The need for information has always existed, but what distinguishes today is the vast amount of data that is available everywhere and the need to have all the answers we require in a short time. Because of the accumulation of markets and the dynamics of the economic environment, the ability to collect data and transform it into useful information for decision-making may be the differential for business success.
The concept of BI
According to IBM, business intelligence can be defined as the use of high-quality software or business applications or values to make better business decisions. Business intelligence is a set of tools for collecting, processing, and analysing both technical and practical data. The company will be able to evaluate and interpret the results.
BI systems, which are based on the latest technologies, are critical not only for decision-making efficiency but also for improving relationships with clients, employees, and suppliers by:
• Facilitating the decision-making process
• Increasing employee productivity
• Lowering costs
• Increasing the relationship with partners and business development
To grasp the significance of the BI trend, it is necessary first to understand the most important advantages of using these systems:
1. BI systems enable effective risk management: BI systems provide value to managers by allowing them to monitor risks that could jeopardize the organization’s strategic objectives and financial losses.
2. BI solutions combine all data for analysis, including standard relational data, text exports, Microsoft Excel data, and XML data streams, all of which are stored in data warehouses or operational systems. This ensures that they are always available for use in business intelligence applications.
3. The costs of implementing a BI system are low; large investments in hardware equipment are not required, and training for new users can be completed quickly; all of these are minor investments that will be recouped within the first few months.
4. Reduce the impact of power struggles in the workplace.
5. Avoid problems with decision-making.
Companies will need more flexible IT solutions that meet business intelligence needs as business intelligence becomes a top management priority, not only in the short term but also as the company grows and requires more complex solutions. When choosing a business intelligence solution, there are three main considerations to make:
• Enterprise-wide business intelligence – To work, participate in, understand, and interpret the data and information in the organization, BI solutions that make work easier for all employees, not just a few, must be found.
• Integration with other systems and applications – BI solutions must integrate well with the rest of the enterprise business systems to be used in the future.
• Business intelligence flexibility – when requirements change or new functionality is added, BI solutions that adapt to these changes must be investigated.
It is not necessary to make Business Intelligence the primary goal of a company, but it should be the path that leads to a successful outcome.
Consider Execview as a Business Intelligence solution. Execview integrates BI tools into a single, easy-to-use PPM platform, allowing you to quickly analyse all the data you need for effective decision-making.
We have previously written about PPM integration with BI; to find out more, follow this link.