You may have heard the commonly used statistic that close to seventy percent of business intelligence (BI) projects fail. It's true that adoption rates for BI is severely lacking. There are a number of different factors than can contribute to the success or demise of a BI project.
Kevin O'Rourke provides insight into the best practices for creating successful business intelligence, analytics, programs.
There is no single organizational initiative that warrants preparation, planning and strategy more than the decision to invest in a business intelligence program. Fundamental to all BI programs is the core principle that BI platforms must be performance-driven. Key performance indicators must be role-based, Specific, Measurable, Achievable, Realistic and Time Relevant. An organization’s information strategy needs to be optimized to solve a business problem or create business opportunity.
Business intelligence can be defined as: People, process and technology required to turn data into information and information into knowledge, and plans that drive effective business activity, gain business insight and achieve competitive advantage.
Understanding the quantifiable and strategic benefits is essential to the process of prioritizing and selecting candidate BI projects. From a governance perspective, there must be processes in place to assess, define and monitor success when determining cost savings or ROI realized from projects. BI platform support must, therefore, be a closed-loop process as depicted in Figure 1.
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Source: Information Management
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