Any organisation that is eager to survive and thrive in today's data-driven, fast-paced world needs to be comprehensively skilled in the art and science of decision-making. To make decisions that are accurate, fast and as fact-based as possible it pays to seek out a Business Intelligence (BI) solution.
Converting raw data into valuable information is what BI is all about. Businesses that not only have a BI system in place but know how to get the most out of it are those that are best-placed to stay ahead of the curve. With the proper use of BI fact-based decision-making becomes a reality, allowing business owners and managers to set new directions with confidence.
Meanwhile mistakes and missed opportunities are minimised - armed with data that tells a compelling story, business managers can now see around corners and avoid costly misjudgements. Increasingly, BI is being viewed as essential to the effective running of virtually any business. If you're not equipped with a BI solution - or if you're not using your BI software to its full potential - you can bet that your competitors are!
Importantly, BI software is not in itself a business solution. However BI software, when implemented with strategic business objectives in mind, will enable its users to discover new opportunities, gain new insights, and acquire knowledge that was previously inaccessible.
So what does a BI system actually do? Essentially a BI system allows an organisation to collect, store, access, manage and analyse data on pretty much any aspect of a business's operations. If there's something you don't know about your business - whether it's to do with your customers, your products, your market or your revenues, for example - your BI system should be able to reveal the answer.
Using BI, various functions come into play to help support the successful conversion of data into insights. Data mining, business analytics, benchmarking and corporate performance management combine to expose patterns and unravel mysteries. The data being sought and analysed could be historical, current or predictive. As can be seen, a BI system is a powerful piece of technology that can produce real and measurable bottom-line benefits.