What is Business Intelligence (BI)? by Hitachi Solutions Canada via YouTube.com
Business intelligence (BI) represents the tools and systems that play a key role in the strategic planning process within a corporation. These BI systems allow a company to gather, store, access and analyze corporate data to aid in decision-making.
Well-designed BI applications can give a company the ability to make better decisions by quickly understanding the various “information assets” in the organization and how these interact with each other. These assets can include customer databases, supply chain information, personnel data, manufacturing, product data, sales and marketing activity, as well as any other source of information critical to an operation especially in fields like customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis. A robust BI application, which includes integration and data cleansing functions, can allow someone to integrate these disparate data sources into a single coherent framework for real-time reporting and detailed analysis by anyone in an extended enterprise – customers, partners, employees, managers, and executives.
In a nutshell, BI simply organizes messy internal or external data with the help of tools or systems to retrieve a more coherent report that can be of used to the company. But how can organizations encourage more effective use of BI tools? First off, BI tools provide companies reliable information and true insights in order to improve decision-making & social collaboration. These tools make it possible to achieve much better company results.
For an organization to be able to successfully encourage more effective use of BI tools, there should be a defined goal or objective first. Setting objectives or goals means that there is a desired result which makes it easier to develop BI tools. It is also necessary to impart awareness through sharing the reasons why the use of BI tools is necessary or how these tools can make decision-making and forecasting easier and more effective.
By establishing the utilization of BI tools, an organization is showcasing its ability to develop itself and leading its employees to further their skills and capabilities through requiring continuous improvement. The organization must make its stakeholders understand the value of BI and proper collation of information or data.
Other factors that may spring from using BI tools are the rewards and consequences as well as performance-based salary increase or incentives for requiring BI applications. Indeed, it is necessary to deliver proper incentives or other forms of reward to those who are able to apply BI and utilize its tools because such skill, which may be required, is not usually achieved by just anybody. It is a skill or an ability that needs to be properly learned and analyzed thus, it is just to reward those who are capable. Consequences, especially when there are measures that are imposed based on performance and defined goals, may also happen but as to promote the use of BI, it is suggested that incentives are more attractive. Pay raises based on the actual performance that requires the application of BI will also make learning it and its effective use worth it. Since BI makes it possible to simplify complex data structures, investing on its proper usage and execution is advantageous on the long run.
BI-Business Intelligence. (2017). Webopedia. Retrieved March 24, 2017 from http://www.webopedia.com/TERM/B/Business_Intelligence.html
Business Intelligence. (1996-2017). Information Builders. Retrieved March 24, 2017 from http://www.informationbuilders.com/business-intelligence
Business Intelligence Tools. (2017). Passioned Group. Retrieved March 24, 2017 from https://www.passionned.com/business-intelligence/tools/
Analytics via Marketing Land © 2017