Using Business Intelligence Tools to Make Data-Driven Decisions
One of the major benefits of companies today is the use of their existing data to generate business value. If used properly, the data can constitute a competitive advantage for a company and set it apart because it can derive insights that support important business decisions. Due to the increased value of data, attacks against information systems have gained in popularity in recent years and many companies have lost important company and customer information through data breaches. Deriving insights from data solely rely on the use of advanced business intelligence tools. These tools include a broad category of services, applications, and technologies used to gather, store, analyze, access, and derive insights from data for decision making. Decision-making tools also involve business analytics tools, machine learning, artificial intelligence, as well as decision support systems, and in this paper, an emphasis is placed on how to use these tools for effective decision making. Although many businesses understand the value of using these tools to support decision-making, they often do not consider cybersecurity implications. Businesses should carefully consider how and where they store business data whether on their premises, a colocation center, or the cloud. Lastly, there are some cybersecurity measures that businesses need to consider when making data-driven decisions. The cybersecurity implications relate not only to the storage and retrieval of business information but also and more importantly to the tools used to process the data and answer critical business questions.