Data intelligence refers to a company’s process of analyzing data in order to better improve a customer’s services, investments, or decisions. It has become a crucial part of modern business, as data and analytics are so important to modern-day decision making. It is an all-encompassing term, covering everything that goes into the data intelligence process. These components can include, but are not limited to:
- Collecting data
- Integrating data into one unified view
- Performing analysis on the data
- Creating visualizations so the data can be more easily read and understood
- Using advanced analytics to identify patterns, trends, and relationships in the data
- Extracting information that can be used to take actionable insights on the data
Data intelligence is essential for companies today. Companies who effectively use data to inform decisions and improve efficiency will have a competitive advantage over those who do not. Additionally, a strong data intelligence strategy will reduce company risk by being able to identify risks earlier and mitigate them more quickly. Therefore, building out an effective data intelligence strategy is essential.