Tuesday, September 24, 2013

Business Intelligence - NICE to have, or MUST have

Business Intelligence or more specifically, Data Analytics is at its evolutionary journey, from descriptive analytics, predictive analytics to prescriptive analytics, for organizations large or small, is it nice to have or a must have.

It depends on the type of companies and the maturity of the decisions makers. Nowadays it is a must for some businesses and nice to have for others, depending on the type of business even in big data era. Most companies will benefit from getting relevant information, but you need the right people to understand what information is needed. Selecting the right sources is not a simple task.

The BI should be something between "nice" and "must". It is important for an enterprise to develop a BI strategy using the available technology in order to provide useful information for business decision, direction, etc.  The real challenge is weather high level people really want to make data transparent and they really want to make decision based on data, rather than only the gut feeling or experience.

 For any visionary company with complicated business territories and ambitions, it is a must. With technology evolvement, BI /Data Analytics will become more and more fundamental for companies to best utilize their data and make sound decisions. It should not be a question of having it or not, but a question brought to leaders is how to maximize its value after you spend huge efforts of building a fantastic BI solution. You should not only think of it from pure technology side, pure data side, but from business, digging insights, marketing, customers etc...

BI/Analytics is the right tool to achieve business agility. The business world is changing rapidly; today we have the tools to go through all the data that used to live in the archives. There is a gold mine of information there. The tools are becoming easier to use and navigate, and the Big data quagmire is real. It will always be a mix of history, personal touch in decision making, but what the information you can garner through BI will give the competitive advantage in the survival and thriving of business

For long term, It’s a must have to stay competitive Big Data has Big Value if exploring it effectively. Big data, once business gets used to using it, will become a must have. It is just so much better predictor and guide. With information on your business, industry, customers readily available, it makes business sense to use it to your advantage.

Either ‘Nice to have’ or ‘Must Have’, add a reality check to the unbridled enthusiasm.  Be strategic and be tactical when doing analytics, to manage the data analytics project with clear business goals, not for technology’s sake, and improve overall project success rate.  


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