The right Business Intelligence Strategy can be game-changing for a business and the ultimate competitive advantage.
According to the Forbes Insights and Qlik (2016) study done pre-COVID:
- 64% of business leaders say self-service business intelligence creates significant competitive advantages
- 67% of the business leaders say self-service business intelligence will be incredibly valuable for finance
- 61% of the business leaders say self-service business intelligence will be incredibly valuable for sales
- 60% of the business leaders say self-service business intelligence will be incredibly valuable for marketing
- 60% of the business leaders say self-service business intelligence will be incredibly valuable for compliance
Fast forward four years, the combination of advancements in technology, the Internet of Things (IoT), Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML) combined with Natural Language Processing (NLP) has elevated the value of the data. As Senior Leaders, we have a tremendous opportunity to elevate ourselves and our team’s capabilities and positive outcomes by leveraging Business Intelligence (BI) tools in a self-service environment.
When data is centralized, management makes decisions based upon data insights derived from one source of truth. Tools like Microsoft SharePoint, Jira, and Tableau allow management to use dashboards utilizing timely, consistent, relevant, and accurate data for decision making. These tools enable our employees to make better decisions by combining internal and external data sources like competitive analysis, industry trends, economic and market conditions.
Platforms with AI/BI capabilities allow for predictive analysis. These new systems highlight areas that the user can drill down and further expand, to gain clarity and create actions to address the problems. Predictive analysis allows the user to do scenario analysis to visualize potential outcomes of planned decisions.
“Since there is so much data gathered on a minute by minute basis these days, systems that can help all types of users better understand what they are observing and then help point out actions that could be taken to address the problems, are inherently valuable for any enterprise with as varied a geography and user community such as IHG.”
Jeff Edwards, SVP Global Head of Hotel and Owner Solutions at Intercontinental Hotels Group