Less Is More: Streamlining Your Analytics and BI Tool Portfolio
Many organizations use multiple analytics and BI products. Data and analytics leaders must review and work to reduce their portfolio of tools by identifying areas of redundant practice and technology overlap. This will free them to meet evolving analytics needs and realize economies of scale.
- Many organizations are using multiple analytics and business intelligence (BI) technologies inefficiently.
- Few companies have a plan for retiring older analytics and BI technologies.
- The analytics and BI tool legacy that organizations carry can inhibit their ability to innovate with analytics.
To gain efficiencies in how they use tools within their analytics and BI strategies, data and analytics leaders should:
- Realign how their organization views analytics and BI tools by actively managing them as a portfolio.
- Scope the situation by conducting an initial assessment of the life cycle of analytics and BI tools currently in use.
- Define the future shape of their portfolio by undertaking a full audit of analytics and BI tools with all business stakeholders.
- Make streamlining the analytics and BI technology estate a repeatable exercise by establishing a portfolio review period.
- Drive change by setting prioritization rules in order to deliver the desired future portfolio.