Business Intelligence And Data Challenges

Business Intelligence And Data Challenges

One growing demand in the business and analytics world is that of something called Business Intelligence (BI). BI is a combination of data subjected over analytical tools to produce complex and relevant information to the business’s decision makers.
The objective is simple, to gain a competitive edge over others, and it is achieved by improving certain aspects like timeliness and quality of inputs to other decisions like the concept of dynamic programming where the optimality of each stage is considered and the whole big scenario is taken into consideration before settling on one.
BI is used to understand the full blown potential of the firm and its environment, like for instance the current trend, the future trend, the direction of competitors, and its implications.
One of the business-related challenges to BI and the often pointed out is the obstacles called analytics silos.
It means the exclusion of data within the same firm, much like the silos on farms to store grains away from the rest of the environment.
This results in false out generated using BI, because as mentioned earlier BI looks over to develop a holistic view, and without sufficient and all data it is bound to go off track.
This challenge exists due to not enough support within the executive cell of a firm.
But the root cause of existence of these challenges is the fact that most of these new innovative wagon have businesses as their drivers, and unfortunately that is not where the analytics expertise is usually found.
The reason for this to have happened is business owners are usually the first ones to understand the demand and how to fulfill that demand, they are the ones who are capable of predicting the future trends. Thus fist to actually to move forward on this particular field.
However now, the availability of certain high level tools have rendered various parts of an organization to function as its own data-mining hub.
Like the Sales units can use both big data and data-mining tools to categorize customers and develop new products to maximize profits
Managers can use business intelligence tools to quickly analyze current operations data and facilitate new strategic planning, while IT personnel maintain clear lines of communication and supplement missing data.
And the reason big data and business intelligence will continue to boom even with these obstacles in the way, is because of the simple rule of “profit and loss”, the cost of implantation is low but if done correctly the rewards are high.
The landscape for this will continue to change, as we are barely scratching the surface as of now, and with the minds of the analytic world trying to sharpen the approach, not exactly on the business front per say, but with the improvement and advancement in the technology and the businesses adopting these new advancements, more and more hidden secrets, unforeseen patterns will continue to surface.