Business intelligence is all about using the data you have to make informed decisions
"Business Intelligence" is one of those buzzwords that many people throw around even though few know what it actually means. Of course, most of us assume it has something to do with insight or information that helps improve business. But business intelligence is more than just reading a great business book or monitoring the stock market. Business intelligence is all about capturing the right data and using it in the right way to make business more efficient and effective.
First, you can't be doing "business intelligence" if you don't have data. In the mortgage industry, it's pretty difficult to get away with not having data. It's constantly coming in with each new customer, partner, investor, employee, and so on and so forth. However, the key is to capture the data and store it in a manner that makes it accessible for future use. That's when it is transformed into business intelligence.
But business intelligence doesn't only involve capturing and storing the data; it also involves accessing it. If you aren't using the data you have to make informed business decisions, then you aren't using "business intelligence." Whenever you need to make an important business decision, ask yourself two questions: 1) what data do we need in order to make the best decision? And 2) where can we find this data? Chances are, the data is right at your fingertips and you just need to ask the question. When you start asking those questions, you start using "business intelligence."
First, you can't be doing "business intelligence" if you don't have data. In the mortgage industry, it's pretty difficult to get away with not having data. It's constantly coming in with each new customer, partner, investor, employee, and so on and so forth. However, the key is to capture the data and store it in a manner that makes it accessible for future use. That's when it is transformed into business intelligence.
But business intelligence doesn't only involve capturing and storing the data; it also involves accessing it. If you aren't using the data you have to make informed business decisions, then you aren't using "business intelligence." Whenever you need to make an important business decision, ask yourself two questions: 1) what data do we need in order to make the best decision? And 2) where can we find this data? Chances are, the data is right at your fingertips and you just need to ask the question. When you start asking those questions, you start using "business intelligence."
