“BI” is short for “ Business Intelligence,” a critical capability, enabler, and set of business solutions for any successful organization.
Traditionally, Wikipedia defines “Business Intelligence” (“BI”) as comprising the strategies, technologies, and tools used by enterprises for the data analysis of business information, with BI technologies providing historical, current, and predictive views of business operations. It involves the collection, aggregation, and analysis of data from various sources, including structured and unstructured data.
Vistrada’s BI Consulting practice believes that while the ability to access and analyze data are foundational cornerstones of BI, true business value comes from the ability to derive actionable insight and make optimal business decisions based on that information. We feel this is the best definition of what BI capabilities and solutions should provide.
The ecosystem of BI tools, software, solutions, and technologies can be quite broad. BI solutions are comprised of multiple components, including:
- Data Ingestation (“ETL” / “ELT”)
- Data Architecture and Design
Leading technology vendor platforms across these BI components include:
BI is critical for permitting an organization to maximize the use of data and information available to them for driving maximum business value, effectively increasing revenue and profit while decreasing the costs required to deliver those gains.
Companies today are inundated with data, both from internal and external sources. Still, they often cannot harness and make sense of all that information to enable them to monetize the value of what they have. There are also significant costs involved to capture and maintain this data that further erode their margins. A sound BI strategy and program provides the foundation to organize, structure, and access this data so that it can be presented in a meaningful and actionable way to allow your company’s leadership to make optimal business decisions to maximize the value and profitability of the organization.
In summary, if planned for and executed properly, BI allows you to do “more with less”, leveraging available data and resources to deliver the right information at the right time to make the best decisions for your organization.
The benefits of executing a successful BI program are significant and include the following:
- Consolidation of data / information from multiple, siloed sources for easier, faster access via dashboards and reports
- Better BI data quality and lower maintenance costs
- Ability to leverage data / information to analyze, understand, gain insights and make better informed and more accurate business decisions
- Improved alignment between key performance metrics and organizational priorities
- Optimized, efficient utilization of company resources resulting in improved business performance based on increased revenues, lower support costs, and higher profit margins.
The future of BI is limitless, as is evidenced today with the advancements being made in the areas of Machine Learning and Artificial Intelligence (“AI”). Chat GPT is currently a very popular extension of what BI can become. But, it is important to appreciate that BI is a journey, and it is critical that an organization must have the proper foundational components in place (“Foundational BI”) to enable it to unleash the power of Data-Driven Insights and Expert Data Analytics, such as Chat GPT.
Please see Vistrada’sAction-Oriented BI Framework for more information on driving one’s BI journey.
To find out more information, Fill out the below form. You can also send an email to BI.email@example.com with any questions you may have.