Reasons to Enhance Business Intelligence With Analytics
Enhancing business intelligence (BI) with advanced analytics helps organizations move from insight to action.
While business intelligence (BI) provides valuable information this Information Management article suggests that more companies are enhancing their BI practices to include predictive analytics and data mining. The result, according to advice offered in the report, helps organizations to move from insight to action.
"Though BI provides many advantages, it is limited in its ability to predict, forecast and make inferences on unknown facts and relationships for instance, predicting customer behavior, the probability of fraud, or suggesting the next best offer during an online transaction. For these reasons, most companies are enhancing their BI practices to include predictive analytics and data mining. This combines the best of strategic reporting and basic forecasting with additional operational intelligence and decision-making functions. By developing the capability to move from insight to action, leading businesses are combining historical and predictive analysis to determine what immediate actions to take."