Friday 8 June 2012
An increasing number of companies are using business information to learn more about their customer and trading markets, it has been suggested.
Writing for Computerworld US, Mary J Pratt explained that the basic goal of business intelligence is to turn raw data into information.
Businesses are collecting huge volumes of data relating to a wide variety of operational processes, but this offers little value unless it can be interpreted.
For many businesses, that means using BI tools to transform data into reports and computerised views of past performance," Ms Pratt noted.
She described this as 'rear view data'.
Ms Pratt added that some companies are now turning to more advanced forms of business intelligence, in a bid to "find red flags and solve problems".
"At these organisations, business intelligence means more than generating reports," she said.
Speaking to the news provider, Matt Wood, estate director of Domaine Chandon and Newton Vineyard, said companies need to look at their consumers' behaviour and seek insights through business intelligence tools.
He claimed that this is where the opportunity is for businesses seeking to improve the way they operate.
Posted by Alex Boardman