Source: Katarina Krempova¸ PKF Malta¸ 16 February 2012
As reported by Baseline in its annual research study¸ Business Intelligence (BI) is one of the 10 trends that will play a significant role in midsize and large enterprises in the year 2012.
If your organization wants to remain competitive¸ respond more quickly to changes and threats then its competitors¸ facilitate discussions and decisions¸ as well as improve collaboration and efficiency within the scope of your activity in a dynamic environment¸ this is the right time to think about how to deploy BI in the existing framework or how to make your current BI more efficient.
Remember that the business intelligence is not really about technology but evidently about information that the technology provides. The technology is only a vehicle used for collecting the information from various sources. But there is an immense amount of data available that could be collected. Furthermore¸ this data would have to be stored¸ analyzed and reported. This is where the role of business intelligence comes into effect.
There is no better platform for ensuring that the accurate and reliable information flows across the organization. In addition¸ an effective BI helps to transform the relevant information into valuable knowledge because it unifies and relates data from the many different data pools and divisions. Obviously¸ the problem is not about gathering information but determining how to analyze¸ compare¸ interpret and connect the usable information. This is how the information will be converted into knowledge that can be utilized for many different purposes¸ such as improving cross selling¸ customer service¸ communication¸ collaboration and processes.
BICC concept could be an effective mechanism for:
- Institutionalizing the best practices within the organization
- Applying expertise into the most pressing issues
- Continuously improving insight into the business and enhancing performance
- Effective distribution of information within the company
- Enabling dialogue among people groups¸ functions and business units in order to strengthen their collaboration
- Minimizing the time required for taking decisions and solving problems
- Rationalizing the systems environment as well as reducing the number of systems
- Improving compliance and simplifying documentation
CHALLENGES: how to implement the Business Intelligence
- Define the Vision (which way you want to go) that will provide you guidance in the Business Intelligence Process.
- Define the Strategy and build the Supporting Infrastructure as the basics underpinning your data quality program will determine your success in establishing a solid BI Framework.
- Define the Strategic Goals that will specify what you wish to achieve. They must be clearly stated and communicated before the organization as a whole aligns with them.
- Establish the BI Governa