all you need to do is give me comments of at least 150 words to each of the post for the discussion posted by my classmates.
the question for the discussion was “In your own words, what does the concept of â€˜adopting business intelligence projectsâ€™ mean?Identify two challenges that can arise if stakeholders are not familiar with how to interpret, gain insight, or make decisions from the results of data analysis tools.”
Adopting business intelligence projects have a very simple meaning that is whatever project the company undertakes to deliver should be backed by a lot of data, adequate forecasting, thorough analysis of the facts and then when the stakeholders are convinced by the data that this project that they are undertaking would fetch them good profit, should start investing time and resources to deliver that project. So adoption of business intelligence projects allows companies to reduce the risk of failure and saves a lot of costs in the long run.
Two major issues and challenges that can arise because of the lack of ability to gain insights are:
- The collection of the data is a cumbersome process involving huge costs and time. Failure to interpret the data will result in a loss of huge financial resources incurred on data collection. It is also a waste of time.
- In the absence of stakeholders not able to interpret or make decisions, it would result in market failure. Results interpreted from the data gives valuable insights into consumer data and market preferences. Market segmentation and targeting is also dependent on consumer data. Therefore, in the absence of failure to interpret the data, it would virtually lead to market failure
Adopting Business Intelligence Projects
When an organization decides to implement a business intelligence project to their organization they are recognizing that there is a lot of value to be gained. Business intelligence helps organizations make better decisions when it comes to their finances, marketing strategies, supply chains, and daily operations. Acknowledging that there is value in a data set is not the same as extracting meaningful information from that data. According to Jeanne Harris “Ensuring that big data creates big value calls for a reskilling effort that is at least as much about fostering a data-driven mindset and analytical culture as it is about adopting new technology” (Harris).
Challenges of BI Interpretation
The first challenge I can think of when it comes to stakeholders not familiarizing themselves with the skills to interpret, gain, insight, or make decisions based upon data is the lack of competitiveness. Stakeholders will miss out on identifying key processes that could use improvement in their system. The second challenge I found is how “many businesses jump-start BI implementation with minimal or no planning. Lack of explicit alignment between BI strategy and business strategy is one of the most critical mistakes, which will not help fully leverage BI tool” (Veritas). Data literacy skills must spread far beyond their usual home, the IT function, and become an integral aspect of every business function and activity.
Harris, J. (2014, August 7). Data Is Useless Without the Skills to Analyze It. Retrieved January 16, 2020, from https://hbr.org/2012/09/data-is-useless-without-th…
Veritas. (2016, October). Business Intelligence: Converting Data into Actionable Insights. Retrieved January 16, 2020, from https://www.veritis.com/wp-content/uploads/2016/09…