These are the 6 steps you need to take to set up your BI platform
Business Intelligence is about collecting, analyzing and visualizing data to make better decisions for your business. Think about goals, strategy, growth and investments.
For example, if you want to know how your company is doing commercially versus financially, you need data for this from both departments, and it’s helpful if this data is aligned. To get the most out of your data and arrive at valuable insights and improvements in your business, it is advisable to set up a BI platform. Below we describe the 6 steps you need to take to set up your Business Intelligence platform:
1. Setting goals
The starting point, of course, is knowing what you want to achieve. Do you want more clients, more revenue, get more out of your team, or get the noses in the same direction in your company? It is also important to determine who will be using this data and what exactly they need in terms of steering information. Ultimately, Business Intelligence is customized and every business is different, so the more specific the goals are set, the more you can ultimately get out of it for your business.
2. Setting up a data strategy
To achieve your goals, you want to set up your Data infrastructure in the most effective way possible. You determine:
- What tooling you use in terms of data warehouse: For example, Azure, AWS, or Google Bigquery
- What tooling in terms of dashboarding: POWERBI, Qliksense, Looker or Tableau.
Next, you look at where you want to start. What data is most important to integrate first to meet goals, and what data integrations follow.
Setting up a strategy can be done on 1 A4 page, so it doesn’t have to be complex. However, it is important to start with the right tooling that suits your business.
3. Collecting data
Collecting the data starts with determining which data sources all exist. All of this data adds up to a wealth of information, provided it matches up properly. The right BI tools must also be chosen and connectors created to link the various data sources with the data warehouse. More about the different connectors can be found here. Which BI tools are chosen depends on the objectives.
4. Integrating the data
The loading of the data is about to begin. The data sources are connected to the data warehouse and the data is collected, cleaned, securely stored and structured. Through these steps, an SSOT (Single Source of Truth) is created, so the data you will soon visualize assumes the truth
5. Creating the reports and dashboards
To get the right insights, you can create analytics, build reports, and visualize the data in a dashboard. Your dashboard includes all the data from your various departments, both current and eventually historical data. This allows you to make predictions, discover connections, draw conclusions and make decisions.
6. Improvements and KPIs
With the findings you have made based on the information from your dashboard, you know what improvements you can start applying, where you need to make savings, and where more potential lies. Finally, based on this, you can define KPIs and put the improvements in motion!
NucleusBI helps companies create insight into their business through the use of data. With this we help our clients grow, save costs and make their departments more efficient.