A company’s data is its lifeblood for competing and succeeding in the market. Multiple applications, databases, spreadsheets and platforms store and maintain the data needed for strategic decision making. The combination of people, processes and technologies used to harvest this data and transform it into actionable information is known as business intelligence (BI).
BI is a function of three interrelated elements: Technology processes optimize and leverage data to produce accurate, timely and relevant information required for business decision-making; business processes manage and exploit information to execute strategy, exceed commercial goals, and achieve operational efficiencies; and organizational culture classifies information as a strategic corporate asset, supports and rewards knowledge sharing, and provides learning and growth opportunities for its people.
This guide discusses the meaning, importance and drivers of business intelligence. It shares the starting points for launching a BI project and key considerations and common pitfalls when implementing BI.