize their efforts. This could include showing how BI can help them achieve their goals, teaching them how to access, interpret, and apply data insights, incentivizing them to use data more, and celebrating their successes.

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Arun Kumar Duddilla

Global Template Design Leader | Value Chain Management | SAP S/4HANA, Agile Development
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In order to use BI for competitiveness involves data-driven insights to make better decisions, optimize the processes and identify new opportunities. Following few of many steps to leverage BI for competitive advantage. - Define clear Objectives - Collect & consolidate data - Implement right BI tools - Train the employees/users Apart from these steps. To succeed in this mission, one must establish data-driven culture in the organization and constantly analyze, monitor of performances of BI tools.

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Tim Montgomery

IT Strategy Consultant | Nearshore Talent | Custom Software | Business Process Expert| CEO | CIO | Cost Reduction | Outsource Expert | Can help you increase sales and cut cost in your business!
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Visible, transparent data helps encourage the best behaviors. And it helps people succeed by learning and leveraging other people's success. At GE ED&C CEO Lloyd Trotter inculcated this through his Trotter Matrix. Rather than just a scorecard that showed "who was winning" his matrix showed Why and How people were succeeding. This enables people to leverage best practices and encourages behaviors that drive success. So BI is most powerful when it is shared transparently for others to see, learn, and leverage.

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4 Monitor and improve your BI performance

In order to leverage BI for competitive advantage, it is essential to monitor and improve its performance. Tracking and evaluating how well your BI tools and solutions are delivering the expected results, how satisfied and engaged your users are, and how much value and impact your BI efforts are creating for your business is essential. To do this, you should collect and analyze feedback from users on their experience, satisfaction, confidence with the BI tools and solutions, as well as suggestions for improvements or enhancements. Additionally, regular audits and reviews of your BI tools and solutions should be conducted to ensure they align with business goals and meet technical requirements. Lastly, continuous improvement initiatives should be implemented such as updating/upgrading BI tools and solutions, fixing/resolving any issues or gaps, and innovating/experimenting with new features or functions.

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5 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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Nicholas Brigman

Leader of Strategy and AIP Relations
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These are great steps, but the world is moving much faster and simply looking at the past may not help you deal with what's happenung now and what's next. Much of my work in the last few years has been focused on creating real-time intelligence at the speed of relevance and feeding this information into causal models that simulate and project outcomes or even testing potential actions and recommendations. This is the future of Digital Twins and they are no longer about a jet engine or a machine. Today's Digital twins are creating replicas of processes, facilities, organizations, cities, and ecosystems. Now is a great time to begin to experiment with the next level of business intelligence

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How do you leverage business intelligence for competitive advantage?

1

2

3

4

5

1 Align BI with business goals

2 Choose the right BI tools and solutions

3 Build a data-driven culture

4 Monitor and improve your BI performance

5 Here’s what else to consider

IT Strategy

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How do you leverage business intelligence for competitive advantage?

1

2

3

4

5

1 Align BI with business goals

2 Choose the right BI tools and solutions

3 Build a data-driven culture

4 Monitor and improve your BI performance

5 Here’s what else to consider

IT Strategy

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