Operational intelligence has quickly become next priority for business intelligence advisors. While business intelligence has provided the intellect and insight needed to take brands online and through global expansion, operational intelligence is laying the foreground to continue operating on this global, largely mobile scale.
What is the difference between business intelligence and operational intelligence?
Business intelligence (BI) has been around for the great part of the last three decades. BI has helped companies succeed by provided the necessary information to make knowledgeable real-time decisions. Now, operational intelligence investigates deeper complexities to ensure that those BI insights are accessible on any scale of business.
BI has essentially reached a peak. Data-driven technology has been used since the nineties, and it has worked its way into the strategies of all successful businesses. By sweep consumer and transactional information, BI has provided the insight for critical growth and development decisions. BI includes a slew of software programs, amongst them: online analytical processing, reporting, and querying. BI is still essential to businesses of all sizes. Software programs are easy to understand, as many are communicated via visually digestible dashboards, infographics and short snippets of insight.
Operational intelligence (OI) refers to enterprise software, which allows executives to monitor all aspects of company operations internally, amongst competitors and in the evolving market. Operational intelligence software prevails over BI by providing real-time data to fuel real-time decisions and hypothetical projections for future decisions. In a constantly evolving state of technological adaptation and shift, decisions relevant to days and weeks ahead are considered future decisions. Industries can now change dramatically and seemingly overnight, so remaining precisely in tune with consumer behavior is essential.
What tools separate OI from BI?
One of the biggest differentiations within OI from BI is the system’s constant communication of transactional information. While BI consistently provides insight of past consumer transactions, OI tells executives via alerts and dashboard what is happening at this very moment. Reading live information allows business to make spur of the moment decisions that can significantly impact the immediate sales trajectory.
At first use, OI can be overwhelming. Not only are you utilizing the tools and insights you’re used to from BI, but now you are factoring in the live transactional data from consumers. The decision-making funnel becomes more complex, but it also becomes more thorough. Decisions are fueled by qualitative, quantifiable data.
Does OI function cohesively with the digital evolution?
Of course, OI has evolved because of the digital transformation in businesses. Consider the digitally-adapted industry pioneers: Ubers, Netflix, PayPal. Their digital introductions received skepticism initially, but quickly paved the way for the future. OI monitors technological trends and evolutions within your industry so you can better compete, and the live data communicates the reception of this technology by consumers so you can alter what you are offering or how you are marketing the changes accordingly.
How should I start using OI?
Because OI is around, intricate, saturated system of software analytics to learn in depth, it’s in your best interest to work with one of the reliable business intelligence consulting firms in your area. Start small. Use OI to fuel relatively low-impact decisions. Observe the result of the OI-based decision and overall influence on the immediate future of your sales. Once you have a firm grip on using OI to make informed decisions, it will become second nature, and you can apply the web of analytics to make real-time, heavy-impact business decisions.
If you are interested in business intelligence consulting services, reach out to our team at Quantum FBI. Our team of experts is dedicated to staying on top of current trends and predicting future digital evolutions and business implementations. Let us see where your company’s business and operational intelligence can improve so you can become or remain one of the pioneering brands in your industry.