Business intelligence (BI) refers to the procedural and technical infrastructure that collects, stores and analyzes the data produced by a company’s activities. It encompasses data mining, process analysis, performance bench-marking, descriptive analytics etc.
We are in the Information Age, characterized by big data streaming in unstructured and in diverse formats (mail, social media, news etc), this overload do not make for easy collection and analysis, and more often lead to Analysis Paralysis. Business intelligence is meant to take in all the data (big data) being generated by a business (industry/sector) and present easy to digest performance measures and trends that will inform management decisions.
To be useful, ETHOS seek to increase the accuracy, timeliness and amount of data, by finding more ways to capture information that isn’t already being recorded, checking the information for errors, and structuring the information in a way that makes broad analysis possible.
And, even though there may be software solutions, Businesses still need to hire Data Specialists to make sure there is reasonable trade-offs being made between cost-saving, speed and reporting depth.
Many companies depend on business intelligence to support key functions such as hiring, compliance, production and marketing. When collecting and growing business intelligence becomes a core business value, it is difficult to find a business area that does not benefit from having better information to work with.