BI stands for Business Intelligence and is the process of turning data into information and then using the knowledge obtained to deploy the right actions for the organization. For a financial manager within an organization, Business Intelligence is invaluable. A powerful BI tool enables you to clearly present the jumble of data and make decisions that move the business forward. Therefore, the CFO (and really everyone in the organization) should embrace Business Intelligence.
Real-time data
When you grab a management report from the printer and the ink is not yet dry, the information is actually already out of date. Business does not stand still, so information is constantly changing. So it's important to look at real-time data. Business intelligence solutions make that possible. Convenient, customized reports that are always up-to-date. No more being behind the times with a pile of paper, but making decisions based on complete and accurate information.
Visually presented data
As a CFO, you're probably good with numbers, but all those numbers can be very boring and difficult to interpret. Not only for you, but certainly also for your colleagues. By presenting the information in graphs, tables or even complete dashboards with KPIs, it becomes much more engaging and you can draw conclusions from the numbers faster. In addition, visually presented information sticks much better with your audience.
Meaningful data
The bulk of data stored in your system has little value until you do something with it. The goal is to turn the data into information and turn the information into insights. With the right BI tool, you can give meaning to data. But you need to be aware that while the BI tool is only the means to get answers to your questions, asking the right questions is another completely different challenge.
As the economist Ronald Coase once said, "If you torture the data long enough, it will confess." So don't give up when you can't surface what you're looking for all at once. Data contains a wealth of information, you just need to figure out how to arrive at those valuable insights.
Philip van Kemenade is a marketer at Dysel and has daily contact with end users of software.
