Big business players commit the common error of talking about business intelligence as if it’s this big, single thing that works as a silver bullet to any business analysis woes. While it is capable of a lot of things, it doesn’t do just one thing.
It’s more than this vague blob of technology. Business intelligence refers to a variety of software applications, which are used to analyze an organization’s raw data. Métier and other business-focused companies have built a brand out of this technology-driven process.
To understand the industry of business intelligence better, here are its three pillars:
In an industry where answers aren’t presently known by decision makers, it takes a whole lot of processing, planning and strategizing to find the right solutions. This is where actionable insights come in, which is all about the geo-mapping of customer data.
To illustrate, a marketing executive is to invest marketing dollars only if he or she would have reason to believe that the investment, for example, around the local town will lead to new business opportunities or to a substantial quality of customer service leading to higher retention.
Business intelligence helps executives formalize their business strategies, which in turn are geared to achieve their own stated objectives. This typically involves articulating and communicating strategies like balanced scorecards, strategy maps and scorecard views into their offerings.
Apart from the delivery of actionable insights and enterprise performance strategy insights, business intelligence today involves more than data and calls for socially oriented insight tools. These encourage the harvesting of insights and the fundamental capture is to reduce the time-to-value of business projects.
All these combined leads to the best ROI. Each can produce great results and give higher returns, depending on the source of your business intelligence. This is what good business intelligence looks like. What does a good provider look like? That’s a different story.