Advanced business intelligence and analytics is a fascinating evolutionary process. Here, Knowledge Center contributor Craig Wacaser shares a five-level business strategy for improving your business intelligence and analytics competency.
your company's best kept and most valuable asset: insight from your data. The
issue is not lack of data. Most would agree there is too much data and not
enough insight. According to a recent survey
60 percent of executives say they have more information than they can use.
The key is
making sense of the data, turning it into actionable insight to drive better
decisions and improve business performance. According to the survey
top-performing organizations are twice as likely to leverage business analytics
to drive future strategies and day-to-day operations as lower performers.
business leader, how effective is your company at providing you with the timely
information and insight you need to make your most important business
continue to spend millions on transactional applications and IT infrastructure.
As a result, mountains of data are collected, often sitting underutilized in
large databases. An ever increasing number of companies, however, are
exploiting this untapped asset. They're gaining a competitive advantage by
transforming their data into valuable information and actionable insight to
answer critical business questions and improve performance.
shared that 50 percent of executives feel they don't get the information
they need to make critical decisions, and three out of four executives felt
more predictive information would drive better decisions. The study also
concluded that two out of three companies are still in the early stages of
developing their business intelligence competency.
article, I will outline five levels of BI that all business leaders should
consider. Let's begin with single-application reporting.
Level No. 1: Single-application
canned or ad hoc reports from transactional applications such as SAP
These reports look back in time and typically answer questions such as, "What
happened?" and "How are we doing?"