Over the past decade, much has been made of not only our IQ, but our EQ too. Studies have shown that our Emotional Intelligence Quotient may actually be more fundamental to success in life than our IQ. Why? Some psychologists believe that standard measures of intelligence are simply too narrow and do not encompass the full range of human intelligence.
Similarly, when it comes to business, we believe your IQ and even your EQ are not enough to predict or guarantee sustainable success. You need a high BQ – Business Intelligence Quotient.
Have you got it?
Before we uncover how to increase your Business Intelligence Quotient (BQ), let’s start by defining what exactly it is. BI is a term used to describe a set of techniques and tools used for the transformation of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data.
Identifying new opportunities and implementing an effective strategy based on these insights can provide businesses with a competitive market advantage and long-term stability.
So have you got it? And like all forms of intelligence, are you consistently sharpening your BI tools to ensure they stay competitive and cutting edge?
BI is most effective when it combines data derived from the market in which a company operates (external data) with data from company sources internal to the business such as financial and operations data (internal data). When combined, external and internal data can provide a more complete picture which, in effect, creates an “intelligence” that cannot be derived by any singular set of data.
Did you know?
On average, only 10% of people in organizations use analytics. That means that 90% of people are using gut feel, or experience at best, to make critical business decisions.
Big doesn’t equal BI
Because of lack of information, processes, and tools, through 2012, over 35% of the top 5,000 global companies regularly failed to make insightful decisions about significant changes in their business and markets.