In a world where artificial intelligence, big data, and advanced analytics are making headlines, many companies are struggling to see how business intelligence (BI) fits into their plans. The technology, which involves software and associated services that help translate data into actionable intelligence, has been around for some time, leaving some to wonder if BI is still relevant in the workplace.
The truth is, BI still provides a significant amount of real value, as long as it is handled and leveraged properly. To help you see what business intelligence brings to the table, here is what you need to know.
The Data is There
In most cases, companies are collecting the kind of data that BI tools can use to provide valuable insights. These programs allow you to observe relevant trends and the success of past efforts, helping to steer the direction of an organization’s future actions. And, since the data is available, failing to use BI means potentially missed opportunities, even if other forms of analytics are performed on a regular basis.
The Past and Present Are Relevant
As more companies put emphasis on predictive technologies, some choose to shift away from BI. However, making this choice means you aren’t getting an accurate understanding of the implications of past events as well as a full assessment of your current state.
To make smart business decisions, organizations need to be able to reflect back on past activities and see where things sit today. Otherwise, it can be especially challenging to choose how to act on predictive recommendations as you don’t have a strong grasp of your current activities, systems, and capabilities.
Additionally, BI gives you tools to better determine the feasibility of business analytics (BA) outputs. For example, a BA tool may state that lowering a product’s price to a particular point could lead to increased sales, but it may not take into account larger parts of the picture (such as whether the current inventory could support the projected sales).
It’s Part of a Larger Whole
New software systems are being designed that combine aspects of BI and BA, and even integrate new technologies like machine learning. Combining these resources in the workplace can create a whole that is more powerful than the sum of its parts, giving you a complete picture of the state of business and allowing for deeper explorations through what-if scenario analysis.
BI provides a strong foundation upon which to begin making a new plan of action, as it lets you know where things were, the state of the company now, and how things shifted based on previous actions. When combined with analytics, you could have the potential to make stronger business decisions that are more likely to benefit your organization.
If you would like to know more about BI in the workplace or need a business intelligence professional to join your team, the knowledgeable staff at The Armada Group have the expertise you need to succeed. Contact us to see how our services can help you unleash the power of BI in your workplace.