The Four Sides of Business Intelligence
If you regard business intelligence as a one sided thing, then the chance are that you will not succeed. Those who manage to use business intelligence strategies to their advantage understand that there are actually four sides to the discipline. These sides act independently of one another, but they also interact with each other, to provide the best possible outcome. The four sides of business intelligence are as follows.
Operational Analytics help managers to understand how operations are progressing on a (near) real-time basis. Analytics tools can help managers to see what is going "in" and what is "coming out", to make sure that resources are being used properly, and that an appropriate number of units are being sold.
Delivery of Actionable Insights
Rather than spending money on answering questions which may or may not be useful to answer, this aspect of business intelligence uses existing data to further their aims. For example, if existing data shows certain trends, they can then work out how these trends could be manipulated to further the business' aims and objectives.
Enterprise Performance Strategy Insights
Organisations must formalise their business strategy, and then continue to monitor and report on how actions completed by the business are moving towards meeting those stated objectives. Concentrating on meeting each strand of small objectives helps companies to achieve their larger goals.
Community Learning Insights
This pertains to the ways that businesses must interact with each other and the public. In many circumstances, rival businesses must work with one another in order to promote their continued success. Understanding these interactions is critical.