The Future of AI in the Business World
July 26, 2021
Why BI Implementation Can Be Risky?
- Global Data 365
Gartner recently published a study on all the stuff that can go wrong with your BI implementation. We have classified them into 8 different risks to your BI implementation based on our team’s insights here at Global Data 365. These risks can easily be overcome, but they are very likely to infiltrate your business plans.
An analyst in Gartner’s report takes great pains to stress that there is far more risk associated with non-technology problems than there is with implementing infrastructure, resources, and applications. Listed below are the 8 different risks of BI Implementation; so you can recognize them and avoid potential problems in the future.
-Building a Project with BI Implementation
Starting a business intelligence project with this mentality means that the program is funded by IT and is usually led from a technological or data-centric viewpoint. The issue is that BI Implementation is being driven by IT rather than the company. Unless IT has a strategic plan or a consumer case of their own to include here, they aren’t interested in the final consumption of the BI deliverable and can only play a minor part in the development.
The solution is to ensure that the project team includes a marking scheme from the business side of the house from the start of the planning phase through infrastructure upgrades.
- Excel Culture
The second potential risks can be Excel. With Excel, you collect data from an internal structure, load it into Excel, and manipulate the figures. Every single person who participates in this would have a different point of view for the BI Implementation. Different methods of converting numbers into metrics will be used. They may also have opposing goals. You’ll get different results from each, and your data will be totally inaccurate. To us, that just means one thing: risk. The company is at risk. It’s the danger that comes with making costly decisions based on inaccurate knowledge.
The solution is to build a data warehouse. This will be the location where everyone has settled on the data that will be used to handle the company, as well as how that data will be combined with the methods that will be used to measure items like total revenue and net income.
- Issues in Data Quality
Everyone deals with issues in data quality. The problems that trigger it are various, and their effect on business intelligence is important. This is because people would not use BI software based on data that is meaningless, incomplete, or suspicious.
Establishing a process or collection of automated controls to detect bad data and prevent it from entering the data warehouse or BI environment is the solution. Surprisingly, a BI implementation can solve this problem all by itself. It’s because having data quality problems in a dashboard will draw attention to them. That should give you a good idea of how to track them down. Learn how to plan your data for business intelligence.
- Diverse Options
You’ll be confused if you search “BI solutions”, attend a related tradeshow, or read quite a lot of BI reports. There are several options available. But how do you know which approach to business intelligence or that the BI implementation is right for you?
The solution is to avoid putting the cart before the horse. First, assess the requirements. Evaluate them from a market and a technological standpoint, and then use the results of that exercise to guide the quest for approaches and solution providers.
- Using Existing IT Provider
BI is unlike any other project. Since you’re working with human beings and their methods, as well as the changing conditions of the business world, there’s a little luck involved. We are convinced that a business that specializes in BI projects will not be able to help you succeed. Seeking a business that specializes in BI environments is the safest approach. For this, you’ll need a professional.
If you’ve decided that they have the technological experience and track record to make you happy, if you want to be good, don’t be afraid to evaluate them on fit, desire, and dedication. Those are the things that are more difficult to determine, but BI implementations usually last a long time, so it won’t cause you any problem.
- Time in BI Implementation
The other threat is about the time it takes in your BI implementation. A BI project can be placed into a low-cost maintenance state, but your company will never stop evolving, and because BI is built to model your business, it must also change.
Having demands is one way to avoid this from being a concern. You should anticipate that the BI success would be a moving target over time. Let everyone know how things will pan out. Prepare for it by scheduling deliverables and budgeting for it.
- Insufficient Training
Many companies spend all their BI budgets on software applications and a few weeks of user training. Today’s BI systems, on the other hand, are dynamic constructs that need much more training for users to derive true value from them. Besides, continuous training is needed to ensure that users are familiar with and comfortable with the system.
Furthermore, companies should ensure that the software they install contains online training videos that help users become more comfortable with the current BI framework or the companies should opt for online training of the BI Software they use.
- Data Collection from BI software
Some businesses gather useful data from their business intelligence tools but don’t distribute, evaluate, or act on it. When deciding what to do with BI implementation, it’s important to think outside the box. Companies may avoid risk and make educated decisions to move their industry forward by using the knowledge collected and adapting it to their own business models.
Companies can use BI software on different data points, analyze risks, and predict trends. To improve the reporting capabilities of their BI software, companies should be able to identify risks and predict trends.
Having a Strategy
Not having a BI strategy can be one of the biggest threat to your BI implementation. BI strategy can change the way you collect, analyze, and deliver data. As everyone works on the same KPIs to drive action and optimize processes, there is no chance of manual error.
Global Data 365 It helps you with its experienced team who considers all the potential risks and avoids them during your BI implementation. To discuss your requirement, speak to one of our BI experts.
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