Business intelligence: What role does it play in your digital transformation?
Companies are the keepers of endless amounts of data. Take a moment to think about your customer profiles, which contain a wealth of information. The level of detail some companies compile on their end-users is astonishing. It extends far beyond the typical contact information such as names, addresses, phone numbers, and emails.
Many companies are tracking customer buying and spending habits, job roles and titles, customer service inquiries, revenue by geography and product, and so much more. They may even be collecting what their customers publicly post on social media and what they search for – and buy – when they’re online.
If your company collects and maintains large amounts of data, have you thought about what you can do with it? Will it just be stored on a server somewhere? Or do you have plans – and the knowledge – to leverage that data as part of a digital transformation?
Continuing to collect data without a strategy for its use is a wasted effort. Learn how to turn that information into a valuable commodity.
To help you understand what business intelligence is, what data really means, and how you can leverage your data, we’ve got a whitepaper for you.
Here’s a teaser of what’s inside:
What is business intelligence?
The concept of business intelligence (BI) is hardly new. The earliest written record of the phrase dates back to 1865 when Richard Millar Devens presented it to the Cyclopaedia of Commercial and Business Anecdotes. Devens described how banker Sir Henry Furnese gathered information and acted on it to edge out the competition.
Today, there is a variety of software and services capable of transforming data into actionable insights. Companies use them to plot strategic and tactical business decisions. Modern business intelligence is all about taking a comprehensive view of data to adapt to market changes, drive change, and eliminate inefficiencies. Get more.
What “data” really means
The term data is tossed around a lot when discussing business intelligence. What exactly constitutes data and how do you know if what you are collecting is valuable to your business operations?
Some examples of the kinds of data businesses collect include:
- Detailed notes from call centers
- Email communications
- Image and video files
- Marketing materials
- Online chats
- Web pages
There are two classifications of data: structured and unstructured. Learn the differences.
How can businesses leverage data?
A popular and effective business intelligence tactic is data mining. Data mining is the process of sorting through large data sets to identify patterns.
Data mining is an important BI tool for the healthcare industry, for example. Healthcare providers and services can use data mining to provide methodology and technology to:
- Detect waste, fraud, and abuse
- Evaluate the effectiveness of treatment
- Manage patient relationships
- Save lives via predictive medicine
Exploring the future of business intelligence
Moving forward, business intelligence-gathering methods will need to ensure data is gleaned from valid sources and is used only for intended purposes. This can include restricting data access to authorized employees only and deleting data that no longer is actively used for business planning.
What can we expect from the future of business intelligence? Check out the top 5 trends.