usiness Intelligence (BI) is more than software. It is a program jointly owned by both the business and IT that enables data mining, analytics, querying, and reporting. BI has to address business needs and its value needs to be shown through its content. CIOs are interested and invested in BI reporting tools but many industry studies found that only 30% to 50% of organizations considered their BI initiative to be a complete success. This addresses the importance of a comprehensive BI strategy that fosters collaboration, user adoption, communication, knowledge, and insight to be successful. But before looking into the strategy, what exactly is BI and BI reporting tools?
Uncut diamonds are of little use on their own but hold potential value. It is only when you process and refine them that they become beautiful and useful.
Similarly, raw data holds immense amounts of potential, but provides little direct value to the business on its own. When it is managed, governed, organized, and processed into information, decision makers can utilize the value and turn it into actionable insights. Business Intelligence enables this transformation.
The amount of data available has exploded, making data one of the most valuable assets for organizations regardless of size or industry. Through Business Intelligence and Analytics, businesses are enabling themselves to make more strategic, accurate decisions while optimizing ongoing business processes.