--- title: Using Foresight to Strengthen Your Business with Business Intelligence description: CEO Jeffrey Yefsky discusses business intelligence and how it can strengthen your business. image: https://www.performanceinstitute.org/hubfs/Blog/analytics-925379_1920-915364-edited.jpg --- It seems that JavaScript is disabled in your browser. For full functionality of this site it is necessary to enable JavaScript. Here are the [ instructions how to enable JavaScript in your web browser](http://www.enable-javascript.com/). **[858 609 6160 | ](tel:8586096150)**[BLOG |](https://92116.hs-sites.com/blog-business-intelligence-plus) [NEWS & EVENTS |](https://92116.hs-sites.com/press-releases) [CONTACT](https://www.s3-na.com/about/contact)  [![5XLogo_Big.jpg](https://www.performanceinstitute.org/hs-fs/hubfs/5x-Logos/5XLogo_Big.jpg?width=180&height=360&name=5XLogo_Big.jpg "5XLogo_Big.jpg")](https://www.s3-na.com/) Search this site on Google # Using Foresight to Strengthen Your Business with Business Intelligence By Jeffrey Yefsky - [Home](https://www.5xtechnology.com) - [Blog](https://www.5xtechnology.com/blog-business-intelligence-plus) - [Business Intelligence](https://www.performanceinstitute.org/blog-business-intelligence-plus/topic/business-intelligence) and [Business Planning](https://www.performanceinstitute.org/blog-business-intelligence-plus/topic/business-planning) - Using Foresight to Strengthen Your Business with Business Intelligence ![business-intelligence](https://www.performanceinstitute.org/hs-fs/hubfs/Blog/analytics-925379_1920-915364-edited.jpg?width=500&name=analytics-925379_1920-915364-edited.jpg "business-intelligence")“Life is a choice Cultivate your power of foresight Make and execute prompt decisions.” (*Apple Town 10/2013) * I found this seemingly simple quote translated in a book from my hotel room when I recently visited Japan. What I realized is that this simple saying could actually be applied to every business owner that uses business intelligence, and also to business owners who currently don't. ### So, how does this saying apply to non-BI users and current BI users? As a business owner you are full of choices. Which means that you need to cultivate the power of foresight and make prompt decisions based on your current information.   As most of you know, information is at the heart of any good business decision. Good information assets can come from a variety of sources: Marketing and customer information, financial data, or systems and processes designed to gather useful business related data. Collecting, organizing, and analyzing this data effectively can make the difference between a thriving company and a missed opportunity. **Related Content: [6 Benefits of Quality Business Intelligence Systems](http://www.5xtechnology.com/blog-business-intelligence-plus/6-benefits-of-quality-business-intelligence-systems)** ### BI Basics & the Benefits [Business Intelligence](http://www.5xtechnology.com/business-intelligence), or BI, is a business strategy for taking raw data from a variety of sources, pulling it together and then redistributing the information to different entities throughout the organization in a way that makes the most sense so the information can be analyzed and used in decision-making processes. BI provides a solid foundation for making insightful decisions ranging from the right product to purchase to the right business plan to follow, making it a critical part of a company’s arsenal. Even if a business has accumulated a great deal of information, correctly interpreting the data can be a challenge. Business intelligence is the act of converting those facts, figures and impressions into a workable model that can be used as the knowledge base that will assist in building company strategies. Since every employee will bring their own unique perspective to the process, good BI can help ensure that everyone is involved in interpreting the information, or make sure that everyone is on the same page, using the same set of facts. This can speed up decision-making while helping to produce better decisions. **Related: [Business Intelligence Solutions for Building a Winning Strategy](http://www.5xtechnology.com/blog-business-intelligence-plus/business-intelligence-solutions-for-building-a-winning-strategy)** ### How to Build a Stronger Business with BI Successful business intelligence involves a variety of different elements. A good BI strategy will involve input from stakeholders, an analysis of industry best practices, and clear metrics to establish business goals and measure progress. But the most basic step is to collect and organize the raw data, which requires the right software. Data mining and analytical processing are essential to identifying relevant information, while an [effective dashboard reporting program](http://www.5xtechnology.com/blog-business-intelligence-plus/ibm-cognos-sap-crystal-reports-comparison) serves to present the data in a useful form. Therefore, a strong business intelligence application is critical to building a strong business. Several such applications are available. SAP’s BusinessObjects, for example, is designed to provide self-service access that links every member of an organization to relevant information, while IBM’s Cognos Business Insight offers a range of planning, modeling and analytics tools for sifting through data. But technology can only supplement a BI strategy, so it’s important to select the right software to fit the company’s operations, and to have a clear plan for integrating the application. Whether the strategy uses Cognos, BusinessObjects or another program, selecting the proper infrastructure can be just as important. The nature of the server, and whether users have access to delayed or real-time data, will help to define how a company can use the information a BI system collects. The details of the system and how it operates will vary from business to business, but an ideal system will give decision makers meaningful information that will help them guide corporate policy. A strong BI strategy is an essential part of making the most out of the information at a company’s disposal, helping it responds to both changes in the market and shifting customer needs. **Related Content: [Business Intelligence and Finding the Right KPI Metrics to Analyze](http://www.5xtechnology.com/blog-business-intelligence-plus/business-intelligence-and-finding-the-right-kpi-metrics-to-analyze)** [![bi-business-users](https://no-cache.hubspot.com/cta/default/92116/cab3b762-02a5-4abe-bc6f-763f715d810d.png)](https://cta-redirect.hubspot.com/cta/redirect/92116/cab3b762-02a5-4abe-bc6f-763f715d810d) *Originally published September 17, 2015. Updated August 22, 2019.* ### **Related Posts** [![](https://www.5xtechnology.com/hubfs/BI-Strategy/bi-2018.png) ](https://www.performanceinstitute.org/blog-business-intelligence-plus/business-intelligence-2018) ### [What Does Business Intelligence Look Like in 2018?](https://www.performanceinstitute.org/blog-business-intelligence-plus/business-intelligence-2018) [![](https://www.5xtechnology.com/hubfs/Business-Intelligence/what-is-business-intelligence.png) ](https://www.performanceinstitute.org/blog-business-intelligence-plus/what-is-business-intelligence) ### [What Is Business Intelligence (BI)?](https://www.performanceinstitute.org/blog-business-intelligence-plus/what-is-business-intelligence) [![](http://www.5xtechnology.com/hubfs/Business-Intelligence/business-intelligence-performance.jpg) ](https://www.performanceinstitute.org/blog-business-intelligence-plus/how-business-intelligence-tools-identify-underperformance) ### [Using Business Intelligence Tools to Identify Underperformance for Faster Resolution](https://www.performanceinstitute.org/blog-business-intelligence-plus/how-business-intelligence-tools-identify-underperformance) ### LIKE WHAT YOU READ? Subscribe to the BI Insights blog to receive updates about: - Business Intelligence - Data Services - Project Management ![Jeffrey Yefsky](https://www.performanceinstitute.org/hubfs/Jeffrey%20Yefsky-edit%202.jpg) [ About the Author: Jeffrey Yefsky ](https://www.performanceinstitute.org/blog-business-intelligence-plus/author/jeffrey-yefsky) [Twitter ](https://twitter.com/yefsky) [LinkedIn](https://www.linkedin.com/in/jeffrey-yefsky-1aabb5) [Facebook ](https://www.facebook.com/5x-Technology-Business-Intelligence-Solutions-166697426716059) [Email](mailto:jeffrey.yefsky@5xtechnology.com) [Website](http://www.5xtechnology.com) Jeffrey Yefsky, CEO for 5x Technology & an award winning leader in BI and Data Services industry, is also a decorated Lt. Commander in the US Navy. #### [CommentsCurrently, there are no comments. 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