Historically, many Business Intelligence (BI) initiatives have been IT-driven, and much of the focus within the industry has been on the technical aspects of delivering information to the BI user community.
There are a variety of processes used to run a business, such as
- Strategic, tactical, and operational planning processes
- Financial, operational, marketing, product development and human resources management processes
- Performance monitoring and measurement processes, quality management processes, and continuous improvement processes
- Supply chain and customer relationship management processes
All of these processes involve the use of information, analytical frameworks, and tools to support the many decisions managers have to make. In other words, these processes require BI and the economic and technological advances over the past decade in information technology generally have opened a new frontier for the use of BI to deliver business value.
The key challenge to using BI to capture business value, lies in the fact that the way information and analytical frameworks are used within organizations has largely depended on individual initiative and ad hoc choices. At a broader level, BI use has been an idiosyncratic and ad hoc practice that varies by industry and by company within an industry.
At Ramco, for instance, our Banking and Analytics offering is a BI driven tool that can perform a comprehensive analysis of banking transactions and give meaningful insights about all the entities in the key product line. The tool also ensures that the bank can outperform competition in all core areas by instant information and intelligent analysis. This way, the bank now has more time to effectively plan sales and marketing initiatives and measure the success of previous marketing campaigns and product performance.
Ultimately, capturing the business value of BI is a strategic challenge and opportunity, and the potential for BI is substantial. With appropriate rigor and a willingness to manage for business value, there is no reason that organizations cannot capture the business value of business intelligence; however that might be defined in their specific circumstances.