Understanding Business Intelligence and Your Bottom Line
The term “Business Intelligence” and its acronym “BI” are so pervasive in today’s data-intensive lexicon that it’s a challenge to know just what to make of it. If you add in all the new trendy terminology such as business process management (BPM), data mining, data warehousing, business process automation, decision support systems, query and reporting systems, enterprise performance management, executive information systems (EIS), business activity monitoring (BAM), modeling and visualization, and so forth, your head can start spinning.
Here is a workable definition of BI that was provided in a Technology Evaluation report from a Jan. 10, 2005, Technology Evaluation Centers article by Mukhles Zaman titled, “Business Intelligence: Its Ins and Outs”: “BI is neither a product nor a system. It is an umbrella term that combines architectures, applications and databases. It enables the real-time, interactive access, analysis and manipulation of information, which provides the business community with easy access to business data.
Myth #3 – You need to toss out all your spreadsheets
With all the high-priced applications now available in the fragmented BI marketplace, it’s easy to see why many vendors would scoff at the idea that your basic Microsoft Office Suite is quite adequate as a key component of your BI solution. They don’t want you to know that the most widely used BI tool today is an Excel spreadsheet. Almost everyone in the corporate world is familiar with Excel, its minimal learning curve, and the fact that the application leverages a company’s existing software solutions. Excel is often used to track expenses, create budgets and forecasts, and create reports from that data. Plus, Excel tools offer many useful features such as graphing, charting and pivoting that can assist decision-making.