Learn How to Develop a Business Intelligence Strategy with a DBA
Businesses are awash in raw data generated from social media interactions, sales and location-based ads. A 2020 survey found that one petabyte—or one million gigabytes—of enterprise data volume had been generated among 1,500 respondents from mid-sized and large businesses since their inception. This report estimated that 56% of potential data went uncaptured, and 43% of captured data went unused.
A business intelligence strategy is essential to capturing, analyzing and converting data into valuable insights. Experienced leaders can better use data to achieve business goals with the skills learned in a Doctor of Business Administration (DBA) program. Before exploring the DBA's benefits to your career, let’s look at how implementing a business intelligence strategy impacts a business.
Positive Impacts of an Effective Business Intelligence Strategy
Business intelligence is a broad term for strategies and tools for efficiently deriving insights from raw data. Manual or ad-hoc data analytics are time-consuming and prone to errors, especially in growing businesses. A 2022 survey of business analytics professionals found the most commonly cited benefits of business intelligence strategies were:
- Faster reporting, analysis or planning
- Improved data quality
- Better business decisions
- Improved employee satisfaction
- Improved operational efficiency
The benefits of implementing a business intelligence strategy are amplified when companies foster data-driven cultures. A company-wide culture of using data for day-to-day decision-making aligns everyone toward long-term business goals. MicroStrategy’s 2024 report on analytics trends found that best-in-class companies prioritized data-driven cultures as part of business intelligence initiatives.
Case Study: Whole Foods Market
Whole Foods Market’s rapid growth in North America and the United Kingdom led to data analytics headaches. There wasn’t a unified business intelligence strategy or tool, leaving stores to gather data without best practices in mind. Company leaders built a data-driven culture while adopting Tableau as a data visualization tool.
A data management lead, weekly video explainers and retail staff training created a singular vision for business intelligence. Regional dashboards allowed store managers to compare performance and feed accurate data to company executives. Reliable insights supported the company’s growth from 275 stores in 2008 to 537 stores in 2024.
Designing a Business Intelligence Strategy
An effective business intelligence strategy is built on accurate, accessible and legally compliant data. Good data governance is a guiding principle through the four components of the strategy - data discovery, storage, analysis and visualization. With these components in place, businesses can use business intelligence to:
- Forecasting future market trends with predictive analytics
- Supporting real-time analytics for timely decision-making
- Using dashboards to inform stakeholders about current operations
Maintaining any strategy without a long-term goal or vision for its use is difficult. Before choosing business intelligence software or tools, decision-makers must define the desired outcomes after implementation. Outcomes can range from empowering all retail employees with real-time data to reducing operational costs through targeted automation.
Key Performance Indicators
Descriptive and predictive analytics are useful within the context of key performance indicators (KPIs). The teams implementing business intelligence strategy need benchmarks to understand how well their strategy works. Common KPIs used in business intelligence initiatives include:
- Customer retention rates
- Customer lifetime value
- Data accuracy
- Query response time
- System uptime and downtime
KPIs should adapt to a company’s changing needs with regular evaluations and adjustments when metrics don’t serve their original purposes. A good rule of thumb during KPI development is to follow the Measure-Perform-Review-Adapt (MPRA) system. This framework ensures intelligence products and processes align with business goals.
Business Intelligence Challenges
Companies of all sizes face obstacles when adopting new strategies and processes. Implementing a business intelligence strategy presents financial, technological and personnel challenges. A BARC survey of 2,392 stakeholders found that the leading obstacles to implementation were:
- Lack of resources on the project team (16%)
- Unclear requirements (15%)
- Data migration (15%)
- Software-related issues (13%)
- Unrealistic deadlines (12%)
Forty percent of respondents experienced no significant problems including 63% considered best-in-class by BARC. Industry leaders sidestep common challenges through rigorous research on product requirements, extensive employee training and ample planning time. Adaptable leaders help their teams navigate through early hiccups by focusing on the positive impacts of business intelligence strategy.
Who Leads Strategy Development?
The spark of business intelligence innovation can come from any department but catches fire when promoted by leadership. A company’s chief information officer (CIO) or chief technology officer (CTO) may sponsor new data governance policies and business intelligence software adoption. Once a strategy is in place, a chief data officer (CDO) may be appointed to lead further development.
Business professionals may wonder how to move into leadership positions and foster data-driven cultures. A DBA focused on business intelligence can set you apart from other MBAs as you seek senior leadership positions. This terminal degree builds the foundations for change agents in the business world, with courses covering everything from artificial intelligence to organizational change. Marymount University’s Online DBA in Business Intelligence provides the platform for your next career move.
Learn the Ins and Outs of Business Intelligence at Marymount
This innovative degree trains experienced professionals to lead using data-driven strategies. Admission requirements for the 100% online program include an MBA or closely related master’s degree, a GPA of at least 3.5 and at least five years of professional experience. Applicants don’t need to submit GRE or GMAT scores as part of the admissions process.
The 36-credit DBA curriculum at Marymount integrates coursework with dissertation research. This approach means business intelligence strategies are applied to real-world situations throughout the program. DBA candidates learn to effectively use data and digital tools during courses including:
- Ethical Leadership for Success in Uncertain Times
- Fostering Creativity in the Workplace
- Maximizing Digital Transformation
- Using Data for Business Intelligence
The Online DBA is an affordable option for aspiring executives with a per-credit price of $1,340. Marymount’s placement in the U.S. News & World Report National Universities ranking makes its degrees attractive to employers. Accreditation by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) further demonstrates Marymount’s commitment to academic excellence.
Become an expert in business intelligence strategy with a DBA from Marymount University.