Every organization has tons of data that they are gathering; spreadsheets, databases, files, pictures, applications and web systems are all places where each and every business or department on the planet has information. Many organizations are just beginning to understand what it means to utilize this data to help solve business problems faster and make the right decision more often. That is where business intelligence comes in. Quite simply, Business Intelligence is having the right data, at the right place, at the right time, and showing it in a meaningful way.
Data-driven decision making is an intelligent approach to bolster your gut instinct. And every business has plenty of siloed information it can better leverage, however, not every business has petabytes of unstructured data sets that requires the new tech, buzzword bingo to resolve. However, believe this: You can leverage business intelligence no matter what your size.
The IronEdge BI Team is at IBM World of Watson this week in Las Vegas, learning how we can better help our clients via the power of data analytics and cognition. We are finding that the most critical part of business intelligence is taking the time to determine your most important problem and then identifying the underlying data sources to help solve that issue.
In the budding days of online forums, there was a particular phrase: “Pics, or it didn’t happen.” It was used to show proof of a claim. The phrase, today, summarizes the essence of doing business in the modern world. Every decision could be backed by countless points of data that have been melded together to answer a question, or tell a story.
Leaders and managers today should be well versed in how to draw a picture using data and produce solid works of fact-based narrative for their decisions. Business Intelligence is the practice of bringing data forward in a meaningful way in order to uncover hidden trends and decision trees. Personally, I am fond of telling people, “If it’s not in a database, it didn’t happen.” GO FIND YOUR DATA!