Table of Contents
Business Intelligence: Undertaking a project, whether it is a new product, a new company, the launch of a campaign, or an office move, will be subject to numerous variables that determine how we will get to its end.
All projects consume resources and time; both constitute the fundamental variables of their execution, taking for granted that quality will be present. The consumption of both efficiently is vital to arrive in good shape at its end. Good planning, but above all, reasonable control of both variables is decisive in the project’s success.
Information systems are the means to carry all the data of a company and its projects; their complexity will be associated with the needs of the company and the ways of processing the data contained in said systems.
Four different approaches are currently recognized:
- Firstly, data Management describes patterns of what has happened.
- Analytics: applies mathematical tools for exhaustive analysis and interpretation of the data making general and specific predictions
- Business Intelligence: Uses the previous two and consolidates the different business information systems, and presents valuable indicators for decision making
- Big Data: when the quantity of data is vast and comes from many different sources, BI requires other processing capabilities
In the case of startups, SMEs, or medium-sized companies, data processing is relatively simple. It does not require sophisticated control tools, so Business Intelligence is conveniently suited to these cases.
What is Business Intelligence or BI?
While there have been ways to control projects for as long as schemes have existed, there is no doubt that modern tools have greatly improved controllability.
The application of Business Intelligence to project control allows raising the level of control and brings it closer to project management as never before; it provides interaction capacity and shows its efficiency.
- The BI takes the raw data from the base of the project execution. Its adequate analysis produces indicators that generate helpful knowledge about what is happening in the project, allowing the end-user to interact effectively. With the report and view it in various ways.
- The Key Indicators of the Project (Key Performance Indicator KPI) are designed based on what is relevant to measure. As indicated above, in a project, the control of resources and time is essential, so the KPIs must effectively transmit their behavior during the project’s life.
Many KPIs require a comparative base to make sense, which is why, at the beginning of the project, in the planning phase, it is essential to establish the fundamental indicators to determine the behavior that they should have over time. The proper definition of KPIs is a critical aspect of performance control.
The KPIs must deal with specific aspects of the project that are measurable and have a realistic and achievable goal; their information must be relevant to reflect performance and be based on time.
Business Intelligence Consulting
Firstly, the usefulness of having data in the form of knowledge constitutes a highly appreciable management tool at the time of decision making. Using the BI methodology is a direct way to achieve this knowledge. It is there where a professional specializing in said methodology whose principles are transversal to the different types of industries can participate.
A BI Consultant first becomes familiar with the processes of the processes to which he is going to attend, as required by any consultancy and in this way, starting from the analysis of internal data, provides the relevant information in the form of knowledge for the best making of a series of company decisions.
The BI Consultant:
- However, it poses a model on the data that allows pattern recognition.
- Processes patterns and converts them into recognizable knowledge
- Develop and monitor KPIs
- Prepares reports with the interpretation of the information and points out deviations
- Generates recommendations based on the analysis carried out to meet the objectives of the organization
Firstly, the computational tools available for the application of Business Intelligence are increasingly user-friendly. Its flexibility allows it to serve small projects and organizations with the same quality as larger ones, maintaining the ability to make good predictions to apply early corrective measures. In this way, it is possible in small or medium projects to develop a sophisticated control with little effort.
however, the spreadsheets design to efficiently and objectively capture the data processed through Business Intelligence. And also, the reports containing the analysis of that data and the generation of knowledge of the project status sent. Through the proper conception of the KPIs, they become a perfectly adapted tool for remote consulting of project progress control.
Environments such as the one generated by Woki, which allow remote consulting, are ideal platforms for applying the tools promoted by Business Intelligence.