3 Things Business Owners Need to Know About BI
Business Intelligence, the analysis of data that companies create simply by doing business, can drive greater profitability.
Business intelligence, or BI, is changing the way small to mid-size companies are making decisions, and it is creating significant advantages for those that do it well. If you are an entrepreneur, you know how important information is when it pertains to decisions that involve the future of your business. Data-driven decision-making helps improve potential outcomes by reducing speculation in favor of analysis.
Industry experts are all talking about the ways in which data and BI are becoming essential tools for all business owners. Peter Sondergaard of Gartner Research summarized the importance of BI when he said, “Information is the oil of the 21st century, and analytics is the combustion engine.” Research firms like Gartner are not only predicting the importance of BI for decision-making purposes; they also think it can be monetized. A recent report projects that as many as 10 percent of companies will have profitable departments focused on “productizing and commercializing” the data they collect by 2020.
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