Enterprise Intelligence: aligning needs and goals
The march of “big data” is getting faster. A staggering 90% of the world’s data has been created in the last two years. And the volume of digital information is forecast to double every two years for the rest of this decade.
Over the next 10 years, the growth of data volumes will outperform the ever-decreasing cost of storage technology. This means that businesses will find they are in the position of having to make a choice between what data to keep and what to ignore by a process of evaluation.
By following an Enterprise Intelligence approach organizations can use information to understand the past and to predict the future in order to make decisions today.
Among these seemingly endless fields of data are golden nuggets of information that can help businesses to deepen their understanding of factors that are critical to success – such as customers, markets, products, supply chains, competitors and risk.
We define Enterprise Intelligence as an organization’s ability to optimize its performance by:
- Identifying relevant information
- Analyzing it in such a way that produces insights that are deeper than their competitors’
- Being able to act upon these insights
Ultimately, Enterprise Intelligence offers an approach for looking at the whole information value chain from planning and forecasting, capturing, management and processing of information through to delivering actionable insights on interconnected external and internal information to support business performance.
The technologies to help organizations make sense of existing data have been available for quite some time. The majority of these approaches enabled decision-makers and managers to look at past performance or, at best, real-time data – but this is like driving a car by looking only in the rear view mirror.
However, with modern technology approaches and performance improvements established fairly recently, businesses are now able to look through the windshield as well as the rear view – extrapolating from past experience, simulating evolution from real-time data and even predicting events to help drive their business faster, more efficiently and more safely. Using information in such ways helps sharpen their performance, differentiate their offerings, identify new revenue and innovation opportunities, minimize their exposure to risk, improve organizational efficiency, and facilitate the uncertainty of a volatile global economy.
In short, by following an Enterprise Intelligence approach, organizations can use information to understand the past and to predict the future in order to make decisions today. This will help companies identify areas of competitive advantage and take proactive actions, thereby enhancing business outcomes.
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