Today’s digital transformation has brought companies around the globe whether small or large businesses, into data-driven entities. From customer information to product sales and even website traffic, data is collected. Bahadir Sahin, Head Of Business Intelligence at Onfido has talked about his experience in building a data-driven company for scaling companies in one of the exclusive talks and online Q&A sessions of ScaleUp Academy.
Business intelligence is a complex unit and even with the right tools and expert analysts, mistakes and misinformation can still happen, making a huge impact on the decision-making and planning of company leaders. To avoid this tragedy from happening, here are six pro tips from Bahadir Sahin that can help you make informed decisions when building your business intelligence team.
1. Focus on business problems, not on data
You have to really understand the data first and business problem that people want to solve using the data, but not the data itself.
2. Focus on the outcome — ROI
The business intelligence unit can help put strategies in place to craft and model growth patterns to achieve high sales or conversion metrics. Company leaders should direct BI’s toward meeting these goals.
3. Get everyone on the journey
“Business Intelligence is considered a black box by many so you have to bring the data presentation to a level where people can understand it”. Having BI’s demonstrate and deliver data in a manner of simplifying terms and breaking down complex data evaluation into easily digestible information helps.
4. Agility vs Long lasting solutions
The rising demand for business intelligence in recent years is mainly attributed to the fact that more companies are now relying on customer behaviour to predict outcomes and stay up to date with current trends. So, the emphasis is put on how fast can data read the product performance to outperform competitors and have monopoly of the market. However, this method would be better if company leaders would put long-lasting solutions in place like investing on tools or having analysts for every product team.
5. Scale up data organization
If you want to build an amazing data market with all defined measures that meet dimensions, etc., you may struggle if that is your plan and aspirations, because you would have to deliver some exceptional work to enable the business. The business may not be there the next day so you have to be mindful of how you prioritize work and how you put measures there that work.
6. Right tooling / right skills in place
Hiring the right people for the job, and setting up the right tools to use never gets old.
In ending to this article, we all know that problems abound as companies start to scale. We can only look up to them, learn from these established and seasoned companies such as Onfido’s mistakes and how they overcame challenges so that we may learn from their progress. Although needs and situations differ from one company to another, the ability to manage expectations based from other companies’ experience in the process of scaling, may all together bring forth success in your company as you scale. For more tips and trade secrets from successful players in the industry, stay tuned and subscribe to the ScaleUp Academy newsletter.