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How do you define business intelligence?
‘Business Intelligence’ is a really broad term and can mean many different things depending on what department you work for. What is your definition of BI, and what data do you expect your BI system to collect? Should a BI system collect real time marketing data (e.g.: how often your company is appearing on Twitter, or which countries have the most users searching for your company), or should it be restricted to only sales & financial data? What are your opinions on BI?
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4 Answers
BI is about giving a company an edge in their market by forming data specific to distinct Key Performance Indicators (KPI) to measure toward a KPI goal or desired outcome and providing the organization with agility to make timely, intelligent decisions to help reach those goals.
This data should give the company the information necessary to mark real time events against business KPI responses, drill down into specific events that impact those KPI's and aid decision making.
Sounds simple, eh? To make it LOOK SIMPLE one has to start with a widely diverse talent base among their BI Team first, then engage a widely diverse group of people to help select a BI solution that supports the business style and personality. Without this, you will never succeed at supporting the business KPI goals as there will be low adoption and use of the BI System in the end.
The beauty of BI is that it isn't (well, shouldn't be) restricted to a certain genre of data (marketing, sales, or financial exclusively), it is about compiling many sources of data from event driven (Twitter, FB other real time search/web/event data activity) through financial and then long term performance tracking toward desired goals.
Opinion of BI? If your organization is mature enough to have KPI's, has a drive to gain momentum and leadership in your market, desires agility and ability to react to market influences as much as internal (details of marketing through financial, customer satisfaction and real time data) forces, then you should have some sort of BI in action today. Even if it isn't a bleeding edge turnkey solution, if it is quick, simple, specific and valuable to KPI data, BI related technology is THE technology to have engaged in your business today.
Regards,
Barb
I think it would be a second order contextual sensitive thing that can operate in vector and scalar space and transform between them.
A system that understands the talents and weaknesses of each employee and strategically balance these so every task is handled in the most competent manner. A system that identifies opportunities (demand) and can match with a solution (supply) so the human role is to negotiate with that other company.
A system that audits itself and insures regulatory compliance. And by the way you asked, it filters out 99% of the noise. The name of the algorithm is HTM Heirarchical Temporal Memory.
Business Intelligence is the use of data to better inform decision makers within a company. Perhaps it would be better referred to as Business Knowledge as it is really about understanding the way your company, customers and competitors work to allow better decisions. This is achieved by combining internal data (sales, financial data) with external data (market data, public data) and using a tool to display and explore it. In its simplest case, Excel could be used as a BI tool, but real BI applications offer easier, more powerful analysis, better visualization, better version control and collaboration features.
In short, Business Intelligence is a way to get information out of raw data.
What I think it has to become is dashboard-centric and it has to inform and alert some company's management in seconds with no-training.
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