If your business is starting to embrace digital transformation, dealing with the complexities of business intelligence and analytics can be overwhelming. To minimize potential mistakes and, at the same time, reap the benefits of these powerful tools, make sure to observe the following best practices.
Before gathering data, you should determine first what you plan to do with it. When you have specific goals in mind, you can focus on acquiring, processing, analyzing and interpreting the right types of data. This way, the entire process will be more time and cost-efficient.
Once you start gathering data, make sure to monitor its performance using your business intelligence and data analytics tools. By doing so, you can get real-time updates on potential opportunities or dangers your data may communicate to you about.
Even the most accurate data can lead to false predictions. In addition, cyberattacks are getting out of hand. Without strong data security measures, your business can be its next victim. Therefore, you must have a contingency plan to mitigate the risks of such occurrences.
Not everyone has the technical expertise to understand complex data. That’s why you must keep your data presentation as simple as possible to quickly get your team up to speed while avoiding the possibility of any misunderstanding or misinterpretation of data.
Rules exist to get everyone on the same page, streamline processes and prevent miscommunications. When dealing with business intelligence and analytics, see to it to follow company rules to avoid mishaps and make data analysis much easier for presentations and predictions.
Best practices for business intelligence and analytics exist for an orderly manner of processing data. By following the rules, working on your business analytics can be a smooth and accurate process.
Wondering how you can utilize business intelligence and analytics to make your accounting processes faster and easier? Let us assist you. Our accountants at D&V Philippines are well-versed with the latest technology and business analytics tools which enable them to translate data into actionable insights. To learn more, download our free business intelligence whitepaper.