While the overarching goal of a BI tool in any business is to gain advantage from data analytics informed decision making, BI in media companies especially in mainstream media is rather unique.
As things happen so quickly, meeting audience expectations does not get any easier with competitors in the mix.
According to KMSWorld, solid media-BI strategies must be employed to meet the organization’s objectives.
So, how can media companies get started with BI tools?
1) Research about the various potential solutions that are available
First things first, you have to consider which tools are available or the personalized solution proposed by the providers of your BI tool.
Your provider will try to assure you of the data strategy to be applied, the usability of the tools they propose, and what to expect after launch.
A smart way to handle this stage is to research the best companies that already provide media analytics services. Here you will consider the cost implication on your company’s financials if you receive quotations from a few prospective providers.
2) Consider your team input: how they will work with the tools before acquiring the tool
Say, you’ve gotten some ideas about possible solutions for your company’s media analytics, you want to weigh in on the reality of an actual implementation. It’s a good idea to involve your team in the decision making about the project.
Present the plan to your team so that they can have a say in which will be best for the majority of them. Involving everyone will also prepare them for the change that is on the way.
3) Allow time for training of your media team where necessary
You may have to spend some hours in training your media team to adapt to the change that a new system will cause. So, you will have to ensure that your team gets familiar with the data manipulations that will be relevant to their job.
4) Consider how ongoing service requirements would affect your core service
Be prepared if normal business operations may be affected for some time. With adequate plans to integrate the new system, the impact of any likely disruptions will be controlled to a great extent.
BI can help in deciding which story or which news will perform well but an adequate plan for using the new tool must be made both for the present time and for the future, when there may be need for an upgrade for example.
5) Buy a suitable BI solution
Ensure that the BI tool you acquire meets your requirement. Also, carefully consider the terms of service of the providers as well.
Some services may require additional expertise in handling data and it may be best to have specialist data officers on ground for that purpose.
There are other basic factors that you need to check as shown here like security and flexibility in use.
However, one of the most important factors to consider in acquiring a BI solution for a media company is how it will impact positively on key performance indicators.