With all the buzz around data science and big data, do I still need business intelligence?
The short answer? Yes.
Business intelligence or data science?
At the simplest level, business intelligence provides a set of tools that find answers to the questions that an organisation already knows it needs to ask. Data science, however, answers questions that an organisation doesn’t yet know it wants to ask, or to confirm the assertions made by the business from business intelligence.
An example of a business intelligence question may be:
“How did my total sales for yesterday compare with the same day last year?”
Conversely, a data science challenge may be:
“I have collected some mouse-click and mouse-movement data from my website. How do I store and analyse this data, and what questions do I need to ask to get something useful out of it?”
Understanding the different solutions that business intelligence, big data and data science can provide, are fundamental to understanding how each plays a principle role in an organisation’s future-ready data strategy.
How can it help us?
Business intelligence provides historical, current and predictive views of business operations. It helps to support decision making across the organisation with technologies including data warehousing, master data management, ETL, reporting, online analytical processing and data mining. It can combine, collate and analyse data from multiple sources, inside and outside of the business, providing an intelligent and enterprise-wide view of both operational and strategic performance.
Every business, regardless of size, can benefit from business intelligence. By sharing information with people across the whole organisation, insights flow and feed the business as a whole. Without an enterprise-wide business intelligence solution, organisations must either rely on analysing ‘siloed’ datasets, manually combining data or using intuition to make important operational and strategic business decisions and to analyse outcomes.
10 Things Business Intelligence can do for you
- Empower users to make effective data-driven decisions that support the overall business strategy.
- Increases productivity by removing manual data consolidation and providing rapid access to all the data, all of the time.
- Delivers an all-encompassing view of the ‘health’ of the business.
- Provides ‘one version of the truth’ for financial and operational reporting.
- Enable the organisation to analyse and benchmark performance.
- Accelerates time to decision, maximising revenues and reducing costs.
- Facilitates the discovery of new business opportunities.
- Encourages data transparency, integrity and standardisation of business rules.
- Inspires data innovation through analytics and data mining.
- Offers continuity and consistency through being flexible and scalable, growing as the business grows.
Do you need business intelligence? Engage Consolidata