Business Intelligence, or BI for short, is all about throwing up new insights based on existing data and helping you do things better and/or faster.
Data, data, and more data
This is at the core of any Business Intelligence solution. It could be in any format – modern-day Business Intelligence systems can go through them all, and display their findings on an easy-to-understand dashboard.
But any Business Intelligence system, at its heart, is only a piece of software. For a sales driven company, it might expose information like who is the best performer, who has handled the most responsibility, who has the best sales. Or, in a government service, you might track which services are being overused, and which underutilised, and whether you have the right services in those places to relieve strain on the system.
That being said, data is just data, and it’s how you use it that will influence change.
Improving end-to-end management
One of the key benefits of a Business Intelligence solution is how, with the right solution, you can get a quick snapshot of your overall business performance.
You can be agiler in reviewing the whole business, and seeing how each aspect of your business contributes to the whole. However, knowing what wins to celebrate and encourage, or seeing where you can improve, is only step one. Exposing that same information across teams, and expressing shared goals and accountability, is where the magic really happens.
Greater transparency means greater accountability
And, encourages the whole team to take on more responsibility for transforming systems and improving processes.
This is the real power of BI. How, when exposed in the right way to the right people, it encourages all members of the team to reach for goals and do their bit toward keeping the numbers ‘in the green’.
Still not quite sure what this whole BI thing is about? Get to understand what Business Intelligence is and why you should care!