Business Intelligence Objectives: Get the Most Out of Your Data

Business Intelligence Objectives: Get the Most Out of Your Data

It’s important to have goals. In your personal life, in your professional life, in a business plan, and even in an analytical solution, goals are essential. They trigger new behaviors, help guide your focus, and help sustain momentum. That’s why business intelligence objectives are vital to the business planning and reporting processes. They help you keep your eyes on the prize and illuminate the parameters necessary to improve your business.

What is BI?

Business Intelligence (BI) is a set of tools that helps you transform your data into insightful, narrative, actionable information. BI helps you measure your business performance and identify opportunities for improvement. Without consistent and regular reporting, you might miss indications of poor performance. By understanding what you do well and what your weak points are, BI will chart the roadmap for your best course of action. You’ll see what happened to determine what’s next. With BI, you can visualize important data, evaluate predictions, and make fast, intelligent decisions.

Business Intelligence Objectives:

  • Information must be easily accessible.
    • Ease of accessibility can be hindered by data or report latency, not knowing where or how to access information, or having to go through redundant security steps.
  • Information must be easy to understand.
    • Information should be intuitive and obvious. Leave no room for misinterpretation, confusion, or ambiguity.
    • User-friendly dashboards and data visualization tools make it much easier to understand the story your data is telling.
  • Business Intelligence tools must be easy to understand.
    • End-users don’t necessarily need to be technical to use these tools to support their work and objectives. Like your data, the tool itself should be intuitive.
  • Information must come from a trusted source of truth.
    • Data quality should meet the needs of your business. The information should be current, complete, valid, accurate, and clearly defined.
    • To ensure the quality of your data, it’s crucial to have a good data governance program in place.
  • Information must be secure.
    • Data should only be made available to its intended users. Information should only be made available to its intended audience.
  • Information serves as the foundation for improved decision making.
    • The main business intelligence objective is to provide businesses with the necessary information, at the right time, to enhance and support smarter decision making.

 

The ultimate business intelligence objective is the same as Data41’s: to improve your business. We are here to incite positive change, to help guide your focus, to help sustain your momentum, and even bolster it! We recommend IBM Cognos Analytics and IBM Planning Analytics to fulfill your business intelligence objectives. To learn more, please contact Data41 for more information and a free discovery consultation.

Related resources:
https://www.cio.com/article/272364/business-intelligence-definition-and-solutions.html
https://www.ibm.com/analytics/business-intelligence
https://www.coursera.org/articles/business-intelligence-analysts-what-they-are-and-how-to-become-one

Kristyn Mize

A recent graduate of Boston University’s College of Communication with a degree in Journalism and a minor in Spanish. Kristyn currently runs marketing operations at Data41 – a data analytics consulting company that specializes in FP&A. Our business utilizes data analytics as a powerful, interdisciplinary tool to provide lucrative insights and compelling narratives across many industries.
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