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?
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.