Business Intelligence (BI)
Palm Beach State College established its Business Intelligence (BI) program as part of the data management group. The program is mandated to exercise authority, control, and enable shared decision making over the use of data and delivery of information and insights.
To drive this mandate forward, Palm Beach State College needs a guiding strategy to describe what to aim for and how to implement a successful BI program. Central to this strategy is the evaluation of the current state and the definition of the target state. The existing BI and information landscape will be documented and assessed, with a combination of statistics and user surveys.
Once the target state is defined, the remainder of the strategy focuses on comparing the target state to the current state to identify the inefficiencies and gaps, and subsequently suggests the actions to gradually close these gaps. A phased approach will be used to achieve the target BI state; a roadmap will be developed to indicate what actions will be executed at which time periods.
What is Business Intelligence (BI)?
Business intelligence (BI) leverages technologies and services to transform data into actionable intelligence that informs an organization’s strategic and tactical business decisions.
BI tools access and analyze data sets and present analytical findings in reports, interactive summaries, dashboards, graphs, charts and maps to provide users with detailed intelligence about the state of the business.
The mission of business intelligence at PBSC is to provide education, self-service tools, predictive analytics, reports, and governance meeting the strategic needs of the College.
PBSC is committed to achieving industry leading standards of business intelligence (BI) by providing unparalleled access to insights that drive informed decision-making, which contributes to performance excellence.
The demand for access to, transparency of, and the quality of data to make informed decisions, demonstrate improvement, spark innovation, and produce evidence of accountability continues to escalate. Business intelligence allows the College to respond to this complex needs in numerous ways and provide a variety of benefits to constituents. Some of these benefits include these.
- Highly distributed data management strategies
- Informed decisions and strategy choices through dashboards, scorecards, and predictive analytics
- Improved support for planning, process management, operational efficiency, and performance excellence
- Ongoing and dynamic tracking of outcomes across the institution”
- Central self-service portal for College data and information that empowers a variety of BI users such as casual business users, Line of Business (LOB) analytics, executives and mid-management, and power users.
- Data is presented in highly-visual, digestible format via integration with internal, external, and cloud data sources to enhance data value.
- Presents information to individual's with little technical expertise.
- On-demand information gathering for business to perform its own analyses. Shorten the time it takes to extract, organize, and analyze data.
- Serves as a foundation for new possibilities – big data, predictive analytics, social media analytics, and applications driven by deep analytics.
- Respond to business needs faster to enable faster decisions, creating a more agile business operation.
- Users get their information at the right time, driving user adoption.
- Data warehouse serves as a centralized data repository, reducing the proliferation of shadow IT.
- Accurate decisions are made with clean and timely data, driving decision accuracy and relevance.
- Comprehensive student and community profiling, improving relevant customer engagement, improving student success and generating new opportunities.
- Historical data can be mined to find patterns and trends to enhance future planning and forecasting, identifying new business opportunities.
- Tracking organizational performance through the use of cascading dashboards and scorecards at college, divisional, and program/department levels. Scorecards track outcomes (lagging measures) and leading (predictive measures) that help to evaluate progress towards milestones and targets of performance.
- Comparative performance can be analyzed to assess competitive positioning in the marketplace.
- Communications regarding performance against goals, strategies, and performance is strengthened and transparent to college constituents.