‘How would you rate your analytical skills?’ – the prospect of such a question at a recruitment interview for many is a nightmare coming true. No wonder – the sight of advanced spreadsheets and strings of numbers can overwhelm many people and there is no escape from them since the modern business world is driven by data. Can everyone work with them? It depends on how they are given to us, and this is where Business Intelligence comes to the rescue.
Every day, we generate and collect huge amounts of information to help us make better decisions, increase operational efficiency or help identify trends. The term ‘data-driven’ has been around for a long time and means using data by the entire company at every possible opportunity. Data is transparent and measurable, allowing for unbiased calculations separately from emotions or hunches. Although professional experience gained over years of work is an indispensable attribute of an employee, abandoning intuition and relying on data is key. However, just possessing data is not enough – the key is to interpret and use them correctly. This is where Business Intelligence comes in – a set of tools and technologies that enable raw data to be transformed into valuable reports and analyses that can be read by employees with different experience and analytical skills.
What is Business Intelligence?
There are some Exel files which after opening them make one question pop into your head: ‘How do I get to grips with this and where do I even start?’. Sequences of numbers and a multitude of columns can create a sense of confusion, especially for people whose analytical skills are not their strong points. Business Intelligence (BI) addresses the competencies desired at work and the vast amount of data to be navigated. BI transforms data into information and information into knowledge that can be used to make informed business decisions. BI tools collect, analyse and present data in the form of charts, reports, scoreboards or management cockpits, making complex information easy to understand, often using colours (e.g. green as positive information and red as negative). This is a huge facilitator not only for managers when making decisions, but also an excellent tool to support employees in achieving individual and team goals.
Does everyone know how to read data?
Until recently, the answer would have been no. Today, thanks to BI tools, the answer is not so obvious. Simple conclusions from the reports and presented summaries are within the reach of most people but the level of effectiveness in using them depends on the user’s ability to interpret and use the data, as well as competence in decision-making and further accountability. The good news is that BI tools are increasingly intuitive and designed in such a way that even people without advanced technical, economic or mathematical knowledge can use them effectively. Furthermore, companies can invest in training and developing such competencies among their employees.
Whether every employee should have access to detailed company data is a matter for each entity. However, providing employees with data relating directly to their performance has a positive impact on productivity, engagement and the achievement of KPIs. With a reference point and regular data updates, you can perform more effectively. Transparency against others creates a positive association with the company and gives a sense of real impact.
Business Intelligence in everyday work
Integrating BI into the day-to-day duties of employees can revolutionise business operations in many ways. First and foremost, it allows important decisions to be made quickly based on performance indicators and specific data. By monitoring trends in real-time, anomalies can be quickly detected and responded to. Operational efficiency, on the other hand, is enhanced by capturing inefficient processes, reducing costs or optimising resources. Companies that have effectively implemented and utilised BI gain a competitive advantage as they better understand their operations and processes and react faster to changing market conditions.
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