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Business Intelligence: Strategy RoadMap + Data-Driven Culture = Superior Results
It seems rather obvious, but sometimes it is easy to forget, that the quality of Business Intelligence (BI) is directly related to the quality of the data from which the intelligence is derived. It’s basically the ‘garbage in — garbage out’ principle.
A new report by the Aberdeen Group emphasizes the importance of data quality, but also points out that timeliness is equally important. The report finds that for most companies take anywhere from four to nine months to add new data sources to their system, compared to 39 days for best-in-class companies. But even then, should it really take more than a month?
By improving the relevance, cleanliness, and timeliness of business data, businesses can reap rewards in superior results from business intelligence and business analytics. To be successful, both strong technology to perform data analysis and a comprehensive strategy for capturing and cleansing data are important.
Companies that are best-in-class in their approach to business intelligence consistently outperform other companies in their year-over-year increase in profit margin.
Three metrics are used by Aberdeen to estimate how company maturity in business analytics. When comparing best-in-class companies with their competition, this is what they found:
– They are 1.8 times more likely than laggard companies to have data cleansing capability
– They are 2.2 times more likely than the industry average companies to optimize their BI analysis queries
– They are twice as likely than all other companies to use Master Data Management
“When it comes to data management, having a strategy roadmap and data-driven culture are paramount,” advises the Aberdeen report.
