Data is the lifeline of businesses to survive cut-throat competition. When going digital, businesses generate massive amounts of data. But only 0.5% of data is analyzed. Big data is a big opportunity. It’s also a big problem because big data is raw, messy, complex, not analyzable, not consumable. That’s why businesses are looking for ways to make data work, using data and data tools to answer business questions, solve business problems, support business decisions, and create value for businesses and customers. That’s Business Intelligence or BI. The world needs BI. There are almost always gaps in businesses’ value creation process: business > data > insight > action > outcome. BI is to close those gaps.
As market conditions change quickly, businesses rely on real-time data to make quick decisions. However, decision-making becomes difficult with data overload in complex situations under time pressures. BI allows a business to process big data in real-time and answer 3 questions in a few clicks: (1) What happened? (2) Why did it happen? (3) Then what can we do about it?
BI leverages software and services to quickly transform data into actionable insights that inform a business’s strategic, tactical, and operational decisions.