Saturday, February 16, 2013

Business Intelligence Fundamentals

Most companies don’t make effective use of their data. According to one recent survey, only one third of companies are able to use data for timely, relevant decision making. Another study reveals that only one third of senior executives and one quarter of VPs, directors and managers have access to analytical data when they need it. Nearly half of organizations surveyed said the data they consume is outdated and plagued with inaccuracies.
 
Major barriers to effective data consumption include a shortage of tools, technologies, training and resources. In short, there aren’t enough trained people in many organizations to manage the increasingly chaotic barrage of data from an ever growing number of sources, and to use that data to provide accurate, meaningful, and timely reports to the people who need them.

The solution to these challenges requires reliable databases to collect and aggregate metrics across an organization and a standard set of timely, accurate reports to provide decision makers with the information they need when they need it. Before an organization invests in big data or advanced analytics or a complex BI solution, it would do well to spend its time and resources first developing its basic database and reporting infrastructures.

These are the real fundamentals of business intelligence.

 

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