Share On

Business Intelligence Strategy Definition

Business Intelligence (BI) Strategy, also called descriptive analytics, utilizes software and resources for transforming organizational data into actionable intelligence, aiding the organization in making strategic business decisions.  IBM researcher Hans Peter Luhn summarized BI as, “the ability to apprehend the interrelationships of presented facts in such a way as to guide action towards a desired goal.” In a result-oriented and data-driven culture, it is surprising to see that many organizations fail to register the importance of leveraging BI tools to move ahead in the competition.

BI tools do not make decisions for the organization, rather assist them in understanding and analyzing the data and to drive insights and build a strategic plan.  Guy Garrett in his paper, How to create a Business Intelligence Strategy points the five key areas that need to be kept in mind while creating or updating a BI strategy are: BI roadmap, stakeholder management, architectural blueprint, capability improvement and implementation planning. He further explains that with a BI Strategy in place, an organization is more likely to achieve intelligence pertaining to its productivity, costs and market competitiveness.

Currently, there are two kinds of BI in place. The first is traditional or classic BI, where reports are generated by using in-house transactional data by IT professionals. The second is a more interactive BI, where users interact with intuitive systems to analyze data more quickly. However, the future of BI lies in “augmented analytics” where BI tools will not just analyze and give predictions based on the present data but will also be able to deliver results based on a different yet tentative plan of action, all delivered via a single a platform and not through multiple ones. 

Embedding Business Intelligence: OEM with Sisense

White Paper By: Sisense

To capitalize on the value of their information, many companies today are taking an embedded approach to analytics and delivering insights into the everyday workflow of their users through embedded analytics and business intelligence (BI). However, in order to successfully expose analytics to customers and partners, companies are faced with three main challenges such as manage...

Business Intelligence - Does Your Organization Need It?

White Paper By: Affirma Consulting

Business Intelligence derived Information and analysis can lead to a tremendous return on investment (ROI) if implemented correctly. You can improve the decision making processes at all levels of management and improve your tactical and strategic management processes with it. Do you have quick access to actionable data? Would you like to increase collaboration and unlock insights from your...

5 Signs It's Time You Move Toward a Business Intelligence Solution

White Paper By: Sisense

Business intelligence (BI) application is increasingly cited as the way to get actionable insights out of the data growing every day, to improve business performance and results. If your enterprise is struggling to get valuable insights from data you want to make smart business strategies and take good business decisions. Also, you probably already possess or have access to data...

Comparing Business Intelligence & Analytics Solutions

White Paper By: Sisense

Selecting A Business Intelligence & Analytics â€‹Solution​, shouldn't be based on the product with the most features but on the tool that best supports the needs of your business users. A plethora of business intelligence (BI) tools are available on the market, that address the increasing analytics needs of businesses of all sizes and industries. However, determining...

How to Build Business Intelligence Software Into Your 2017 Budget

White Paper By: Sisense

Does your firm have a solid enterprise Business Intelligence (BI) solution? In recent years, Business Intelligence technology has evolved tremendously from IT-dependent reporting solutions to self-service, user-friendly, business-centric solutions.  As firms begin to consider enterprise BI, the first step is to take an inventory of existing technology. You may find it is money your...

7 Reasons Why CFOs Should Change their Budgeting & Forecasting Process

White Paper By: Jedox

From the use of obsolete data, wasting crucial time and much-needed capital to shedding your reliance on your IT department, there are several reasons why you must consider bringing in a change in your budgeting and forecasting process. Maybe now is the time to stop relying on IT to fabricate financial planning and forecasting reports for you and being stalled by them for months, or it is...

follow on linkedin follow on twitter follow on facebook 2018 All Rights Reserved | by: