March 6, 2017
What does all of your data mean?
If your business could speak, what would it say? Wouldn’t it be nice if your business could tell you how to price your offerings, which strategies to focus on, which departments or processes are causing the greatest amount of waste?
The good news is that Business Intelligence (BI) promises just such a voice for your beloved company! Let’s imagine the BI tools are the tractor and combine used in the fields to harvest the crops. The ‘intelligence continuum’ stretches from the dirt in the ground that is ‘data’, to the crops that are ‘information’, to the meals made with the crops that are ‘knowledge’ and finally the diets that are (predictive) ‘wisdom’.
The key to hearing the siren song of wisdom from your business lies in the quality, quantity and diversity of data. Gathering data not only from internal data sources such as your CRM, Accounting, HR and Marketing systems, but also from external sources, such as industry reports and competitive intelligence can yield fascinating insights.
Leveraging the right BI tool set and Data Warehousing strategy is also instrumental in garnering the ability to tease out insights into one’s business. Data Warehousing can be viewed as the produce distribution company and in some senses, the kitchen at the restaurant preparing the meals. If done right, at the end of the day, you’ll be creating diets that help your company live a long and healthy existence!
May technology serve,
6:21pm by JanetB