HOW AGENCIES CAN AVOID THE 5 BIGGEST BUSINESS INTELLIGENCE SOFTWARE MISTAKES

“Global revenues in business

intelligence software are forecasted to reach nearly $20.81 billion by the

end of 2018, a nearly $7 billion increase from 2013.-dataeconomy.com

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Swoon over data the right way

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Business intelligence platforms are becoming the norm at companies of all sizes with an underlying investment in data that helps save or gain assets.

However, while the allure of business intelligence (BI) software is to help provide information on core data-driven initiatives, the mere implementation of BI software does not automate business results.

Here, we will document five critical business intelligence software mistakes that lose agencies money and how to correct them.

Table of contents1. Not Bridging the Gap

between Technology and People

2. Thinking All Business Intelligence Software is a Commodity

3. Forgetting to ask End-users for Feedback before Buying

4. Not using the Data to Influence Future Decision-making

5. Not Democratizing Analytical Data

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In the market for BI software? Here’s five mistakes to avoid and how to correct them.

Productivity Analytics for Billable Organizations

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Allocable is Business Intelligence (BI) software that provides a multidimensional view of workforce and project productivity data for professional services organizations who struggle to collect and interpret data to understand their past, current and future performance.

Contact us at:▪ www.allocable.com

▪ robert@allocable.com

▪ @getallocable

1.BI Software Mistake #1Not Bridging the Gap between Technology and People 6

THE PROBLEMCutting the cord on old data resources can sound effective. However, getting executives to ditch the familiar and adopt new BI interfaces can be challenging.

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Agencies that place a dedicated team in place to carry out the BI software changeare the most successful. According to Tech Target, there should be four roles for this implementation:

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Senior-levelExecutive

Junior-levelExecutive

User Groups BI Strategists

BISOFTWARE

Solution:Process change and top-down, business-driven principles

Senior-level executiveOversees the entire BI software transition and is the key decision-maker during the process. They will also manage, lead, and champion its implementation.

Junior-level executivesThe goal of this group (or individual) is to set long-term goals of the BI solution, set priorities, and oversee specific subprojects. They also serve as the communicator of the importance of the transition and how to get there.

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User groupsUser groups define requirements, goals, and set up tests as well as serve as expert analysts. They can also be considered the “project owners,” and are the most involved in the carrying-out of the project.

BI StrategistsA team or individual to bridge the gap between the business intelligence lifecycle and data and the executives who need to interpret, and act, on that data.

2.BI Software Mistake #2Thinking All Business Intelligence Software is a Commodity

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THE PROBLEMBusiness intelligence platforms are not one-size-fits-all and jumping into a BI software without doing more due diligence about its fit can be a major pitfall.

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Before choosing a BI software provider...

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...you’ll want to do a thorough assessment of BIplatforms that may be catered for your type of organization.

Your agency should consider having conversations about the following:Not all BI

software is created equal

Logistical Considerations▪ total cost of ownership?▪ how challenging is

implementation?▪ who can help with integration

as a full-time job?

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Functionality Considerations▪ features & capabilities

that are most important? ▪ data & API integrations?▪ types of dashboards &

visualizations needed?

Solution:Determine the top goals of your BI platform before you invest

When you take a step back from analyzing BI platforms based on brand power or features, you may find that your agency has far more needs than what the top corporate applications produce.

However, all that data is nothing if it doesn’t aid you in making better business decisions that save you time, money, and make you a better provider for your customers.

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Find solutions

that accomplish

goals

Decide if solutions can help

with actionable

change

Determine top goals

3.BI Software Mistake #3Forgetting to ask End-users for Feedback before Buying

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THE PROBLEMIT and upper-management doesn't communicate desired features and adoption requirements, resulting in the purchase of a BI software nobody wants to adopt.

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Solution:IT and upper- management need to communicate desired features & adoption requirements before buying

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Senior-levelExecutive

Junior-levelExecutive

User Groups BI Strategists

BISOFTWARE

I need...

I need...

I need...

I need...

4.BI Software Mistake #4Not using the Data to Influence Future Decision-making

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THE PROBLEMBusiness intelligence software is designed to find trends, visualize data, process events, and even predict future business opportunities. However, while all of this data visualization is amazing, it is useless if humans don’t know what to do with it.

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Solution:Create internal reporting points with actionable changes

Use BI for reporting Cut down on the time it takes to extrapolate data

Free time saves $As well as the meetings required to discuss the findings

Better interpretation = more successMake actionable decisions designed to enhance performance

5.BI Software Mistake #5Not Democratizing Analytical Data

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“Every business is an analytics business, every business process is an analytics

process, and every person is an analytics user.

- Gartner

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THE PROBLEMOrganizations who use BI software but don’t share the metrics with all the departments in their company.

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Every person in your company can benefit from BI and analytical data

We can all use dataAccording to Gartner, “every business is an analytics business, every business process is an analytics process, and every person is an analytics user.”

Sharing is caringWith this in mind, it makes sense to share business intelligence metrics to all departments, even those that may not initially be perceived as data miners. For example, marketing departments (ex. Chief Marketing Officers) can use data about customers to make informed decisions to create targeted future marketing initiatives.

From the top downIn fact, one marketing department use case from Marketing Tech News reported BI data helping them save over £156,000 (pounds) per year on data reporting errors. This organization, like others, can use BI to understand cause and effect, and data like this can trickle down to all departments, not just those at the executive level.

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AllocableProductivity Analytics forBillable Organizations

Try a free demo today:allocable.com/demo

Thank you very much for your time

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If you have any questions about this document please don’t hesitate to contact us at:

▪ www.allocable.com

▪ robert@allocable.com

▪ @getallocable