Three Approaches to Business Intelligence Tools

When defining its Business Intelligence (BI) strategy, an organization can take three different approaches, depending on which fits its needs. First, an organization can simply use the out-of-the-box (OOTB) tools that come “for free” with their ERP system. Other businesses may find that they need a third-party BI solution to get the results they are looking for from their BI initiative. Finally, organizations needing a more robust BI system can build their own custom solution.

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Characteristics of Successful BI Data

The power and effectiveness of a Business Intelligence (BI) initiative relies heavily on the data driving the analytics and reports. This data needs to be cleaner, deeper, and faster so an organization’s BI tools can do their magic in putting valuable information at the fingertips of their employees throughout the company structure.

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BI Challenge: Bringing Together Disparate Data Sources

The power of Business Intelligence comes from getting the right data to the right people at the right time. When an organization can successfully do this, data is presented to those people in a way that just makes sense. It’s as if the data was created and presented just for them. The results? Key stakeholders have the ability to make quick and informed decisions that guide a business toward greater success. Everyone can benefit from effective BI initiatives, but getting there can be difficult.

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Don’t Be Afraid To Start Small With Big Data

As digital information continues to accumulate at a phenomenal rate, businesses are left wondering how to mine this big data in order to gain a competitive advantage. The task can be overwhelming even for large organizations. Smaller organizations without the resources to put together an entire team devoted to collecting and analyzing data may feel inadequate to leap onto the big data bandwagon. A few strategies can make the process of harnessing the power of big data more manageable for any business.

Start by identifying goals and asking questions prior to collecting Big Data.

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Individualized Care, Big Data and Privacy

It seems with every key stroke, data is collected and stored by a third party. This huge amount of information may be a treasure trove for companies to learn more about the effectiveness of a treatment or the performance of a device. Some say it holds great potential for improving patient care. But like most big data stockpiles, others become squeamish at the thought of alternate uses for the data.

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