Imagine you were shopping for a new car. You go to the lot and see they have several of the same model in stock. On the surface, they all look the same except for the color. But after you buy one, you learn that it was actually a year older than the others on the lot and had thousands more miles than them. It had also been in a previous accident, but it still costs the same as the newer cars.
With a little more insight into what you were buying, you may have chosen differently. Since all the cars cost the same in this example, you could have gotten more value by getting a newer, less-driven model that was in better condition.
BI and analytics work in a similar manner.They provide users with data they might have overlooked or might not realize is available. With those insights, users can improve business operations and data-driven decision-making.
To be clear, BI data doesn’t tell companies what to do or what will happen if they make certain decisions.Its value lies in presenting business leaders with simplified data insights related to a specific area of business. It helps to remove some of the guesswork of an endless list of what-if questions.It streamlines the process of searching for and combining various data sets to speed up the decision-making timeline.