HOW TO DEVELOP A
THAT DELIVERS BUSINESS INTELLIGENCE
A SIMPLE STEP BY STEP GUIDE
TO BUILDING REPORTS THAT
ACTUALLY ALLOW BUSINESSES
TO MAKE ACTIONABLE INSIGHTS
HOW OFTEN HAVE YOU LOOKED FOR REPORTING AND ANALYTICS TO GET BUSINESS
INTELLIGENCE AND HAVE END UP WITH MOUNDS OF DATA ON EXCEL SPREADSHEETS?
MORE OFTEN THAN NOT, YOU FIND YOURSELF WITH AN ENDLESS SUPPLY OF REPORTS BUT
ARE STILL UNABLE TO GET ANSWERS TO YOUR MOST CRITICAL BUSINESS QUESTIONS?
DON’T WORRY – YOU’RE NOT ALONE.
Many companies are faced with the same
exact issues that you are. It’s very likely
these companies have one or more of
the following foundational ...view middle of the document...
This is great for keeping report developers
busy, but it is terrible for driving the business
forward based on actionable insights.
This process will help to provide structure to
actual answer your business questions. Using
this framework as a base, you will have the
ability to get actionable insights from your data.
IDENTIFY BUSINESS OBJECTIVES
THE FOUNDATION OF GREAT REPORTING IS BUILT THROUGH FIRST
ASKING THE FOLLOWING QUESTION –
WHAT BUSINESS GOALS ARE WE TRYING TO
It sounds really simple, but this question is often overlooked and
left unanswered. By asking this basic question upfront, you can
better define the objectives and scope upon which the reporting
will be built.
ANY KIND OF COSTBENEFIT ANALYSIS
IS A CHALLENGE.
LET’S LOOK AT AN EXAMPLE
of a company looking to measure the
effectiveness of its promotional efforts.
Let’s assume that for our fictitious company,
promotional materials are sent to existing
customers and prospects. Through conversations with project
stakeholders, we find that the main goals of promotions are:
1. Customer Acquisition (prospects)
2. Cross-Sell / Up-Sell (existing customers)
3. Loyalty Program Registrations (prospects and existing customers)
WE NOW KNOW that we are trying to reach
the scope of our measurement framework.
two customer segments and drive three
Just as importantly, we can also define
main outcomes through our promotions.
what is out of scope and disregard
By taking the time to ask some baseline
metrics that do not tie back to these
questions and show the objective from
main objectives. Finally, we can start
a business context, we can better define
to organize the foundation of our reporting.
AFTER THE MAIN BUSINESS OBJECTIVES ARE DEFINED, WE NEED TO DETERMINE HOW TO
MEASURE SUCCESS FOR EACH OBJECTIVE BY DEFINING KEY PERFORMANCE INDICATORS, OR KPIS,
FOR EACH ONE. A KPI IS THE MOST IMPORTANT METRIC TO MEASURE FOR EACH OBJECTIVE. AS
REPORTS ARE BUILT, THESE WILL BE THE PRIMARY METRICS THAT SENIOR LEADERSHIP SHOULD
ASK FOR AND THE ULTIMATE MEASURES THAT PROGRESS SHOULD BE MEASURED AGAINST.
Now, I’m going to ask you to
do something hard. I’d like
you to identify the main KPIs
for each business objective.
This should not be a long list.
Instead, it should consist of the
1 OR 2 MAIN METRICS FOR EACH OBJECTIVE
THAT WILL DEFINE SUCCESS. To determine
your KPIs, you should inventory all of the metrics
available within your data, as well as other metrics
you may be able to derive or get externally.
the effectiveness of each business objective. This
may require several internal conversations with