Building a Business Intelligence (BI) strategy involves several key steps:

1. Define your BI objectives: What do you want to achieve with your BI efforts? Clearly defining your goals will help you determine the right BI tools and approaches to use.
2. Identify your data sources: What data do you have available, and where does it reside? It’s important to understand the various sources of data that you can use to inform your BI efforts.
3. Choose your BI tools: There are a wide variety of BI tools available, ranging from simple spreadsheet-based solutions to complex enterprise-grade platforms. Consider your specific needs and budget when choosing the right tools for your organization.
4. Implement your BI solutions: Once you have chosen your BI tools, you will need to implement them within your organization. This may involve integrating them with your existing systems and processes, and training your staff on how to use them effectively.
5. Monitor and maintain your BI systems: BI is an ongoing process, and it’s important to regularly review and update your systems to ensure that they are meeting your needs and delivering value.

It may also be helpful to involve key stakeholders in the BI strategy development process, to ensure that the strategy aligns with the needs and goals of the organization as a whole

How to Calculate Return on Investment of BI?

Calculating the return on investment (ROI) of a Business Intelligence (BI) strategy is an important way to measure the value that the strategy is generating for your organization. To calculate ROI, you will need to determine the costs associated with your BI efforts, including the cost of implementing and maintaining your BI systems, as well as any staff training or other associated expenses.

Once you have determined your costs, you can then calculate your ROI by dividing the net benefits (i.e., the value generated by your BI efforts) by the costs. For example, if your BI efforts resulted in $100,000 in additional revenue and cost $50,000 to implement and maintain, your ROI would be 100,000/50,000 = 2.0, or a 200% return on investment.

It’s important to note that calculating the ROI of a BI strategy can be complex, as it may be difficult to quantify the value generated by BI efforts in monetary terms. However, by carefully tracking the costs and benefits of your BI efforts over time, you can gain a better understanding of the value that BI is delivering to your organization.