“Users constantly complain of information overload. That is too much information
that lacks real insight, and not enough time to make sense of it all. More
reports faster, isn’t the answer.” So how does traditional
Business Intelligence fare in this age of intelligent business? Almost every major
business or organization the world over uses some form of Business Intelligence
(BI) to run their business. BI enables us to plan and budget, control costs,
figure out how to acquire new customers, and understand how to retain our
existing ones; how to comply with regulators and ultimately to report results to
shareholders. In short, BI is the eyes and ears checking the performance of our
businesses and has grown into a $12bn a year business in its own right.
In a BI
2.0 world, as stuff happens in your every day business, the BI system can
automatically store the data in memory, analyze and interpret the event’s
significance, and in many cases, initiate a corrective action without any human
involvement.
One of the top
topics in management discussions nowadays is utilization of predictive
analytics for better decision making. Predictive analytics can simply
be defined as the process of studying and learning from data and
discovering all sorts of visible and hidden patterns and relationships
within data and applying that knowledge to predict future events.
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