how to create a business intelligence strategy

#HOW TO CREATE A BUSINESS INTELLIGENCE STRATEGY HOW TO#
#HOW TO CREATE A BUSINESS INTELLIGENCE STRATEGY SOFTWARE#

IBM researcher Hans Peter Luhn is credited with coining the term Business Intelligence in 1958. Now let’s look at business intelligence from the perspective of industry thought leaders and subject matter experts.

BI technology allows businesses to assess current and historical data to gain actionable insights and predictive analysis for business operations.īI tools may have one or more of these functionalities: Ready to jump in? What is business intelligence?īusiness intelligence is an overarching term for the tools and technology used to analyze, visualize, benchmark, predict, and mine business data to make better business decisions.

#HOW TO CREATE A BUSINESS INTELLIGENCE STRATEGY HOW TO#

BI tools and how to pick the right one for you.My goal is to make it simple-no fear of BI here. Throughout this guide, we’re going to unpack the facets of business intelligence. And while that might sound scary, BI isn’t reserved for enterprise shops with hefty IT budgets-BI is used to democratize data and provide you with the most value from it, regardless of size or scope. Whether it’s data visualization or data warehousing tools, BI is about implementing a strategy to get more value from your data. In fact, 54% of enterprises cite that cloud business intelligence (cloud BI) is critical or very important to current and future strategies.īusiness intelligence creates order in a chaotic data universe. The business intelligence industry moves quickly to keep up with the pace of change and demand from its users. BI tools typically provide historical and current data in context to enable informed decision-making and prediction development.

#HOW TO CREATE A BUSINESS INTELLIGENCE STRATEGY SOFTWARE#

The business intelligence industryīusiness intelligence software are the tools that make it possible to create value from your data, like dashboards or reports. When it comes to data, it’s up to you to decide how you want to use and interpret it (consumer or business), analyze it, and make data-driven decisions. And consider the insights available in that data: Maybe you need to increase your step count to meet a goal? This data can help you make decisions as to how you approach fitness. Whether it’s fitness stats from your smartwatch or monthly recurring revenue for a large enterprise business, there is data everywhere.ĭo you or someone you know have a smartwatch or fitness tracker? These devices track simple performance metrics like daily steps, standing hours, and exercise minutes. Data is available at the click of a button. There’s no doubt that the Internet of Things (IoT) has changed the way that the general population can access data, too.

These tools make it possible to extract the insights from your data.Īnd then there’s the engine that fuels BI tools: the data itself. Examples of BI tools include data warehouses, dashboards, reports, data discovery tools, and cloud data services. And your approach to BI is defined by the tools you use. Literally, business intelligence means being more intelligent about your business. You’ve likely heard the term Business Intelligence, more commonly referred to as BI. How can you use the wealth of data that is available to you to influence decisions?

The influx in available data has piqued data-curiosity. So you’ve got data, but what do you do with it? How do you distill the data into something tangible? We’ve all asked this question at one point or another. Check out the Starter Guide to Dashboards, the Starter Guide to Dashboard Design, and the Starter Guide to Data Visualizations. This article is a part of our Starter Guide series.

How to create a business intelligence strategy