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What is Business Intelligence?

By | Business by the Numbers | No Comments

It’s becoming common to hear grandiose statements like “data is the new oil”, and Business Intelligence is one of the practical ways data is being put to work right now. But what exactly do we mean by Business Intelligence?

Defining “BI”

Business intelligence (or BI) essentially means using data so that an organization can make factually based business decisions. To make sense of data, we use complex data analysis to examine what impacts your Key Performance Indicators (or “KPIs”), discover new patterns and create predictive models.

This lets us make better decisions and make them faster so opportunities can be realized before competitors.

Another key part of current BI practices is using data collection and analysis tools that exceed that of traditional business analysis. While a traditional analyst can try to draw conclusions from a spreadsheet with a few dozen data points, modern BI can sort through tens of thousands to discover patterns and relationships.

Example Uses of Business Intelligence

There are countless examples of BI being used to solve business problems.  Here are just a couple:

Employee productivity: You can use data through time tracking and interviews to find out what’s taking up your employees time, and if there’s anything you can do to provide information or resources that would support them in their tasks.

Customer experience: You can understand how customers interact with your business from their first impressions of your marketing, to the sales funnel, to their experience using your product or service. By understanding your customers better, you can tailor your messaging and your sales process to your customer, and also create a better product or service.

Generally speaking, BI takes data from your business and turns it into useful information you can use to run your business more effectively. As new technology like machine learning, smart IoT sensors and AI allows BI to collect and analyse data more effectively than before, the impact of BI will become even greater.

 

This post is a quick and general overview of BI. Over the next few weeks, we’ll be posting advice from our consultants on how to start getting your data working for you. We think getting started with BI should be easy and cost-effective. Reach out to Open-i Advisors to learn more.

 

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Join Open iAdvisors and iMiller Public Relations to Explore “Why the Why Matters”

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We are excited to announce a joint webinar on Tuesday, February 6th at 11AM EST. Come learn from two of the industry’s top growth agent organizations how to best put your business on a path to growth! Sign-up details below.

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5 Data Analysis & Machine Learning Trends your Business Should Know for 2018

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By David Hamilton, Consultant, Open-i Advisors

Data analytics and machine learning are among the most exciting fields in computer science – and the cutting-edge research going on in these fields is applicable to real-world business problems. With the new year upon us, we wanted to outline some of the interesting areas where big data and machine learning is having a major impact on businesses.

Here are the trends we think every business should be aware of. Read More

FOR IMMEDIATE RELEASE: Open-i Advisors Launches New Consulting Practice for the Internet Industry

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Practice leverages expert consultants and quantitative data to addresses needs of rapidly changing internet industry.

Europa Park, Germany, March 14, 2016 - A small group of Internet infrastructure industry veterans announced today the launch of a new consulting practice called Open-i Advisors. Open-i Advisors’ ambition is to become the leading provider of quantitative data for competitive businesses. Combining consulting research with assessment methodology, IP, and tools, the new practice will target the global Internet infrastructure market, estimated to be worth over $3 billion a year. The practice is launching in the US, Canada and EU, before it is rolled out worldwide.

The Internet industry is changing rapidly, and many organizations need actionable plans to steer them in the direction of growth and success in a competitive field. Open-i Advisors helps businesses make smarter decisions by providing them with access to industry level key performance indicators (KPIs). The organization offers access to data broken down in usable ways; it works with organizations to enhance their knowledge and understanding of industry competitive landscape, in order to make decisions that effectively allow businesses to achieve their objectives.

The practice offers Open-i Advisors’ global client base, access to a full range of consulting services, including: channel development; sales cycle management; marketing assessment and strategy; efficiency overviews; management development and leadership strategy.

Open-i Advisors opens its doors with an initial team of six consultants, led by group co-founders Christian Dawson and Hilary van der Meulen. This group, which includes tech industry veterans William Toll, Taylor Tricarico, Phil Chen and Patrick Siconolfi, has decades of experience working with the majority of the world’s Internet leaders, in more than 110 countries. The practice will recruit highly skilled and experienced people throughout the Internet infrastructure industry, to augment an existing talent pool of industry veterans.

Dawson, co-founder of Open-i Advisors says, “As this industry changes, companies need to know how to change with it. We can help them do more than just follow their gut; we can help them validate and plan for growth.” Co-founder van der Meulen added, “Working one-on-one with clients, our experts can provide actionable insight and advice, but more importantly, they can find and apply quantitative data that can transform client businesses.”

Ridley Ruth, COO of Dropsuite said, “We are grateful to Christian Dawson and Open-i Advisors for their efforts towards our exciting recent re-branding.“  Soeren von Varchmin, Host at WorldHostingDays said, “Having worked with this team for years prior to the launch of this group, I believe that they bring something special to this industry that is worth getting connected to. I am excited by the breadth and depth of their insights, and I am pleased that I’m among their first clients.”

About Open-i Advisors

Open-i Advisors is a consulting company focused on market differentiation. It’s hands-on consulting projects assist organizations in determining their optimum market focus, most projects include access to next-generation industry segment data gathering and analysis. Open-i Advisors industry-expert consultants offer their experience and leverage a process that includes the power of quantitative data to better understand and actualize client goals. Led by Christian Dawson and Hilary van der Meulen, Open-i Advisors is currently seeking additional clients in the US, Canada and EU. For more information, please visit www.openiadvisors.com.