If I have seen a little further it is by standing on the shoulders of Giants.
Isaac Newton
Impact of Business Intelligence
Business Intelligence enables you to use data from the past and present to predict and plan for the future and
communicate those predictions across your business.
Once in place a good business intelligence analysis tool can help:
- inform decision makers
- identify areas to cut costs
- identify customer behaviors
- explore new market opportunities
- streamline operations and
- help enterprises be more agile
Business Intelligence encompasses various levels of analysis each building upon another. For many companies a simple reporting solution is adequate. Some companies already have several reporting or visualization tools in place and are seeking to build upon those implementations.
Better Business Intelligence Solutions
As we learn from industry experts and visionaries we constantly improve our solutions and guidlines to ensure that our Business Intelligence and Analytics solutions do not:
- Require a capital expenditure
- Require laborious, costly consulting fees
- Necessitate a new hire request for a statistician
- Need to be intrusive
Selected Expert Analysis: Four Tips for Better Business Intelligence in 2008
Companies want more actionable data, and they want more users to have it. But extending the use of business intelligence throughout the organization remains a challenge. One reason: Lack of BI and IT skill sets continue to plague companies interested in taking BI to the next level, according to David Hatch, research director at Aberdeen Group." CIO Magazine Read It Here
Selected Topic: Profit Impact of Business Intelligence?
"It is vital to the board that the finance department can provide it with the ability to see exactly where it makes money, and where it doesn't," says James Clarkson, finance director at CP Group. "Before, we worked on best-estimate guesswork, and that resulted in us selling some products at a loss. Now, we have been able to adjust our pricing in a way that reflects our better understanding of how much it costs us to make and deliver a product to a customer - and the margins we want to make on doing so." Computer Weekly.
Practical Business Intelligence Selection of the week:
Business Intelligence: The Savvy Manager's Guide
According to the PricewaterhouseCoopers Global Data Management Survey of 2001, “Companies that manage their data as a strategic resource and invest in its quality are already pulling ahead in terms of reputation and profitability.” This statement implies a quite subtle yet radical notion: Data should be treated as a strategic resource. According to a traditional view, data is the “fuel” driving the automation of a business operation, implying that a company uses computers to help run its business. The forward-looking view of data internalizes the notion that strategic knowledge is embedded in the collection of a company’s data and that extracting actionable knowledge will help a company improve its business. read more
Business Intelligence Installation and Preparation
We created this library of articles in an effort to educate on how to define, prepare for and implement the various flavors of business intelligence and analytics tools we design and develop. Browse through our collection of revelant articles to become more educated on what BI is and whether you need it or not....HINT: If you want to out manuever your competitors or accurately plan for the future then you probably want some sort of Business Intelligence solution.
If you are in search of technical information or want to read up on our current business intelligence and analytics thoughts you may be interested in reading our blog at: www.SherlockInformatics.com/wordpress