3 Payoffs CIOs Should Expect From Business Intelligence
by Christian Ofori-Boateng on Jun 1, 2016 8:30:00 AM
Business Intelligence (BI) is any CIO’s best friend. You need information if you want to make decisions for today’s fast-changing marketplace. BI gives you the right tools for acquiring and interpreting large amounts of data. That's a necessity for any company aiming to become a key player in the industry. To illustrate how BI augments the fundamental Chief Information Officer responsibilities (planning, analyzing and implementing), I will discuss 3 payoffs CIOs should expect from Business Intelligence.
Getting there: BI for better planning
The fundamental role of CIOs is to identify key areas where improvement is necessary or possible. A CIO is able to make informed decisions about the company’s next move based on the analysis and interpretation of data. This is essentially the start of a cycle where developing an effective BI strategy roadmap provides valuable insight on what areas require planning and direction. Seize the power of BI to convert big data into actionable information.
Business Intelligence can provide information on competitive intelligence - specialized knowledge about your competition’s whereabouts. This can make or break a project or force the company to rethink the situation – strategic awareness saves time and resources.
Overcoming obstacles: BI for better analysis
Once you decided on the course of action, data analysis can provide objective input to identify obstacles and prepare an understandable and actionable work plan for the company.
Adequate BI strategies will allow for increased data analysis efficiency and throughput using fast and reliable methods – essentially boosting productivity in your department. Large data sets on consumers, market trends, industry figures, and trends can now be translated into decision-making criteria backed by substantial evidence. This makes it easier for CIOs to allocate resources and acquire the relevant tools and infrastructure as well as managing services for successful implementation of the project.
Results of analyses will also provide enough specific information as to close the gap between initial planning and real-world implementation. Refining the initial aim to more realistic and well-established goals will result in a focused workforce and reduced costs with increased revenue.
Achieving results: BI for better implementation
While implementation depends on the effectiveness of previous measures and the relevance of analyses performed, it also relies greatly on the training and knowledge of users involved in the project. Therefore, the training and human resources component of a strong BI strategy is brought to the forefront of the project during this stage. Knowledge is power!
A well-planned and tailored Business Intelligence roadmap can make the life of a CIO much easier while earning you the recognition that comes with being an objective, data-driven decision-maker. State-of-the-art technology and infrastructure available today, coupled with Business Intelligence benefits, can take your company to the next level.
Are you a CIO who is facing an issue with getting the information you need in today's fast-changing marketplace? I can't wait to hear your thoughts, leave me a comment below on any questions you have.
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