Business Intelligence is vital to your ability to bring improvement and growth to your business. In fact, your ability to convert your company’s unique capabilities into usable information might just be the easiest way to develop new business opportunities for your future. But is Business Intelligence cost keeping you from the tools you need to thrive? If so, below listed are five affordable BI tips that may be of use.
- Let business drive your needs
In these rocky economic times, it’s important than ever that you make sure your BI technology is applying to your specific business needs. Start with a clear idea of how information can help your business. Then create information models and configure your tools and processes to meet your goal. This will help you thrive while keeping your Business Intelligence cost down.
- Consolidate -To keep Business Intelligent cost at a minimum, consolidating your tools can help. Most companies have more tools than needed, so having one set of tools for analysis and reporting lets you save on software, licensing and training. Plus you’ll keep all teams on the same page if they are creating profitability models on the same software.
- Don’t overdo it – There’s a temptation for companies to do way too many things with their Business Intelligence. Again, streamline your tools and your goals so that your aren’t spreading yourself too thin. Have a goal in mind—and a Business Intelligence cost to meet—and then map your plan to that.
- New data models - Use BI to change with the times. If your goal is to shift from high-value to low-cost you can use BI to get there. The right tools can help you identify products that are out of competitors reach, but not yours. You can also find low-cost tools to forecast, conduct trend analysis and increase your data warehouse.
- Make a central BI hub – The goal is to keep everyone in your company up to speed with the key data and information they need to succeed. By creating a centralized common tool set that can feed data to all stakeholders, you can assure that everyone has the info they need, when they need it.
These are just a few tips to keep the information you need flowing while keeping your Business Intelligence cost down. To ensure you have the BI tools you need, seeking the advice of BI providers can help.
When an organization plans to implement an integrated business intelligence solution, there are several cases why a business intelligence project may fail. Knowing these will help to draw an improved plan and thus being able to reach out the goals successfully.
1. Absence of upfront planning – The slow adoption of methods leading to abandonment of business intelligence projects is caused by inconsistent implementation, lack of cooperation, absence of executive sponsorship, and inter-departmental conflicts.
2. Focusing more on license fees instead of total cost – To be successful in BI, a company should consider the professional services cost and infrastructure cost to have an idea on how much true cost will come out.
3. Should meet certain criteria before implementation – In this process, you should determine if the solution you have in mind is relevant, accurate, consistent and timely. Once your integrated business intelligence project does not meet these criteria, you have to leave it and draw another plan.
4. Data quality concerns – You should be aware that bad data creates bad decisions. A number of bad decisions or even one which is critical will lead to distrust and abandonment.
5. Failure to anticipate change – Here, you should be able to adapt to the changing business environment on an annual basis. While BI systems evolve continuously, and as users are able to adopt more readily, you should expect that new requirements will come out.
6. Differences in perception of need – BI can often result to flaws in your business and in order to fix these flaws, you need to have a change and discipline.
7. One-Stop shopping – If you can offer price incentives, improve your existing relationships with your clients and employees, these will contribute much to your success in BI implementation.
8. Set up reliable dashboards as a solution – Your dashboards should indicate consistent and reliable figures that flow easily into your organization’s data to show its real value.
9. Outsourcing – Your sets of policies, customer demographics, user demographics, history and business practices are vital things that you should never outsource because they are crucial elements that can ensure the success of your BI project.
10. Performance Considerations – Make sure that your choice of product will support your volume of data, concurrency and user volume.
If you are interested in knowing more about steps that you should take to prevent BI failures, download a free whitepaper below on Business intelligence
The decision-making in your business impacts future productivity, therefore, BI implementation should be considered to boost company potential. BI can be useful for supporting many areas of a business, such as the decision-making for staff and departments. Choosing a Business Intelligence system can be overwhelming – even a simple internet search will return more than 30 different types of software. Determining the needs of your business first and integrating this into your search are needed to make an informed decision Budget
Primarily, you should decide how much money you can spend on BI implementation. Since BI systems are tied to business growth, BI is an investment that starts at $20,000 or more. Investing money in this range will offer positive ongoing results; however, if your business has not yet taken off, there are some Business Intelligence systems available from $2,000. Of course, the less money you invest, the less data and users the system will be able to handle, so you should select a budget based on business size.
The purpose of BI implementation is for managers to access data when they need to, therefore you must pay thought to your data. Is your data hosted through a cloud service or is it in-house? Future assessments, predictions and models can be achieved when data is linked into a BI system, so you need to locate a vendor mature enough to meet your needs. For data to be accessible, current and easy to export as documents or presentations, you must discover how much data you have and where it derives from, such as from CSV files, Excel Sheets or SQL Servers.
By knowing your budget and data needs you can focus on the BI system details, so that reporting can be automated and spread out to the entire population of users. To find a suitable BI implementation system, you must know how many users will be using the system and whether or not they will use mobile devices to access it. In addition to this, you should think about your current software, your infrastructure requirements, reporting requirements and the type of analysis you want.
Understanding your requirements for BI implementation will prevent you from spending too much money on systems that are missing key features. Prior to downloading software, go through a checklist of attributes so that interdepartmental information can be accessed in an accurate pictorial format.
Are you looking for ways to consolidate your business’ multiple data sources to make them work more efficiently? Do you want to obtain a competitive advantage by analyzing large amounts of data of various types? Business intelligence consulting firms could be the answer for your needs, helping you uncover various hidden information relationships, as well as improving business efficiency and cutting operational costs.
Business intelligence, also known as BI, enables your business to take large amounts of information and convert it into usable knowledge. BI is a set of architectures, technologies, methodologies, and processes that takes huge amounts of raw data and converts the resulting information into usable applications designed to improve strategic decision-making. BI applications include data mining, statistical analyses, queries and reporting, forecasting, and online analytical processing. BI consulting experts use any combination customized to your individual company requirements.
You could be a data services organization that handles terabytes of data daily from large-scale enterprise clients with social networking accounts, such as Facebook and LinkedIn. With growing amounts of raw data that you want to transform into actionable information. After much consideration, you sign on with a BI consulting firm who recommends the implementation of a Microsoft SQL Server Enterprise data management software and open-source Hive data warehouse system. The BI solutions used resulted in a flexible and scalable infrastructure, while also having the ability to view the overall picture of the information analyzed.
You could be a small engineering firm who has been trading for over 35 years, recognizing the tough economic times toll on manufacturing and want to uncover any means to increase profits. Having large amounts of data on your computer system and wondering if there was some way to obtain better views of this data to use them to your benefit. One of your reps suggests BI and some BI consulting companies. You locate a BI expert who implements a small BI solution consisting of a per report charging arrangement to begin with. This provides the benefits of BI and cost-effectiveness until such time that you want to grow your business intelligence solutions.
When you are considering a BI consulting,
- Always look for a company with a reputable track record. They should always have significant implementation experience.
- Make sure the consultant evaluates all the business critical issues affecting your operation
- Provides an unbiased view on both business processes, products, software and hardware
- Demonstrate a phased approach where you can evaluate success and ROI in short term vs. running year long projects.
Business Intelligence implementations are all about Return on Investment and gaining information that would enable you to make decisions which you would not have done otherwise. If the consulting firm are unable to demonstrate these attributes in a short time frame, probably its not a good idea to work with them.
Key Performance Indicators (KPIs) help Pharma companies highlight successes and identify program areas for continuous improvement, helping provide a picture of its pharmaceutical benefit management operations. These are very critical components of any Pharma business intelligence platforms that needs to be deployed to help pharmaceutical companies know the accurate, relevant information that can make the difference. Pharma KPIs on a high level could be categorized into Financial, Operational , Clinical areas. In this blog, we are going to discuss some of the financial KPIs that are used pharmaceutical industry
Overall Drug Trend- Enables to identify drug trends over time. This primarily aids in formulary reconstitution and management.
Average Prescription Cost – Enables to track average cost per prescription for various drug categories such as generic, branded, and specialty drugs. This not only delivers usage view but also enables Pharma companies to forecast cost that may incur.
Generic Subscription Rate – This indicator primarily monitors the changes in utilization of generic drugs and the associated savings.
If you are interested in implementing Pharma KPIs, download your exclusive Pharma KPI Guide