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SEO Article Vault Web Analytics World Articles Business Intelligence and Gut Instinct
SEO Article Vault Web Analytics World Articles Business Intelligence and Gut Instinct
| Business Intelligence and Gut Instinct |
| SEO Vault - Web Analytics World Articles | |||
| Friday, 13 February 2009 08:59 | |||
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Almost any good businessperson will tell you that predictions based on detailed information are typically more reliable than predictions based on feelings or intuition. The saying “knowledge is power” operates on the premise that if you know more than your competitors do, you can make powerful decisions for your company. Nowadays, businesses are turning to business intelligence (BI) to help them guide their decision-making processes. BI can be a powerful tool, but it is only as strong as the data that the system analyzes. When poor or irrelevant data goes in, poor and irrelevant business intelligence is reported. Often, companies don’t know how to use their business intelligence systems correctly and end up relying on their gut feelings instead of their BI reports. The good news is that you can learn how to leverage your data to get the best possible business intelligence for your company. One of the first and most important things that companies neglect to do is define their objectives. What do you want to get out of your business intelligence system? What are the factors that drive your business? What type of business decisions do you commonly face? By determining what type of information you’ll need from your system, you can work backwards to decide what data is important for your company, what is useful to have for future reference, and what can be discarded. You can apply this method to sales data, customer information, and other important information that your company has collected. Once you have determined what data should go into the system, a process needs to be put in place to maintain the cleanliness and usability of the data. Designations must remain consistent in order for your business intelligence system to produce usable BI. For example, if one department is inputs “Male” and another “M” under the same heading, reports crafted to include the information for customers under the “Male” designation will ignore the equally valuable information about customers under the “M” designation. My maintaining consistency across the board, your company will be able to get the information you need, when you need it. Once you know what you’re looking for and have good data going into your business intelligence system, you can step back and let your system do what it was designed to do. You’ll find that your key decision makers will have to rely less and less on their instincts as they continue to get useful information from their business intelligence reports. By taking just a few steps, you can improve the way your company uses your BI investment. Author: Web Analytics World
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