Business Intelligence for Beginners: what is it, what does it do and why an organization needs it? Part ITuesday, Jan 08, 2019
Data is constituted of symbols that represent the properties of objects and events (raw facts) such as a person's name, age and address.
Information is data processed and organized in a meaningful and useful way which provides answers to “who”, “what”, “where” and “when” questions.
Knowledge is the awareness and understanding of Information; which answers the “how” questions.
An insight happens when organizations have the ability to interpret their information and knowledge as well as answer the "why" questions.
This understanding will enable them to increase their efficiency; not effectiveness. The difference between knowledge and insights is the same between memorizing and learning. People who can realize a new level of knowledge can take better actions.
Wisdom deals with values and evaluates understanding. It involves the exercise of judgment, which can be processed by humans only!
Effectiveness is reached when we measure and judge efficiency.
Wisdom is reached when we measure and judge understanding.
If companies invest very well in understanding their data and analysis, they can take advantage of opportunities, quickly respond to challenges and overcome threats.
Analyzing data helps to transform performance, increase productivity, boost revenue, soar profits as well as improve customer satisfaction and retention.
To know how we can analyze data, we will talk about BI and its different terminologies.
Let’s complete in part II of this blog.