Business Intelligence is the combination of raw business information with software or processes to create a higher level of analysis, designed to address specific management challenges or goals. Such challenges may include:
- pricing decisions
- new product development (NPD)
- payment policies
- customer segmentation
- long-term forecasting.
Many well-known key players in the business intelligence arena are household names — such as Oracle and SAP— who have built up sophisticated proprietary software that can process and analyse large data sets for a wide range of management applications. Others may address more niche functional areas such as supplier analysis, credit scoring or market segmentation.
Whatever the business intelligence application, the quality of the output will be reliant on the quality of the incoming data. Such incoming data may be internal, such as historic transactions or customer records. If it is sourced externally, it is recommended that a thorough understanding be gained of the editorial processes, data sources and professional integrity of that external source.
Ultimately, the better the data and the more reliable the opinion, then the less need for sophisticated software to unlock its value. If the data is well presented and properly focused then it might just need to be read by the right person in your organisation to provide all the business intelligence that is required.
Since data is a transient and difficult asset to maintain, relevant experience and robust processes are vital. Key Note meets all the standards that you would expect of a business information publisher.