Today we're going to talk a little about BI projects. Have you ever wondered what makes a business successful? In a way, this is the question that every entrepreneur seeks to answer. Without a doubt, a well-planned commercial strategy, a differentiator in the product, good service, competitive price and many other factors create a favorable combination for the business to prosper and have good profitability. However, the key to the success of these strategies is knowing your business very well! For this, there are Business Intelligence (BI) software, systems or platforms that offer metrics and KPIs (Key Performance Indicators), indicators used to measure the performance of company processes — and, therefore, are fundamental for decision making.
Like every project, BI implementation offers challenges — these, however, promise an excellent return for the retail sector. Check out today's article to learn about the main bottlenecks in BI projects and learn how to get around them! Why are BI projects a great strategy for retail? We've already said that BI projects can promote more assertive and effective whatsapp number list decision-making through their metrics and KPIs, right? The main reason for this is the advantages offered in different sectors of the company. The sales and marketing areas , for example, are able to analyze the competition, better understand the sales share, deepen their knowledge of their target audience , establish more coherent prices and even improve service or SAC through post-analysis.
-sell with the help of a market intelligence platform. In the purchasing and inventory areas, it is also possible to streamline processes by identifying waste and failures — ranging from the moment of purchase and storage to the final sale of the product. A common example of this is the correction of shelf ruptures, which can cause losses of up to 10% in supermarkets. With a holistic view and integration between different departments, BI tools offer metrics that are difficult to identify if analyzed in isolation. Thus, this total view of the business is what allows good strategies to be created. Discover the main challenges of implementing BI projects Despite all the benefits, there are some challenges to be overcome for a successful BI project implementation. It takes time to plan and total focus when putting the new thing into practice. Below we list the main bottlenecks encountered when executing your BI project. Later, we will discuss the best ways to overcome these problems.
Follow along! 1. Inadequate primary information base Generally, the data used in BI software to obtain information is imported from other programs or spreadsheets — coming from content displayed on CRM platforms, ERP systems, among others. A very common mistake is not having this data well organized or in sufficient quantity, making it difficult to have a solid enough primary base to generate BI metrics. So, before importing raw data into your BI software or platform, try to organize and obtain a significant amount of information. This will ensure more complete and accurate results for your project. 2. Limited knowledge of Big Data The IT area — or a specialized company — is normally responsible for implementing your BI tool. However, the essentials are provided by the manager or company employees. Each business has a specific strategy and different needs, which make BI tools completely personalized and customizable to provide the metrics that are relevant at that moment.