Turning Data into Insight
Business Intelligence (BI) is the process of taking operational data and putting it to use in making informed business decisions. Business Intelligence software takes the mass of information kept in a company’s operational data sources, integrates it, analyzes it, and presents timely findings in the form of Reports, Alerts, and Dashboards. These reports, alerts and dashboards provide a more accurate, actionable view of a business than is possible without BI software. In fact, BI software should be able to provide insights that are simply unknowable in a timely manner by any other means.
The Goals of Business Intelligence (BI)
The success of a BI solution ultimately is determined by how well it helps users throughout an organization meet their mission critical goals, such as:
- Achieving or surpassing revenue numbers;
- Maximizing profitability by identifying the most profitable programs;
- Finding opportunities to reduce costs throughout the organization;
- Preventing overload on IT resources by making business teams more self-reliant Enabling IT to service internal business customers faster and more efficiently; and
- Creating a 360-degree view of customers.
A Business Intelligence solution enables business teams to understand the interrelationship of data generated throughout the organization, synthesize this into comprehensive analysis on results, trends, and likely outcomes, and understand the implications of this insight on business objectives. BI users gain an understanding of what has happened, what is happening and what actions need to be taken next.
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