Business intelligence, or BI, refers to the analysis of raw data. But BI has evolved into much more than this elementary definition, becoming vital to informed decision-making across all aspects of a business.
With this in mind, ITWeb in partnership with Synergy is conducting an online BI survey during June to understand business intelligence strategies within South African organisations.
"BI/Analytics is evolving quickly, with more and more companies embracing deeper, more advanced analytics," says Gillian Staniland, Data Strategist at Synergy.
"This BI survey will assist with understanding the maturity of BI implementations in SA, and whether organisations are ready to adopt the next wave analytics through the Internet of things, machine learning and AI, versus those building their foundations on trusted, enterprise information platforms."
Commenting on the benefits of adequate BI strategies and solutions, Staniland says many organisations have purchased and impletemented various BI technologies, and spent much time gathering and preparing data, but the anticipated ROI has failed to materialise.
"This is often related to business readiness, timeliness of delivery, skills availability, data quality and ownership, as well as creating an analytical culture in an organisation. A BI strategy helps to unpack the core needs of a business, assess the 'as is' and 'to be' states, and then map out a pragmatic path to realising the BI promise."
Govern bite-sized BI for managed ROI
When it comes to managing BI initiative costs, Staniland has some sound insights.
"True BI is a complex mix of data, technology, culture, business processes and skills, and as such can result in long periods of busyness, but little value," she explains.
"Focus and delivery of bite-size artefacts ensure that business users are closely involved in the process so that pitfalls and complexities can be surfaced earlier in the process, and shifting priorities can be accommodated. It is essential that BI outputs are governed, and integrated, so as not to spawn a chaotic collection of disparate items."
Staniland says there are various factors that can contribute to the success or failure of BI projects.
"Early attempts at BI are usually the first time that IT and business users see their data in a holistic fashion, cutting across systems and departments and processes. It is here that debates about accuracy and validity can stall projects or, worse still, inconsistent and conflicting outputs can result in distrust of the whole solution."
To have a solid shot at success, Staniland says it is important to identify people who can verify business rules and terminology, and to also enlist source system experts, who can ensure the correct and most relevant data is used for BI.
According to Staniland, there is a widely varied BI maturity level in South Africa.
"Many smaller companies, and even some larger ones, are still using spreadsheets as their reporting tool of choice, while others are exploring advanced analytics, real-time and embedded intelligence."
But, she adds, the majority have some degree of BI, and are looking at ways of sweating this asset.
"We see a trend towards the use of multiple front-end toolsets, with IT and business looking for ways to support a diverse set of BI needs."
Staniland concludes: "Analytics toolsets are evolving rapidly, with new entrants helping to drive innovation among the more established players. It is a truly exciting space, with the mantra of 'data as a key asset' taking real shape. There really is never a dull moment in the world of analytics, and it is fast becoming the key differentiator among corporates and start-ups alike."
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