Where business people can find non-technical, big picture, practical information about Business Intelligence (BI), Performance Management, and Data Warehousing (DW). How do businesses use business intelligence?
Whether you’re looking into BI for the first time or you want to take your organization to the next step by using knowledge and wisdom from information as a strategic advantage. This lens will give you information unbiased by vendors and based on real-world experience. It is all about how you Strategize. Plan. Analyze. Report. … and repeat.
“Think big; act in small, iterative cycles.”
Business Intelligence (BI) leverages one of the largest company assets – information. Successful BI projects give organizations a competitive advantage that could increase revenues and improve operational efficiencies. BI has evolved past using departmental Excel spreadsheets. BI is now an important part of an organization’s strategic decision-making and there are many modern IT tools can improve business intelligence.
BI systems address the challenges enterprises face when managing their reporting needs at all levels of the organization.
With Business Intelligence, you can move beyond viewing “customers,” “workforce,” “supply chain” or “finances” (for example) as separate functions, and begin considering all the core elements of your business as a single, integrated whole. The result enables you to measure the accuracy and success of your goals and objectives from various perspectives and make intelligent decisions based on quantifiable analytics.
This is more than simply reporting. This is looking at trends over time, analyzing by “location”, “sales codes”, and “product categories” (for example). This is moving from a summary-level down to the details seamlessly. This is allowing users to be self-sufficient in their business questions and accurately tracking the organization’s performance.
Performance management allows organizations to achieve their strategic goals by transforming strategies into actionable indicators that give profitable insights to decision-makers. These performance indicators are defined and measured in a quantifiable way. They are measured against goals, target levels, and industry benchmarks. What gets measured, gets managed.
Software is used to capture the measurements of the business and empower management decisions. A performance measurement system can stand-alone or be an integral part of a Business Intelligence system by pulling information from an existing warehouse for consistency and accuracy.
Being prepared when undertaking a BI project will considerably increase your chances of success and maximize your return on the time, effort, and finances you’ll be spending.
About the author: Erica R. Gibson is a tech writer at the service where everyone can ask to write my essay. She is fond of learning something new. In this case, likes reading self-development blogs to improve her professional and personal knowledge.