The business intelligence solution cycle is a process that should be broken down into stages, allowing you to define, organise and analyse data so you can make more impactful business decisions. ERPs like Microsoft Dynamics 365 Business Central offer some of the most advanced AI software on the market, creating meaningful data insights that can lead to a competitive advantage.

Here we look at the business intelligence solution cycle in more detail and discuss the many ways it can be leveraged to your benefit.

Be clear on your objectives

To get the most from the power of your BI, you need to set the parameters you will be operating within. Most businesses want to gain a better understanding of their customers, with a particular focus on their buying behaviours, while others may want to look more closely at sales performance and driving profitability. BI will usually be able to support multiple areas of your business, and by setting a focal point It enables you to make more of your resources, which will benefit the next step in the process.

Collect and collate data

Whatever your area of focus, there will be several related questions that will need to be addressed. Brainstorming these will give you more clarity on how to manage and organise the data so you can maximise its value.

For example, if you are looking at customer buying behaviour in more detail, this will require you to pull data from your ERP, extracting information from paid and due invoices. This could then be combined with data related to quotes and non-converted enquiries to build a bigger picture. BI tools that have an integrated ERP, such as Microsoft Dynamics 365 Business Central, can make this process much easier to manage, as the data can be quickly extracted without the need to import and reconfigure it from an external source. 

Review and analyse the data

The magic of BI can be found in the long-term, strategic picture it allows you to develop. Most of the data you will look at will be aggregated and summarised rather than in real-time and its open-ended nature provides the opportunity to explore data in ways you may never have previously considered.

And while it opens new possible scenarios, at the same time it creates greater understanding so you can make the right choice for your business. Use of BI tools can also create something called ‘date democratisation’ which empowers more people across your organisation by giving them greater insight into decisions and outcomes.

Measure and monitor KPIs

You should leverage the data analysis to ensure your current KPIs are in line with any changes made to your strategic objectives. The high-level data analysis provided by BI is the perfect fit for operational and financial KPIs, allowing you to tighten, loosen, or introduce brand new KPIs so you remain on track to achieve commercial goals. This will be critical for forecasting and reviewing progress and it is a cycle that should be repeated to ensure data is always being fully optimised.

How BI can power your business growth

The D365experts team is waiting to hear from you today to discuss your needs in more detail. We have a long track record of working with businesses in a variety of sectors, enabling them to enjoy the many benefits Microsoft Dynamics 365 Business Central has to offer. Get in touch for an introductory chat or to book a free demo and we’ll be happy to help.