Business Intelligence Strategy: Steps, Best Practices, and Templates

In today’s fast-moving business world, good decisions start with good data. That’s where a business intelligence strategy comes in. It gives you a clear framework to turn raw information into real insights you can act on.

In this guide, we’ll walk you through everything you need to know about BI strategy, from strategy and implementation, to business intelligence best practices.

What is a business Intelligence strategy?

A business intelligence (BI) strategy is a plan for how your business will use data to make smarter decisions. It’s not a business plan or business proposal—it’s about setting up the systems and people you need to understand what's happening in your business right now and what that might mean for the future.

So, it’s less "here's our future plan" and more "here's how we’ll use data to figure out the best actions to take, now and later".

It answers questions like:

• How will we collect our data?
• What tools will we use to analyse it?
• Who will be responsible for making sure it’s accurate?
• How will we turn the insights into action?

Without a business intelligence strategy, businesses often waste time looking at confusing or incomplete data. With a BI plan, you’ll have a clear system that helps you solve problems and stay ahead of competitors.

What should it cover?

A good BI strategy covers:

• Tools: The technology and platforms you’ll use to collect, analyse and share data.
• Processes: The workflows and methods that guide how data will be handled across your business.
• People: The team members and stakeholders that will be responsible for managing and using data.
• Rules: The guidelines and policies that’ll keep your data accurate and secure.

Why your business needs a BI strategy

Here’s how a business intelligence strategy can improve your bottom line:

• Better decision making: When you have access to accurate, timely information in easy to understand formats, you can make confident decisions based on facts rather than guesswork.
• Improved operational efficiency: A proper BI strategy will spotlight what's happening in your business processes. This helps you streamline operations and cut costs.
• Competitive market advantage: With the right business intelligence framework, you can spot market trends earlier. You’ll understand your customers better and can adapt faster than your competitors.
• Increased revenue opportunities: Sales teams can find cross-selling opportunities and target key customer groups.

You can also use business intelligence when making decisions about marketing and finance—so every part of your business can perform at its best.

Key components of a strong BI strategy

An effective business intelligence strategy needs multiple elements working together. Here are the building blocks:

Clear business goals

Without direction, your data can become scattered and ineffective. Know exactly what you’re trying to achieve and align your BI strategy towards those goals.

Here are some tips for setting clear goals:

• Identify specific problems or opportunities that data insights could address.
• Set measurable outcomes to track success.
• Focus on creating value rather than just implementing technology—tools should serve your business aims, not the other way around.

Data governance and quality

Reliable data is the backbone of business intelligence—and to keep your data clean and secure, you’ll need strong governance practices. 

Here are some approaches that can help:

• Create formal policies for how information is collected and stored.
• Put measures in place to make sure your data is consistent and accurate.
• Make it clear who owns the data assets, and provide guidelines on how to handle information.

Technology and tools stack

It’s important to choose the right BI tools and platforms for your business. Look for solutions that work with your existing systems and support your business intelligence roadmap. Compare tools based on your specific needs rather than just trendy features.

Your business intelligence technology should include:

• Data storage solutions
• Tools to move and transform data
• Analytics platforms
• Ways to visualize information

Examples of top BI tools

You might consider using these top BI tools:

• Tableau makes it easy to create interactive dashboards that you can share with your team. It’s a simple way to turn your data into visuals that everyone can understand.
• Power BI by Microsoft helps you build reports, model your data and works seamlessly with other Microsoft tools you already use.
• Qlik Sense uses AI to give you smart insights and helps uncover patterns you might not see right away.
• Domo is a mobile-first BI tool, so you can access important data insights on the go.

Skilled team and stakeholders

The people factor is easily overlooked when planning how to implement a BI strategy. A strong business intelligence strategy needs a team with a mix of technical and business expertise. 

These are some of the key players:

• Data analysts
• Data engineers
• Developers
• Business experts
• Stakeholders 

You might need to train existing staff or bring in consultants to fill knowledge gaps. It’s worth the effort—the right people will help you get the most value from your BI tools.

KPIs and performance measurement

For your BI strategy to succeed, you need to measure its progress and make adjustments along the way.

Set clear KPIs (key performance indicators) right from the start. These KPIs should reflect the goals you’re aiming to achieve with your business intelligence strategy. 

Your goals might include:

• Improving decision making speed
• Boosting customer satisfaction
• Cutting operational costs
• Growing revenue

Track your KPIs over time to keep your BI initiatives on the right path.

Step by step guide to building your BI strategy

1. Assess current data maturity: Look at what data you already have and how your team is using it. Where are the gaps? What should you prioritize first?
2. Define objectives and KPIs: Set clear goals for what you want your business intelligence strategy to achieve. These goals should link back to your bigger business plans. Create KPIs to measure how well you’re tracking towards those goals.
3. Identify and integrate data sources: List all the data you need, from both inside and outside your business. Then create a plan to bring it all together. Make sure you include structured data like spreadsheets, as well as unstructured data—like customer feedback or social media comments.
4. Choose the right BI tools: Pick tools that fit your business needs and are easy for your team to use. Look for something that can grow with you and has the right features without blowing the budget. QuickBooks Online Advanced is a great option for growing businesses, offering customizable reporting and powerful insights to support smarter decision making.
5. Build dashboards and reports: Design clear, simple dashboards that address key business questions. Make sure insights are easy to understand and accessible for all teams.
6. Train stakeholders: Run training sessions to help your people get comfortable using data. Different roles will need different types of training, so tailor it to what they need.
7. Adapt and evolve: Check in regularly to see how your business intelligence strategy is working. Ask for feedback and take what you learn to make improvements as your business grows.

Common challenges and how to avoid them

Building a business intelligence strategy can be challenging. Here are some common hurdles and how to jump over them:

• Data silos and integration issues: When your data is stuck in different systems that don't talk to each other, it’s hard to see the full picture. To fix it, set up a central data warehouse to bring everything together. Create cross-functional teams to manage and share data across departments.
• Lack of executive support: Without leadership on board, BI projects can miss out on the resources they need. Get executive on side early by showing how BI ties into business goals and can deliver real results.
• Poor user adoption: Even the best BI tools won’t help if no one uses them. Offer training sessions and involve users right from the start. Most importantly, build dashboards and reports they actually need.
• Data quality problems: If your data is wrong or messy, no one will trust your insights. Put data quality at the centre of your business intelligence framework, and keep it reliable by running validation checks and cleaning processes.
• Scope creep: It’s easy for BI projects to grow bigger and bigger as people ask for more features. It’s a good idea to deliver quick wins initially, but set clear goals for each stage before moving on to the next. 

Business intelligence best practices

Building a strategy is only the beginning. Following business intelligence best practices can help you get the most out of your investment.

Align your strategy with business goals

Never implement BI technology just for its own sake. Every aspect of your business intelligence strategy should directly support your business objectives. When investors see BI as a strategic tool rather than just a technical project, they're more likely to provide support and resources.

• Review your strategy regularly to make sure it addresses your current priorities.
• Spotlight the connections between your BI strategy and your business metrics.

Prioritize user adoption

Even the most sophisticated BI systems deliver zero value if people don't use them. Design interfaces with the end user's needs in mind.

• Provide training tailored to different user groups.
• Create a feedback system where users can suggest improvements.
• Consider appointing "BI champions" within each department who can provide support to their team.

Focus on actionable insights

Don’t waste time creating reports that no one uses. Every dashboard and report should help answer real business questions.

• Use clear visuals that highlight important trends, problems or opportunities.
• Set up alerts to let people know when key metrics hit important levels. Your business intelligence framework should make it easier to take action, not just show off data.

Continuously improve

Your business intelligence roadmap should keep evolving as your business grows.

• Set regular check-ins to see what’s working and what’s not.
• Look at how people are using your BI tools and ask for feedback.
• Stay up to date with new technology and ways to improve your analytics.

You could also set up a small team to share best practices, support training and help your BI efforts keep moving forward.

A business intelligence strategy gives you the power to turn raw data into smart decisions. It drives efficiency and sets your business up for long-term success.

Ready for a competitive edge? Explore more QuickBooks articles on how to build a smarter business.