Business Intelligence is about creating a transparent business that allows you to pin-point exactly where your organization is performing and where it is not. Hence, a critical part of creating a good BI solution is having a thorough understanding of your business allowing for a solution that presents the exact information needed to manage and develop your business in the most effective way possible.
Information Management has become a focus point in the recent years due to the heightened awareness data governance has received. It is vital that your organisation has standardized processes when it comes to administering user rights and their level of data access. Otherwise, it will become a complex and time consuming task to manage and maintain the access to information.
Business Analytics is about creating the ideal setup for analyzing your business. This indicates that the right people has access to the right data at the right time in the right format. A vital factor in achieving this is to have the correct reporting tool available. Tableau, Excel, Business Objects, Qlikview, Power BI, Targit etc. the options are many but making the right choice is complex. Economy, IT platform, number of users, IT maturity etc. are all factors that should be taken into considerations.
A new IT system equals a new access point of data - no matter it be internal or external. Hence, it is a potential source of information that can contribute to a more transparent business. A BI oriented strategy should acknowledge opportunities like this and incorporate BI into your project model as an independent focus point. It is vital that data is viewed as a business asset rather than a concern that belongs to the IT department.
Big Data is the concept of having access to all kinds of data that normally would be unavailble to your organisation. New technologies like Hadoop allows you to handle unstructured data like pictures and comments on social media. This opens up new opportunities in terms of analyzing your company performs from an external point of view.
Manual based processes allows for diversity in workflows which is the basis for inconsistency. As a result, a lot of time is wasted on questioning and discussing data instead of developing the business on the basis of data. Hence, creating automated processes allows for transparent and time effective workflows.