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.
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