The process of implementing a business intelligence (BI) program varies based on the scope. A comprehensive, enterprise-wide BI program typically starts with an assessment phase to identify the data domains, systems of record, core data elements, and analytical requirements. Some level of process flow analysis may also be required to understand the origin and usage of key data elements.
A more tactical BI engagement – to fulfill a specific reporting requirement, for example – may start with an informal initial assessment using data extracts from source systems, such as Excel or a similar tool. After an informal assessment is complete, a BI tool is deployed with a limited data set that satisfies the reporting requirement.
In terms of who is involved in the implementation of a program, a team’s structure depends on the overall objective and size of the program. A comprehensive BI program team may include BI developers, extract, transform, and load (ETL) developers, business analysts, data modelers, and a project manager. A smaller BI program team may consist of only a business analyst/program manager and one or two developers.
In our newest financial services guide, we discuss many aspects of BI, particularly in wealth management:
- Benefits of BI
- Challenges of BI user adoption
- Characteristics of an ideal BI candidate
- Key considerations for the development and operation of a BI program
- Client success story
To learn more, download the guide here.