Best practices in business intelligence and data warehousing
Business intelligence (BI) and data warehousing practices are strategically used to help companies bring their business objectives to the next level. With the advancement of technology, organizations have discovered cost-savings benefits and increased productivity by implementing BI. BI platforms allow companies to access data analytics of their business users and gain insights to deliver measurable results. Companies can bring their business goals to the next level by following the best practices in business intelligence and data warehousing.
What is business intelligence?
So what is business intelligence? Business intelligence technology helps organizations analyze and process large amounts of data and business analytics to gain insights and make better business decisions for each service. These softwares will give you capabilities to get a competitive advantage.
BI systems allow companies to gather unstructured real-time data from disparate sources. Once compiled, it presents the findings on a dashboard that gather structured visual format that is easy to understand. The rise of Business intelligence technology and automation has quickened and simplified the entire data importation process.
What is data warehousing?
A modern data warehouse is a data management system service that stores and categorizes large amounts of current and historical data queries from multiple data sources. This data is secure and can easily be retrieved and used to analyze its content and generate actionable insights through Business Intelligence Solutions. In other words, all data analysis that powers business intelligence activities are retrieved from the data warehouse. Some of them are even cloud data warehouses!
4 business intelligence and data warehousing best practices
1. Merge business intelligence tools with data warehousing
Although BI tools and data warehousing are separate entities, they reinforce one another. Business intelligence software allows you to extract the data you need from the repository and analyze it to make solid business decisions. When merging BI and data warehousing, you obtain clear and structured statistical analysis on an ongoing basis. Therefore, allowing you to make strategic business adjustments.
2. Develop a business intelligence blueprint
Always develop a clear outline and strategy for any new project. Identify what you want to achieve with the data you collect :
- What are your business requirements?
- How will you measure success?
- Are your objectives measurable?
- Are you looking for current or predictive analytics?
Having clear goals and following best practices in business intelligence and data warehousing will help create a solid strategy with continuous feedback. It will allow you to extract and analyze the precise information and features you need from the channels you want for your analytical processing
3. Set up specific performance metrics
Setting up performance metrics is an excellent way to determine how well you’ve achieved your goals. Collected business analytics will give you a general overview of your company and let you segment your data. This will allow you to get better valuable insights into specific KPIs.
4. Embrace data visualization
While entering data in Microsoft Excel is still performed, it is not ideal, especially for the most complex queries. Data visualization can help you better understand your company’s trends and patterns.
With BI systems, you can interpret easy-to-read infographics, diagrams or charts on multiple dashboards. This makes it easier to determine if you are achieving your business goals. This can also help you to spot market trends and improve your business model.
Best practices for business intelligence and data warehousing: Solutions for organizations
Companies and business analysts can enhance their data quality and increase their business revenues by following best practices in business intelligence and data warehousing. If you’re curious about how BI and data warehousing can resolve a wide range of CRM issues, then we can help. Contact XRM Vision today and let us answer all your questions.