Traditionally, success through Business Intelligence has been predicated on converting a company’s data into information, which in turn is exploited to extract knowledge and drive competitive advantage. Business Intelligence (BI) has been a top technology priority in Gartner’s CIO surveys since 2006, and during this period, organisations have invested in state-of-the-art BI technologies to try and achieve that extra edge in competitive advantage.
If your organisation has mature BI competencies, you will have vast amounts of knowledge to support management decisions, but management may still not know what the “best” decisions are. However, in our experience PA Consulting Group has seen that a gap exists between having the right knowledge and making the right decision. Furthermore, as more and more organisations successfully achieve their BI goals, the competitive advantage of BI is reduced or even levelled out, thereby eroding the benefit and long-term return on investment in BI.
To further extract competitive advantage from company data and build on existing BI investments to maximise returns, you should consider adopting an “intelligent” business intelligence (IBI) approach. An IBI approach combines traditional BI with optimisation and predictive techniques, by integrating your data warehouse, predictive analytics and optimisation tools with an intelligent learning module and workflow engine. This enables organisations to move from traditional BI to intelligent BI where business managers are able make key tactical and strategic decisions that increase efficiency, productivity, and competitiveness. There are a number of key practical applications for IBI, for example - risk management, optimising marketing campaigns, support for lean manufacturing, best practice debt collection, allocation of scarce resources, and using IBI's predictive and optimisation components to maximise energy efficiency.
As we move from a period of BI value creation to a period of BI value exploitation, an Intelligent BI solution can help you capitalise on your BI investments to once again outsmart your competitors.
To speak to one of our experts on maximising the value of your Business Intelligence investments, please contact us now.