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The Impact of Business Intelligence
Businesses across a range of industries see the value in optimizing their processes, as doing so can have a significant impact on both their top and bottom lines. The challenge has always been how to gain insight into the areas of inefficiency and execute a plan to optimize. Historically, business decisions were made on “gut feelings” based on imperfect information.
This is where business intelligence (BI), which is defined as “the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes ' ” has been transformative, helping businesses in ” … Identifying new opportunities and implementing an effective strategy based on insights.” See Business Intelligence Success Factors: Tools for Aligning Your Business in the Global Economy by Olivia Parr Rud (http://tinyurl.com/kav4ujs).
BI enables businesses to optimize their processes by leveraging dynamic interactive dashboards containing the most current ' if not live ' data. Manufacturing companies, for example, have been able to implement “just in time” supply chain management, holding just days of stock, instead of weeks or months. This process is made possible through the use of BI to balance stock and component supply against the sales demand and pipeline.
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