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Optimizing Your Business Plan with Better Business Intelligence

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big data modeling x300by Angela Guess

Kevin Hsu recently wrote in Business.com, “Business intelligence (BI) is what happens when big data analytics are made available throughout the organization, democratizing the access and analysis of data.” This makes it possible for your company to optimize its business plan and gain key competitive advantages, even from unexpected sources.” Hsu goes on to make three recommendations for optimizing your business plan with business intelligence. His first tip: “Make plans based in reality. Nothing makes a business plan less effectual than basing it on last year’s numbers. Doing so is akin to writing a work of fiction – last year’s number no longer exist. Plans with the best chance of successful implementation are based on current data with sensitivity analysis performed on management’s assumptions of what future conditions may unfold.”

Next Hsu suggests, “Make your data understandable and communicate it real-time. Optimizing your business plan is only started by putting your current and forecasted data into your analytics software. For example, the amount of data contained within the Internet is essentially immeasurable, so rather than thumbing through an uncountable number of potential web pages to find the information you need you ask Google or another search engine to quickly locate those web pages relative to your interest. Even though going from an uncountable many potential pages to a few hundred million represents fantastic filtering of the data, it still is not enough to be helpful. Thus search engines rank the search results in some logical manner, giving you the best likelihood of finding what you want in only a few clicks. That’s data optimization.”

Read more here.

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