Emerging trends are permanently changing the landscape of businesses. One of the most impactful developments is the significance of data which has led to the introduction of “business intelligence.” The impact of data is set to change the way business will be done, but business intelligence isn’t just data – it’s more than that.
What is Business Intelligence?
According to Forbes, business intelligence is “the analysis of a company’s raw data and analytics, to produce actionable takeaways.” Business intelligence can include collecting data and turning that into an analysis that is used to determine insights about your operations.
Why does Business Intelligence matter?
The purpose of business intelligence is to review performance on a large scale or in a more focused view. It’s used to evaluate efficiency, productivity and the overall success of a business. Business intelligence can also help quantify uncertainty. According to 68% of businesses the goal of implementing business intelligence tools and strategies is to improve their return on investment (ROI).
This kind of intelligence reduces operating costs and enables faster and better decision making. By tracking insights and developing strategies accordingly, businesses can target their services and improve their customer service with more precision. Leveraging data enables organizations to make strategic decisions that are more likely to deliver desirable results.
How do you get Business Intelligence?
Business intelligence doesn’t happen at a click of a button. Infrastructure must be in place prior to accessing developed insights. Data must first be accumulated, organized, and filtered. Leveraging technology can streamline this process. Software can access large volumes of data and manage how it’s organized and produce various outputs of information like reports, which facilitates analysis.
In 2018, Dresner Advisory Service determined that the top 3 most important technologies for strategic business intelligence are dashboards, reports, and end-user self-service.
Who needs to be involved in leveraging Business Intelligence?
Everyone in an organization is a factor in accessing business intelligence. It’s not just for IT departments and those who are technologically proficient. Reports and other tools for acquiring business intelligence can be operated and understood by anyone. Software enables organizations to manage the volumes of data they can reach with greater ease and flexibility.
However, the main drivers are typically executive management, operations, and sales teams. The growth of data driven operations and business intelligence has led to the popularity of a new executive position – Chief Data Officer (CDO). By the end of 2019, 90% of large global organizations were expected to bring CDO on board.
Business intelligence is about taking data past numbers and analysis into actionable insights. Forbes says that 71% of enterprises predict that their investments into data and analysis will accelerate in the next few years. By the end of 2019, Tens of millions of businesses were using Google analytics.