Decisions are made through clear information.
Business Intelligence (BI) is the processes, technologies and tools that help us change data into information whereby information becomes knowledge. The knowledge derived from the information allows plans to guide organizations. Business Intelligence helps users avoid mistakes, and increases organizations’ performance and market share. Before we dive into further details about Business Intelligence, let’s clear the air on top common misconceptions about it.
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Top 5 Common Misconceptions
- Business Intelligence is NOT a product, but it is a formulation of information in which various software help interpret to answer not only present, but future questions (hence, predictive analysis).
- Business Intelligence does NOT solve a problem to create an opportunity. It simply allows the end users to ask a question to understand the answer. It cannot implement or execute a plan or decide what needs to change for an improvement. In order for BI to be of any value for an organization, there needs to be somebody on the other side of the computer screen or device to execute the plan.
- Business Intelligence is NOT just a report or a reporting tool; it is crucial with decision-making in today’s modern business world. It helps organizations track project executions with accuracy, reduce costs through controlled productivity and inventory management and increase productivity and help find new markets which organizations may not even realize they are servicing.
- Business Intelligence is NOT just a one-time implementation. Businesses are always evolving and competition is always changing. Therefore, BI is not a static instance, but a dynamic occurrence to ensure that the organization is ahead of the competition. Business Intelligence is a continuous process driven by improvements throughout the business cycle.
- Business Intelligence is NOT only for big organizations or organizations with large budgets. Business Intelligence can assist organizations from any level to understand present data and future trends.
Business Intelligence is important in this economic market and without thorough understanding of it, businesses will fall behind from the competition that are making predictive analysis and utilizing information to help strategize their next move importantly.