Let’s take into perspective what is Business Intelligence by considering a data element such as “San Juan”; by itself it does not provide much value to an organization. Now if we put it into a context, such as a customer’s address, then it begins to have more value. Now the customer’s address becomes part of the organization’s information, it is no longer just raw data. But even if that piece of information has some value associated to it, and even if combined will all the addresses of all customers, it’s still far from what an organization needs to fully benefit from having that information. Organizations need to use its information to analyze statistics, identify patterns and opportunities, and have a clear view on how things are going in any given moment. This is where Business Intelligence comes into play.
Business Intelligence is the use of technology to provide the skills, processes, and practices essential for supporting decision-making. Through BI technologies, organizations can have extended visibility of their system’s information; from historical to current data, and even predictive information based on a set of rules applied to the gathered information, thus increasing the value of the organization’s information. BI technologies and strategies are one of the most important investments that organizations have to undertake. This is mainly due to the fact that it is the link between information and personnel, and the personnel’s decision-making will be based on the information that they have on-hand.
Some of the tools provided by BI technologies are: reports, online analytical processing (OLAP), data integration, data mining, and predictive analytics:
Reports – The most basic form of information delivery to end-users. Normally it encompasses related data in clear manner to be used by the end user for further analysis.
OLAP – A utility used to quickly analyze multi-dimensional data models, by allowing complex and ad-hoc queries to it, with rapid response time.
Data Integration – A strategy for gathering data from multiple systems, and consolidate it in a common model.
Data Mining – Applying statistical methods to large datasets to extract patterns that can be used by the end-user to complement their decision-making process.
Predictive Analytics – Applying a variety of techniques to analyze current and historical facts to make predictions about future events, utilizing patterns to identify risks and opportunities.
At LINE-OF-SIGHT we want to make your information reach higher value. Consolidate your distributed data into one congruent set on information with the corresponding tools to deliver it to the right end-user and using the suitable mean, so that your personnel can rely on the correct information to make the right decision.
Contact us for a free consultation on how a suitable and cost-effective Business Intelligence solution can help increase profits by providing a clear view on the organization’s performance in a straightforward manner.