“Data is what you need to do analytics. Information is what you need to do business.”
– John Owen
Companies float on a sea of information. In just a year, your sea will double its size, and in a few years, it will turn into an ocean – an ocean of data. Sooner or later, you will reach a stage where the choice of an analytical tool will be a critical one for the success of your company or department. After all, according to a study conducted by MIT, companies “that use data-driven decision making are, on average, 5% more productive and 6% more profitable than their competitors.”
Business organizations have always had specific performance indicators. However, in recent years, under the pressure of customer demands, turbulent competitive environments, and changing market conditions, organizations have begun to rethink and change the way they use their data. This has given rise to a new business information management and analysis solution – Business Intelligence (BI).
What is BI?
Perhaps the easiest way to define BI, is to determine what it is not. To start, BI is not just software! Business Intelligence is inherently a process (containing both the strategical and technological side) that is ready to deliver accurate data to the right people and can support effective decision making at any time.
Gartner defines BI as an umbrella term that includes “the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.” Being more than just a software, it means that to build a reliable BI architecture, you must often rely on both your team and external consultants.
Do you want to know more? Fill in the form to download the whole article.