Get the Most Out of Your BI

In the past, it was simply data analytics. Now, it’s full business intelligence management (BIM) that incorporates all areas of technologies, strategies, applications, and best practices to optimize business operations, sales, supply chain and, ultimately, growth.

What does Business Intelligence Management do for me?

Difficult strategic evaluation is now a thing of the past. What once took years of onerous research and data farming can now be accomplished efficiently and effectively with BIM. While many companies look to the next big thing, capitalize on a trend, follow an influencer or develop entirely new ideas – those who use BIM can quickly justify business decisions and subsequent actions that truly align with respective missions and objectives.

Sure, it’s easy for any company to say, “We want to increase revenue, reduce operating costs and gain market share.” All companies want more revenue, less cost and more market share – but to what end and by what means?

Such broad objectives may not align with the company’s mission or may disrupt a short-term goal. This is when business intelligence management becomes even more crucial to the overall structure and plan for the company.

Today, more than ever, it is vital for any organization to use business intelligence management to review its strategies, operations, market performance and then promote best business practices for the company’s ultimate goals, whatever they may be.

An announcement to develop the latest and greatest XYZ product may be exciting, but it also may not be in the best interest of the overall growth strategy of the company. The expenses of R&D, product development, market share analysis and beta testing may not align with the strategic plan of the company at this particular time.

However, if product development does align with the company’s current strategic plan, thorough and complete BIM is crucial. With any new venture, a review of technologies, strategies, applications and practices is needed to ensure success. Thanks to sound business intelligence management, the entire scope of a project can be reviewed both in its entirety and within each area of focus. This allows for a more complete and complex review of a project.

You may hear business intelligence often referred to as business analytics or data analytics, but business intelligence runs much deeper than that. It is not the process of simply evaluating readily available data but a deep investigation of decision making, business structure and operational processes that help drive efficiency and revenue, and maintain an overall competitive advantage in the marketplace.

What does Business Intelligence Management include?

While selected applications may generate actual data, BIM is comprehensive and collaborative effort that involves four iterative components: analysts, data solutions, decision-making and oversight.

Business Intelligence Management iteratively combines analysts, solutions, decision-making and oversight to grow a company.

Analysts

BIM includes business intelligence analysts who break down the data, review statistical evidence, and solve quantifiable problems, issues and concerns. Analysts are responsible for all data-driven numbers within the framework of an organization or project.

Solutions

Analysts provide data solutions related to business strategies. Ultimately, data doesn’t lie – as long as it’s sound. Assuming you have good data, BIM can dive deep into that information as it relates to the company’s overall strategy, growth or particular project. It can include data such as customer statistics, sales figures, business performance, production benchmarks, supply chain operation and much more.

Better Decision-Making

BIM supports better decision-making throughout an entire workflow by continuously reviewing data, applications, and maintaining best practices at each juncture. Keep in mind that business intelligence is not only about mining internal data. Smart BI pulls from external sources, as well. Finding and parsing data from external sources in the marketplace and your competitors can be just as important as mining internal data.

Oversight

Business intelligence management provides oversight for all aspects of an enterprise by integrating, reviewing and reporting information from all areas. BIM is not about pulling sales figures and customer statistics alone. It’s about compiling facts and figures from every corner of the company and presenting clear, concise data that is actionable by managers, directors and executives.

Previously, data was utilized for IT or accounting purposes only. Given the depth of information now available, especially with recent technological advances, this data is truly viable for all aspects of business intelligence.

Companies specializing in this type of data farming are moving to the forefront of modern business technology. Many are developing cloud-based software that allows users to access business information in an easy and organized way. Gone are the days of spreadsheets and queries! Reports are formatted, supply exactly what the user intended, and are fully actionable based on the data.

What does Business Intelligence Management do for my company?

Using BIM, companies can drive business improvements by accessing, manipulating and understanding data in an effective and actionable way. Mobile devices take this process to a new level – and any location – by allowing data to be culled without lag time. Results can be seen in real time, which increases operational efficiency and streamlines workflows throughout all levels of an organization.

If you have not reviewed available options for business intelligence management yet, consider doing so. Adopting BIM will allow you to quickly scale and modify your business, based on your specific mission and objectives.