Data Analytics and Business Intelligence (BI) projects often support a wide range of organisational benefits.
Having a clearly defined business strategy / organisation plan is key to any IT strategy and business benefits often cover the followjn key areas such as reducing costs, increasing operational effectiveness and business confidence in data and then in turn business metrics.
Some BI and Data Analytics business benefits can be summarised as:
- Organisational Effectiveness
- Single version of the truth: BI will provide a single, centralised manageable, available version of the truth.
- Future Capability: BI can reduce costs and improve efficiency in other systems.
- Reduce resources and labour costs: BI will reduce the effort in the collation, analysis and distribution of vital business data.
- Be aware of emerging crises: BI will provide easier access to data which will improve decision making.
- Improved Data Quality & Security
- Data Quality – BI will provide visibility across our immense databases enabling proactive identification and correction of data issues.
- Eliminate guesswork: BI can provide more accurate historical data, real-time updates, synthesis between departmental data stores, forecasting and trending; eliminating the need to guesstimate
- Business Stakeholder Confidence
- BI will help improve data quality which will help reduce member queries.
- BI will enable simpler systems, improved data accuracy and completeness
- BI will enabled the ability to rapidly turnaround queries in hours vs. weeks increasing stakeholder confidence.
- BI will allow us to distribute monies quicker and more efficiently