Information vs knowledge: far too often we confuse the two. While information is power, if you don’t gain knowledge from the information, the power is useless. Many organizations are pulling data out of their systems, but not necessarily analyzing that data, meaning it exists in a vacuum. It isn’t enough to simply have the data; you need to have it presented to you in a meaningful and valuable way.
That knowledge is business intelligence.
Why do you need business intelligence? Here are the top 5 reasons:
- To gain knowledge from your data. As mentioned, information is just information until you analyze it. Business intelligence makes converting those vast amounts of data into actionable information easy, thereby giving you the ability to actually use it profitably.
- To better understand consumer behaviour. Those numbers you’re tracking all, in a roundabout way, have to do with your customers. Analysing them carefully gives you valuable insight into what customers want from your organization and the best way to ensure they are able to achieve it.
- To identify industry trends. Knowing more about your customers is critical, but so too is knowing about your competitors. Business intelligence can help you gather important insights into what others in your industry are doing, giving you the chance to adapt to changing circumstances within the environment.
- To improve visibility. Want to know what’s going on within the organization? Business intelligence gives you greater visibility of the various processes in place, making it possible to identify any areas that need improvement. This helps to increase your overall control.
- To boost productivity. Manual entry and data retrieval takes time – a lot of time. Many modern BI solutions automatically create and deliver real-time reports accurately and efficiently, allowing you access and the ability to utilize it to initiate a well-informed course of action.
One of the best ways to gain business intelligence is with a dashboard containing the right KPIs. While these may differ depending on your role within an organization, their ultimate purpose is to give you something by which you can measure, set and track progress. Remember, a dashboard, like the data contained within your systems, needs to tell you something useful, otherwise don’t bother.
Effective business Intelligence can improve the decision-making processes within your organization, allowing you to build strategies based on real-time, relevant information. Are you using it?
At TGO Consulting, we take business intelligence seriously. Don’t just gather that data, turn it into knowledge.
Contact us today for more information by calling (905) 470 6830 or visit www.tgo.ca.