How to get the most out of Business Intelligence - InetSoft

Data is the new fuel for companies. Through a correct and in-depth analysis of the data collected by the company, it is possible to obtain insights that can improve and guide business processes. Business Intelligence (BI) can be considered as the company's ultimate tool of performance analysis and growth because it provides the information a business needs to make informed decisions. To ensure that business intelligence gives maximum results, attention must be paid to 4 main things:

Accuracy: To avoid producing misleading reports, it is important to pay attention that the collected data for analysis is accurate and relevant to the question to be answered. Hence human discretion is often used for the selection of data relevant to a given problem.

Insight: Not all insights are equally relevant. The results obtained by BI must offer concrete leads to guide one's strategy, orienting it to obtain the best results.

Timeliness: Taking full advantage of BI is only possible if the answers are obtained at the right time. Both the entry of data and the exit of results must be timely. Companies have different decision times depending on the sector. For example, retail outlets may need business information on a weekly, monthly, or even daily basis. While companies that operate in the long run may have needs on a quarterly if not annual basis.

Feasibility: Finally, the data obtained from BI data analysis must offer traces that the company can implement in reality, also taking into account constraints such as budget or personnel. Good business intelligence should be able to identify strategies that can make the most of existing resources or adjustments that will produce greater returns.

How is BI implemented?

The business intelligence process consists of 4 phases:

Data collection: Identification of data resources, data collection and conversion of the same into an analyzable format.

Analysis and action: After the data has been analyzed, an action strategy suggested by the results is undertaken.

Measurement: the results of the action taken are evaluated following a chosen model

Feedback: The results of the above action are used as a new data source to make continuous improvements to the BI process.

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Ricky is a graduate of computer science engineering, a writer and marketing consultant. he continues to study on Nano technology and its resulting benefits to achieving almost there.