What is BI really? Multiple Versions of the Truth
What is BI really? Here are some 'versions of the truth':
- According to a website BI is a broad category of Management Information Systems, applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better B. decisions.
An article by Peter Bochner and Jack Vaughan mentions a few more definitions:
- The process firms go through to gather, store and analyze data.
- A critical activity that helps companies to make faster, smarter decisions, as well as increase revenue, build customer loyalty, streamline operations, improve risk management and even enable previously impossible B. processes.
- A constantly evolving strategy, vision and architecture that continuously seeks to align an organization’s operations and direction with its strategic B. goals.
- The theory that the more you know about your customers and the B. problem you’re trying to solve, the better you’re able to solve it.
- According to Danny Siegel from Pfizer Inc an effective BI system provides corporations with “one version of the truth”.
Ain't it funny that there is no single version of the truth about what BI is? Perhaps one of you has an even better definition to share with us?