Business Intelligence: How To Become An Effective Decision-Maker?

Business Intelligence (BI) is a key terminology that helps you draw useful insights from performance data. IT necessarily includes organizing data, extracting important growth and performance related information and using this information for company’s progress.

It involves a number of tools, including software, and technologies which help gather, store, analyze and present relevant data. This offers a clear picture of your company’s current status, so you can take effective decisions for future success.

But how do you make sure your decisions are financially sound and adaptable with the ever-changing market today? To make effective decisions and achieve success, you need to follow these best BI practices:

Pursue frequent, open communication

Firms which champion transparency and openness succeed at business intelligence more often. Not just the data but the process of decision making based on the data available must also be transparent.

Advertise and communicate the decision making procedure to all levels of your organization. Inform every relevant individual in your firm about why a particular decision was taken so that they can understand the goals of the company. This will help them align their performance with these goals.

This will also help you inform everyone about the metrics and use of terms to make sure everyone is in line. Employee engagement and training are important aspects to make this work!

Set clear, achievable goals

A business goal may look too big to achieve, but setting smaller quarterly goals can help you achieve the bigger ones too!How To Become An Effective Decision-Maker

However, make sure your goals are realistic and they focus on future. Start with smaller goals, set monthly dates to achieve these targets and document it in an actionable spreadsheet. You can use our task management templates to keep track of priorities, deadlines and progress.
Identify benchmark performance indicators to help you monitor the progress made by individual departments and your firm on the whole. These indicators will vary according to the size of your company, location and strategies planned.

Use our KPI tracking templates to record and visualize performance.

Show value to employees and investors

If you want your employees to support your business decisions, make sure they can see how it improves the work they do and the success achieved by the company.

Share individual goals achieved through implementation of a decision among all the departments of your organization. Develop an internal PR program to encourage monthly or quarterly performances of your employees.

It will also help project managers see the success of their strategies for achieving company’s goals and plan accordingly.

We offer a range of business intelligence tools, including KPIs templates and dashboards. Check out our business finance management solutions and optimize performance today!