Data Intelligence – to Build YOUR Business
Data Intelligence versus Business Intelligence - there is a distinct difference between the two.
Business intelligence (BI) is an older term describing a process of collecting and analyzing data from internal and external sources to provide company leaders with organized facts (highly condensed), so they have the opportunity to make better/more productive decisions.
BI is used to make improvements in the “here and now.” One particular area of concentration associated with (BI) is customer attitudes – determining what is needed to maintain their brand loyalty.
Data Intelligence (DI) collects information from similar sources, but its primary use is for making better decisions moving forward. The data gathered internally can help determine what should be the next steps organizationally. External data, from a wide range of sources, is used to produce actionable information.
That information is used to determine what should be done in the future in multiple areas – usually focused on financial commitment including investment, mergers and acquisitions, product development/ roll-out, etc.
The evolution of DI has been driven by the need to have quantifiable information, fact/data-based hard numbers. Using DI helps to give business leaders a better understanding of what direction to take their business - to make business decisions about everything from “next steps” to long-term strategy.
The Process of Developing Data Intelligence
Because Data Intelligence can provide the insights into the best ways for a company’s future activities, it is critical that any DI work needs to be related to specific objectives.
1. Determine key areas and objectives
DI efforts need to be focused on areas that have the greatest potential; otherwise, the data that may be too scattered to produce actionable information.
2. Use a wide variety of data – quantitative and qualitative
Each of these data types will provide a more “three-dimensional” view of the possible areas for future activity.
Having that combination means that business leaders can make decisions that are more likely to be productive. It is important that all data are relevant, so that time is not lost in a mass of information that doesn’t lend itself to the right choices.
3. Stayed Focused
Data intelligence will provide a broad range of information, but it is critical that the most important pieces of information are relevant to specific business issues which have been previously identified.
4. Monitor and Adjust as Necessary
DI is like any business process, monitoring is vital. As information is generated, the potential areas of activity need to be tested. Results of those tests needed to be reviewed and changes in both data collection and actions in the process will almost certainly be needed.
While new programs or activities are modified, DI should be provided the business information to judge the effects of the changes. Time is of the essence; a business needs to be constantly in action. Being static is the equivalent of being obsolete.
Analysis and modification of DI processes should provide the data intelligence to make changes efficiently and allow a business leader to Build A Better Business. DI is a powerful way to help any business improve.
My goal is to work with clients to fine-tune objectives, so they can acquire and analyze the right data to make better forward decisions. I will continue to help any business leader identify and use data intelligence tools that will help Build a Better Business.