PBN, Feb. 12, 2020 –Companies can be data rich and information poor. Business intelligence involves using data wisely and strategically. Tim Hebert, founder and CEO of Trilix, spoke with PBN about how companies should approach BI, and what tools are available to implement its use.
PBN: For those unfamiliar, what is a quick definition of BI?
HEBERT: There are a lot of floating definitions out there, but at Trilix we define business intelligence as: a strategic use of people, processes and technology to turn data into insights that are reliable, relevant, timely and actionable.
PBN: Who is using BI the most, to make what kinds of decisions in a company?
HEBERT: Recent studies show us that the top five business areas driving BI are operations, sales, finance, executive management and information technology. But each of these units are approaching BI from a different point of view.
People in operations, for example, might be turning to BI to identify areas of waste and inefficiency and predict shifting external conditions before they happen. Sales leaders are monitoring revenue numbers of course, but they are also interested in what leading indicators correlate tightly to sales success, such as how potential deals move through their pipeline. Finance looks to BI to monitor profit and loss in real time, rather than monthly or quarterly, so they can respond quickly to negative trends. IT can use business intelligence to track and monitor security threats and also gauge how effectively BI tools are being used in the organization – a concept we refer to as “BI on BI.”
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Trilix is a consulting firm helping clients reach breakthrough growth. Trilix helps mid-market organizations strengthen their approach to strategy, execution and culture so they can achieve dynamic, lasting transformation. Made up of a team of senior-level strategists, innovators, developers and trailblazers, Trilix helps clients drive favorable business outcomes.
To learn more, please visit trilixtech.com.