Knowledge is power. This classic proverb is as relevant today as it was years ago. Everyone is looking for fast and reliable information today to help them make timely informed decisions. In today's competitive business environment, CIOs and CEOs are actively looking, at various means to reduce costs and maximize their revenues with limited resources.
The recent global recession has fuelled back a lot of interest in Business Intelligence (BI), and it is taking on an increasingly strategic role as more and more organizations look for ways to tap into the valuable data stored in their operational systems.
A strategic Business Intelligence platform puts the right information in the right hands at the right time, which gives managers and executives the ability to test various scenarios for business spending and investments while monitoring important operational drivers of company performance.
In a nutshell, Business Intelligence is the art of sifting and analyzing specific business data in order to give a clearer picture about the current business situation which, in turn, helps in making the correct decisions regarding a business. This analysis can be in the form of a dynamic report which may even provide forecasting of future performance and is of utmost importance to the company managers or executive staff in making the right business decisions.
Without a proper Business Intelligence strategy, there will soon be fragmentation of data. Relevant data required at a particular point in time will never be at hand and a lot of effort will be required in just gathering basic information from various departments, which will require a lot of effort and waste a tremendous amount of time.