September 10, 2015

Business Intelligence

For decades, companies have made decisions based on instinct, hunches, and intuition. Then came Business Intelligence (BI), which made decision-making more scientific. Before it was known as BI, it was referred to as “decision support.” Companies would review the data they had collected and make decisions about the future based on what had happened in the past.
The good news is that exciting technologies are now emerging, and in some cases, converging, to help organizations drive innovation, which empowers people to make smarter decisions with insight based on more than just structured, static data. Behind the tech industry buzzwords, there are practical and proven methods for applying these new technologies to your current information management strategy and unlocking measurable returns:
Cloud-based information services enable us to get information that a company might not have previously tracked on its own, such as demographic and market changes in Florida
Predictive analytics combines many factors to present a clear picture of what’s most likely to happen, what is the best-case scenario, and what action should be taken
Social media analytics help us to understand how other people are reacting to our actions – far more quickly and reliably than focus groups would
Big data technologies help us to manage the increasing velocity, variety, and volume (the three Vs) of all of the data that makes this possible
Mobile computing deploys analytics to more people, so they can make smarter decisions whenever and wherever they are
We can discuss how cloud-based services, predictive analytics, social media analytics, big data, and mobile computing are combining to take business intelligence beyond traditional boundaries and transform the way critical decisions are made.