Why Business Intelligence (BI)?
Welcome to the 5x Technology BLOG…
I’m Jeffrey Yefsky, 5x Technology CEO. I have to say this is something I never thought I would ever do, write about something I have knowledge about.
I have been in the Business Intelligence business for over 15 years. I have been a Business Analyst, Implementer, Sales Person and now CEO. I have seen every product configuration to come down the pike and yet, I still love to help people with how they process information they use to run their organizations.
People (old and new) to the concept of business intelligence… and it is a concept to understand – Business Intelligence is NOT a tangible item, it is a process and sometimes a tool to help people decide what is the next step in decision-making for their business: To make the next purchase, create the next product or start the next division of an organization … or NOT. These are all based on information from the gut, a spreadsheet, or a database or a recommendation. ALL decisions are made based on information…which is a piece of Business Intelligence.
I am all about defining things. My perception of a Widget is different than someone else’s. But, by using Business Intelligence, all parties gain a more synchronized and focused understanding of the information to make concise and intelligent decisions.
So, let’s start with a couple of different definitions from some very well know sources…
Defined by Wikipedia: Business intelligence (BI) refers to computer-based techniques used in identifying, extracting, and analyzing business data, such as sales revenue by products and/or departments, or by associated costs and incomes
Defined by Forrester Research: Business Intelligence is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information used to enable more effective strategic, tactical, and operational insights and decision-making.
Defined by 5x Technology: Business Intelligence process includes communicating findings and effecting change for small parts or group within an organization or an entire enterprise. Business Intelligence provides organizations with information to help in 3 main areas: Improve business processes, Improve customer's response, and Adapt to changing market conditions.
Over the next couple of weeks, I will be devoting time to helping you understand the basics of BI. The goal is to educate people on how they can do more with the information they have available - with less energy and the ability to make better decisions.
Thanks for reading and I hope this becomes one of your regular BLOGs!