Business intelligence is the “new spine of power” for business, says Greg Marshall, president of AP Consulting, in an article at The Chicago Business Review. According to Mr. Marshall, “BI” for him is “business intelligence applied in the technology industry.” Specifically he is referring to digital business technology, Internet/E-commerce, wireless/wireless industries, and digital/online business applications.
Today’s businesses are built around: “data and information,” says Mr. Marshall. With increasing amounts of data generated every minute, there are tremendous benefits in leveraging this information to make smart decisions about technology choices. Business intelligence is the collective wisdom that firms accumulate about how their technologies are used and how they can be optimized for business performance. Much of this “raw information” comes from hundreds of surveys conducted by the technology research industry and is used to help managers make decisions about technology selection and the implementation of strategies.
Today’s competitive environment: has forced companies to use more technology than in previous years, which has resulted in a variety of demands for more detailed information about technology usage. Business intelligence tools are designed to provide managers with the information they need to determine what technologies to use to capitalize on market opportunities and how to improve productivity. These tools provide:
Customer insight: Managers receive a wealth of information through a company’s web site, E-mail, intranet, newsletter, and catalogs. This information allows managers to identify customer needs and create a strategy based on these requirements. Managers can also use this information to prioritize tasks, generate more efficient work flows, and reduce cost. A prime example of such a tool is a customer self-service portal that provides customized answers to frequently asked questions.
Competitive advantage: Businesses today must compete against hundreds of “techies” who want to sell their products and services to customers. In order to be able to compete successfully, businesses must be able to demonstrate to customers that they are superior. Business intelligence tools allow businesses to gather, organize, and analyze information about competing companies to identify strengths and weaknesses. This information is used to develop a tailored marketing strategy that focuses on these areas in order to maximize customer interest and increase sales.
As technology is becoming more important to businesses: more IT professionals are looking towards IT jobs as a viable career choice. With today’s high demand for technology professionals, job opportunities in the technology industry are plentiful. Companies such as Apple and Microsoft are always looking to hire innovative and creative IT professionals who are willing to take on new challenges. Business intelligence training is becoming an important part of this process. According to a recent report by the Bureau of Labor Statistics, many employers rely on outside consultants to help them assess the technology needs of their company.
This report further indicated that more business leaders are now incorporating IT into their decision making processes.