Gathering the statics about your business is one way to determine the direction of your company. There are so many different metrics that you can look at to determine the future of your business. You need to have a plan in place in order to get some meaning out of your business intelligence. Here are some of the ways to get started understanding the information that you’re receiving.
Find the Right Tool
Starting any business intelligence (BI) plan involves having the right tools to collect the data that you need. There are lots of ways to go about this process. Voice of Customer is one such product that allows you to gather data. This product looks at the feedback from your customer base. It analyzes the stories that your customers are telling about their experience with your company. This gives you a way to measure the interactions between your customers and employees. You can also use it to determine how happy your customer base is with your products. There are other tools that you can use to gather your data. Make sure to have these tools in place so that you can get the most effective data.
Establish Key Performance Indicators
Determine the type of data that you want to analyze. Having too much data can be misleading. You may fail to see that there is a problem if you’re overloaded with information. Establish key performance indicators (KPIs) prior to starting your BI process. You can set the parameters that matter to your company. Many companies choose to measure employee productivity and customer service. Depending on your business, this can be done in a variety of ways. Productivity can be measured through employee hours and the rate of on time deliveries. Customer service is generally solicited through positive customer reviews. There are other goals that you can measure as well. Decide what is important and establish guidelines for those metrics. Consider changing them from time to time.
Analyze Your Current Position
In order to be successful, you need to have a clear picture of where your company currently stands. You can’t improve on something without having a baseline. Gather what information that you can about your current standing in the marketplace. Look at what you have decided on for KPIs. These are your basis for measurement. Most companies have some room for improvement. The second part of the equation is to get everyone on board with the changes. You can’t succeed without the commitment of your staff. Introduce the process in a phased approach. This will give everyone the chance to adapt to the changing business needs. Be prepared for some pushback. Many people don’t like change. This can cause some controversy in the workplace. Phrase it as a means to advance the image of the company.
Embrace the Results
Once you have the results, you need to look at them critically. Analyze the whole picture and don’t jump to conclusions. This is especially true when you’re first starting out. You may be shocked by your results. Consider this an opportunity for improvement. Focus on the positive when presenting the information to your staff. Dwelling on the negatives won’t generate any solutions. In order to advance your company, you need everyone to buy into the process. You may find that you’re doing well in areas that you weren’t aware of before. Look at these positive areas, and determine if you can use these methods in other ways. Maybe a whole department is especially successful. Have them share what works for them. This is one way to get employee buy in for the process.
The key to getting the information you need is to have the right tools. Consider these items when gathering BI for your company’s success.