We have come a long way in the business world regarding how to make our businesses better. Previously we had to rely on gut instinct, hunches, and our bank accounts.
Now, though, we've got a complex set of systems, known as operational business intelligence, that creates data we can analyze. With it, we can see our strengths and weaknesses company-wide. Still, not every business owner or manager has allowed themselves to experience the benefits of operational business intelligence (OBI). Read on to learn how you can build business knowledge with one unique system.
What is Operational Business Intelligence?
Integrating operational business intelligence can require you to know what it is. Once you do, it won't take you long to realize its benefits. Operational business intelligence is the evaluation and review process of your business practices, procedures, and data. With that information, you can make sound and strategic business decisions. Operational business intelligence, or operational intelligence, as it is referred to, is essential for any business owner who needs to stay ahead of the curve. As your business model changes and evolves, or your customers do, operational business intelligence allows you to react. With such technology, you can remain confident in your everyday operations.
What Operational Business Intelligence Looks Like in Everyday Business
Any manager or business owner can be on the fence about welcoming new technology. And rightly so, for it can be both daunting and complicated. Fortunately, operational business intelligence is a data-based form of tech, which means there is data to back up its usefulness. In everyday business operations, operational business intelligence is that faithful employee who keeps their ear to the ground. They are across everything, and they know what's happening in real-time. With this technology, you gain access to live data to be able to make real-time decisions. Make hard, complicated operations changes based on actual data, rather than a gut feeling. You can even use such software for hypothetical situations, showing its relevance in the days, weeks, and months ahead.
Such is the accuracy and time-saving benefits of OBI that many large businesses have adopted it. Amazon, HelloFresh, Starbucks, Chipotle, and Coca-Cola are just a few of the major businesses that have successfully implemented operational business intelligence into their current business model.
Operational BI vs. Traditional BI
On the surface, operational business intelligence can seem the same as traditional business intelligence. After all, they both have business intelligence in the name. And while they both aim to help you build business knowledge, the two are vastly different. Let's find out how.
Traditional Business Intelligence
Traditional business intelligence took off in the 1990s. Still, it wasn't a new phenomenon even then. The first mention of it was in 1865 when it was used to describe how a banker Sir Henry Furnese, profited by acting upon information in his environment before his competitors. It began as a system that combined data gathering, data storage, and knowledge management into one. The system would prove valuable for decision-makers, planners, and business owners. How it differs from operational business intelligence is in how it makes use of technology and applications. Traditional BI uses a myriad of different software programs to offer a collective business answer. It's not in real-time, but it allows access to your past consumer transactions.
Operational Business Intelligence
On the other hand, operational business intelligence is a bit more targeted and advanced. It allows you to monitor all parts of your company's operations internally in an evolving market and against your competitors. Unlike traditional business intelligence, you can access real-time data for real-time decision making. Given that any business or industry can change in the blink of an eye, it's crucial to have a system that can roll with the punches. Operational business intelligence can. With it, you can make hard but necessary business decisions by tapping into qualitative and quantifiable data.
It can be challenging to get to grips with what operational business intelligence can do for your business. But it's best to view it as an eight ball. Give it the information, allow it to process and digest, then get the answers you've been seeking in return. It's also not a tool that all business owners need to jump into the deep end with. You can use it for low-impact decisions, get to grips with its functionality, then move up to those more significant decisions.
You can build business knowledge by allowing operational business intelligence to turn your raw data into easy-to-read information.
Operational business intelligence is a far more complex and detailed version of business intelligence.
Both operational intelligence and operational business intelligence have been adopted by many leading brands, such as Coca-Cola, Amazon, and Starbucks.
The concept of business intelligence dates back to 1865.
Don't get bogged down in the details of business operations. Let operational business intelligence do that for you. Whether you need a helping hand with rolling forecasts, real-time reporting, or process management, you may be surprised at what this centuries-old form of tech can do for your business.