“Actionable Insights” are the NEW GOLD! Present the right data at the right time to the right people on the right devices! Insights that are actionable enable you to make strategic, well thought-out decisions that drive positive business outcomes. But while Business Intelligence and Analytics converge when it comes to driving “Actionable Insights,” the methodologies and approaches are very different.
Let’s begin by discussing the fundamentals of each. Simply stated, Business Intelligence involves collecting data from multiple sources, both internal and external, then transforming and normalizing that data to provide valuable actionable insights for making data-driven business decisions. The process uses an integrated data model comprised of various data feeds (e.g., financial, customer, sales, marketing, prospect, inventory) to answer top-of-mind business questions, such as:
The difference is this: analytics integrates BI tools within business process applications, thereby allowing business users to be more productive, work smarter, and make better business decisions in real-time without leaving or interrupting the natural flow of their day-to-day workflows. So, while analytics still provide “actionable insights,” they don’t necessarily consider the big picture. Rather, they’re more geared towards providing immediate feedback in order for a given business workflow or process to continue seamlessly. For example:
Clearly, there are benefits to Business Intelligence and Analytics. It’s key to monitor business trends, detect significant events, and get the full picture of what’s happening inside your organization. It’s also important to optimize processes, increase operating efficiencies, drive new revenue, and improve decision-making.
Many enterprises have vast, rich datasets, particularly the financial services, healthcare, manufacturing, and telecommunications industries. Leveraging this data can be extremely beneficial. Let’s look at the top 5 areas Business Intelligence and Analytics make a big impact:
I hope this article helped you understand how “Actionable Insights” enable strategic decisions that drive positive business outcomes and improve engagement by allowing you to present the right data at the right time to the right people on the right devices. If you still have questions about Business Intelligence and analytics or would like to discuss all the ways your organization can use advanced analytics and BI to drive actionable insights, please don’t hesitate to reach out to us. We’d love to help you get started.
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