Finding a Business Intelligence Strategy

by GuestPoster on December 17, 2010

In the financial arena of today’s world, information handling is very important to the growth and success of businesses. Whoever manages to get the information at the right moment, places itself at a superb advantage over its competitors. Indeed, doing business has become almost like the game of poker- knowing when the right time to go all-in or fold sometimes decides the game. Much like in business, when decision-makers of the organization are equipped with the right information, then crucial decisions can be made at the time they should be called. This translates to millions of dollars of profit and improved market stability. Because of this trend, many business intelligence strategies are becoming popular.

What is business intelligence?

Business intelligence means the process of gathering corporate data, simplifying them into specific details that can be easily accessed and analyzed by end-users to make timely and informed decisions. In essence, information only becomes useful when they are generated in a timely manner. Data management has therefore, become top-notch priority for businesses. But setting up the right system to manage data involves expertise and technology.

In this sense, business intelligence is a must for every business enterprise. And in order to achieve its goals, a company should set up business intelligence strategies in line with its overall objectives. Otherwise, any BI architecture initiative would not be useful and strategies drawn therein may not be effective.  An effective strategy in other words, should be an integration of the different aspects of the company and should be a product of collective effort from stakeholders of the company, with of course, the full support and endorsement of top executives.

Once a BI strategy is in place, then appropriate techniques and technologies can be adapted. Technology is very important in business intelligence. When data to be analyzed by the company comes not only internally but most importantly from other media like the internet, then the company has to make sure that BI solutions can handle all that massive data without sacrificing the quality of information produced.

The way business is conducted at present puts a lot of emphasis on information generation in a timely manner. Successful business enterprises are those that have managed to get hold of that information and used it to further the growth of their companies. Those companies have very well-established business intelligence programs. And in order to implement that, a reliable strategy should be first set up.

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