How CIOs Can Get the Most Out of Business Intelligence (BI)

May 7, 2020 - by Synoptek

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Data is a goldmine for all kinds of businesses today. It can be used to find untapped business opportunities, discover otherwise unobserved trends, and identify cost-optimization opportunities. Data-driven insights help organizations make decisions that are failure-proof and resounding. Business Intelligence (BI) tools enable organizations to access and analyze a vast range of data that would have been otherwise impossible to collect and decipher. A CIO, who is at the helm of the information management in an enterprise, can leverage the previously untapped data and BI techniques to drive multiple aspects of the organization’s digital transformation.

The 3 Cs that BI helps CIOs achieve 

A sound BI solution helps the CIO take control of enterprise data and leverage it to bring collaboration, compliance, and a competitive edge to their business. In the last five years, the application of BI has continuously ranked as one of the top interest areas for CIOs across industry verticals. By leveraging BI tools to their full capacity, CIOs can:

  • Empower business leaders with information that can enable them to make transforming business decisions
  • Eliminate data fatigue in the enterprise
  • Streamline all data flow in the enterprise to rule out any legal and compliance risk
  • Convert IT from a cost center in the organization to a source of competitive advantage

Build business value

CIOs are positioned strategically to maintain a balance between complex BI systems and corporate relationships and drive effective information management practices. They can, therefore, leverage enterprise-wide data to gather and use critical records and help other C-level executives enhance as well as underpin the integrity and quality of enterprise operations. Data is collected from multiple, disparate tools across the enterprise ecosystem and further analyzed to derive sound business insights that can make boardroom conversations more productive.

Eliminate data fatigue and enterprise waste 

In the ‘information age,’ ‘not having enough data’ is less of a problem than oversaturation and deluge of data which does not mean anything. CIOs, with the help of BI tools, can look at enterprise-wide data to streamline and process only critical data sets that are useful for the business and simply eliminate the rest. By regularly removing enterprise waste, CIOs help their organizations continuously boost the organization’s productivity.

Improve data accuracy and compliance 

Any information present in the enterprise ecosystem and its quality, accuracy, and safety is a CIO’s responsibility. A BI tool ensures that the CIO is in complete control of enterprise data. Different BI techniques can be applied to ensure data accuracy across the enterprise ecosystem and identify gaps that can, in any way, lead to data compromise or compliance breach. By building on the data and network health check report, CIOs can put several gate checks to ensure protocols related to data management, data safety, and information access are efficiently enforced.

Transform the IT department into a center of strategic importance 

By applying a sound BI strategy, CIOs can enable the enterprise to unearth powerful data and insights in time to take on the competitions head-on. This will change the age-old adage of the IT department in an enterprise being a cost head and instead make them a department of strategic business importance.

Going forward

A big part of the technology pursuit and adoption responsibilities come to the CIO’s desk. As BI is one of the hottest pursuits in the technology ecosystems right now and given how beneficial it can be for CIOs, they must continuously be on top of emerging BI trends. CIOs, by leveraging new and emerging BI techniques, can help enterprises stay on the right side of digital disruption. BI trends in 2020 show immense focus on more forward-looking (and even automated) and self-service models. CIOs can leverage these trends at the early stages of their organization’s digital transformation journey to ensure astounding business success.