When you think about Business Intelligence (BI), a number of things may come to mind – analytics, data mining, event processing, benchmarking, performance management, predictive analysis and reporting fall under this umbrella term. Generally speaking, Business Intelligence refers to any tool or technology that can turn raw information into something meaningful for business owners. It is the ability to extract actionable insight from the internal and external data available to an organization, for the purpose of supporting decision making and improving corporate performance.
While BI systems can provide a world of benefits to companies that implement the appropriate tools, there are some common barriers faced by small or medium-sized organizations in doing so. For example, tight budgets, and limited human resources can make it difficult to commit the time to evaluate your businesses’ BI needs, and implement the systems to manage them. To overcome these limitations as well as other barriers, focus on 4 critical areas to ensure successful BI adoption into your organization:
- Information
- Technology
- Intelligence
- Implementation & Communication
Learn more about these 4 critical areas and How to Implement Business Intelligence Tools for your business.
