When you think about Business Intelligence (BI), a number of things may come to mind – analytics, data mining, event processing, benchmarking, performance management, predictive analysis and reporting fall under this umbrella term. Generally speaking, Business Intelligence refers to any tool or technology that can turn raw information into something meaningful for business owners. It is the ability to extract actionable insight from the internal and external data available to an organization, for the purpose of supporting decision making and improving corporate performance.
While BI systems can provide a world of benefits to companies that implement the appropriate tools, there are some common barriers faced by small or medium-sized organizations in doing so. For example, tight budgets, and limited human resources can make it difficult to commit the time to evaluate your businesses’ BI needs, and implement the systems to manage them. To overcome these limitations as well as other barriers, focus on 4 critical areas to ensure successful BI adoption into your organization:
- Information: think about what information is currently available to your company, how you are managing this data, and how this can be improved upon
- Technology: the bottom line is, as technological sophistication increases, a system’s ability to store and manage information improves – consider how robust your technology needs to be to meet your BI requirements and what advantages a sophisticated solution can provide
- “Intelligence”: this one is the most important and simply refers to defining what data and information needs to be measured, and how you plan on measuring it
- Implementation & Communication: prepare a strategy for introducing Business Intelligence to your company to ensure a smooth deployment and employee buy-in
To learn more about these 4 critical areas, as well as what BI encompasses and how it can add value to your company, download “Using Business Intelligence Tools to Drive Decision Making” by clicking the link below!