Since its inception, the idea behind Business Intelligence (BI) was to provide quick access to quality data so that business executives could take action to minimize the errors or capture an opportunity. However, in reality, the data was although properly rendered but right context remained missing. This brought up the ground reality that to capture the right information, the mechanism has to be designed correctly.
When we talk of BI we should differentiate it by two aspects:
- The first is the business aspect of BI — the need to get the most value out of information. This need hasn’t really changed in over years but increasing complexity has made it harder to deliver.
- The second is the IT aspect of BI — what technology is precisely able to cater the business needs.
To implement and configure BI, you should be aware of the following:-
- Make sure your data is scrubbed and current, or the analytics will always deliver irrelevant intelligence.
- Data to be converted into information, keeping in view, the presentation of that information. It should be configured to render a comprehensive view of the situation at a glance.
- Need identification and your idea behind getting that information must be clear to you.
In old days it was called Decision support system which, with time matured and became Business Intelligence & Business Analytics. It has gone further to the level where it has not just remained technology driven but became business oriented and actionable.
I still remember when I was in a manufacturing ERP company and I was beautifully explained by the Managing director of that company about the “PADTA system”, used in old days, which was nothing but a business at a glance report at the end of the day. Just a small slip explaining the cost, profit and end result of the business for an organization. I realized that the need of BI and its uses were already in place but it just got matured and became technology driven.
At the end of the day, nobody cares what this stuff is called. If you’re a business owner then what matters is to work out the best way to gather the information opportunity in your organization, and putting in place appropriate technology to meet that business need on which you will be able to take decisions.
However “To Compete You need a competitive Advantage”