Successful companies arrive at and act quickly on business insight. This brings them time to market advantage and helps achieve ultimate customer satisfaction.
Let’s make no mistake: Data is a good thing. Big Data even better. As long as it is “gathered purposefully”. This is where a good company mission and vision can really help.
Interpretation of data in a well-defined context brings us to Information. Generalization and analysis of Information within the framework of a concept, a principle or a relationship then produces Knowledge.
When Information is “analyzed predictively”, we can forecast and predict what may happen in the future. This knowledge can then help determine future market behavior. And that knowledge base should be “expanded discriminately” in order to stay on course with the company vision and maintain focus.
Next the inevitable happens: Insight. Insight is the learnings from observing knowledge against facts and occurrences. It is the new currency for Business Process Integration (BPI). Insight usually results in an actionable opinion. Don’t we all love that? To be opinionated?
Insight is the ultimate advantage for time to market. Therefore, it needs to be “leveraged timely”.
Crossing the recent frontier of integration with big data analytics, BPI’s role in helping businesses compete has increased by an order of magnitude. When the right heuristics are captured, big data analytics will produce timely alerts and events. And with that, stakes get higher as alerts and events often demand expert decision making and timely action.
Corporations that invest to digitize the workplace to gain the right insight must be equally considerate of turning their business insight into swift and accurate decisions and action. This requires “collaboration-enabling” their talent. More on this in a future blog. Stay tuned!