by Marty Schillaci, CEO of The Resource Group
Business intelligence, commonly referred to as BI, is big news today. In fact, Bill Gates recently quoted that “information technology and business are becoming interwoven.”
So, why is business intelligence so important to organizations? First off, we all need powerful decision-making tools so we can be exceptional leaders at our companies. Secondly, business intelligence is finally affordable for the midmarket.
And the third and most important reason you need BI is that your competition is most likely using it. And in order to keep pace you need to be on even ground.
Oftentimes, people mistaken visualization tools such as Tableau or Power BI for BI solutions. Although these tools are valuable for presenting your data, they’re not suited for true business intelligence.
So what is a true BI solution? Well, it’s a platform and a suite of tools, as well as a plan and a strategy. Business intelligence is owned by your operations or finance teams. It involves taking your data, sometimes from disparate solutions allowing you to analyze that data and make informed business decisions.
Creating a successful business intelligence solution is kind of like building a house. You need to start with requirements and a plan. After all, you wouldn’t think of having contractors show up with their tools before you know what your house is going to look like.
A solid business intelligence plan should include information from multiple sources, which can be added over time. For example, you might start small for the first phase, but make sure you can get sources from all important aspects of your business.