Management Decision Making by
“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
Almost every business
practice has adapted to shortening business cycles, except for the Business
Intelligence world. Why do we run our business operations disconnected from the
insights that could make us more money and reduce costs? in an ‘always on world’
where we run our lives minute by minute, wirelessly connected to a wide variety
of information sources, why should we run our businesses based on out of date
information? Clearly something has to change in the way that we (human beings)
use technology to process and analyze data.
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.
Predictive analytics has
been around for years and has been continuously improving in terms of the
algorithms used, the efficiency of the code and/or the design of software
itself. Some large companies and some government departments have been taking
advantage of this technology for years.
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