The speed of business is increasing. Executives are working to respond quickly to new buyer behaviors, new market opportunities, new types of competitors threatening to disrupt existing business models, and to harness digital technologies that are evolving rapidly.
As a result, business agility is becoming a core requirement for businesses. Not having the right data, platforms, and processes to enable business agility can be the difference between market leadership and market irrelevance.
What is business agility?
The characteristics of business agility can be simply defined as:
- Faster, better decision-making based on real-time data,
- Flexible production, staffing, and operational models that can respond to and predict changing conditions quickly,
- More fluid ways of working within the enterprise and with external agents such as customers, suppliers, as well as distributed people and resources.
A critical foundation underlying these agile business definitions is the access to real-time and dynamic data that enables these better insights and decisions and improves speed to market. It makes sense that if your business is dynamic, your data should be too.
Making Agile Business intelligence a core component of your BI and Advanced Analytics strategy will allow you to build a foundation with your data. Agile BI enables your analysts and executives to access reporting based on data that is real-time. Your analysts and executives can then continuously apply new business rules and explore what-if scenarios.
How do you create your Agile BI strategy?
It starts with understanding the business strategy and the business leaders’ use cases for the data. Typically, business outcomes that drive financial, operational, or sales improvements are the first areas that enterprises seek to improve through improved business intelligence. Do you have a shared vision for the business outcomes you are trying to achieve? As an example, are you working to create a more dynamic pricing model based on responding to and predicting competitors’ pricing? If the use cases are not initially clear, our team at Nihilent can help you explore the possibilities. First, we’ll look for patterns in your existing data and help you identify gaps in the process, data, and consumption of data that can drive real cross functional value from customer service/CRM to HR to Operations, as an example.
Once the initial use cases are clear, and you have an understanding of the business outcomes the business leader is expected to drive; then, you review the data. Do you have the data? Where are the gaps in data and how do you fill those gaps? It’s also important to know what business rules are in place or need to be created that will drive the decisions taken from the data.
With an Agile BI approach, you do these first steps quickly knowing that the value of Agile BI is based on a process of continuous feedback and rapid iteration.
If you have historical data to leverage, you also don’t need to wait until later phases of your BI project to take advantage of Advanced Analytics and Machine Learning capabilities. They can be part of your BI solution from the beginning enabling you to accelerate the value and ROI that you will achieve from your BI investments.
Ready to get started on your Agile BI initiative? Bring together your team of business sponsors, analysts, IT and a trusted BI partner. Then, accelerate ROI on your BI investments by creating a plan for agile, rapid, iterative BI that adjusts quickly as your business needs change.
Contact us to learn more about our Agile BI Quick Start Program. You may qualify for two free days of BI advisory services.
With Agile BI, you can more easily take advantage of your data assets to monetize your data. Download our Insider’s Guide on Monetizing your Company’s Data to learn how to generate revenue from one of your most important assets.