Have you heard of big data and wonder what it could do for your organization? The promise of things like dashboard reporting and real-time analytics can tempt companies to skip over more traditional business intelligence initiatives to get right to the hot stuff. Don’t do it!
Business intelligence is a broad collection of disciplines that help organizations leverage their data to become more successful in the marketplace. Big data is a part of business intelligence, but in almost every circumstance it would be a horrible place to start. Through this series of blog postings we will look at a variety of technical disciplines and pieces of business intelligence, all through the lens of making businesses work better.
Yes, business intelligence is a highly technical arena, and there are many technical resources available to build these solutions using best practices. What we want to do in this forum is get back to the business of business intelligence, and figure out why it might be a good idea for your organization to get with the program. We have a lot of work to do!
In future weeks, we’ll dive into a lot of details, but for starters I will give you a simple way to tell whether something you are considering is a bad idea. When deciding which business intelligence initiatives to pursue, use this simple approach:
- Which actions do we predict our organization will be able to take with these tools compared to the actions we might take without them?
- How much is the expected economic benefit of these new actions?
- Does that justify the expected costs we expect to incur to take on the project?
That seems simple, doesn’t it? You hardly need a fancy MBA to figure that out. Frankly, you often don’t even need deep financial analysis you intuitively probably know better than anybody else how better information would help drive your business. Keep this analysis in mind as you look at any snazzy demos in the next few weeks as I work on churning out enough of these blogs to get you the specific information you should have.
After all, I wouldn’t be in the business of business intelligence if there weren’t enormous amounts of value to add. There are too many things you really need to do don’t waste your resources on the things that you don’t. Stay tuned, and we’ll help get you moving in the right direction!