Open Business Intelligence for Better Decision-Making

Abstract

Decision-making is a crucial, yet challenging task in enterprise management. In many organizations, decisions are still made based on experience and intuition rather than on facts and rigorous approaches. This is often due to lack of data, unknown relationships between data and goals, conflicting goals and poorly understood risks. The success of organizations depends on fast and well-founded decisions taken by relevant people in their specific area of responsibility. Business Intelligence (BI) is a collection of decision support technologies for enterprises aimed at enabling knowledge workers such as executives, managers, and analysts to make better and faster decisions. In this paper, the authors review the concept of BI as an open innovation strategy and address the importance of BI in revolutionizing knowledge towards economics and business sustainability. The main objective is to discuss why the concept of BI has become increasingly important and presents some of the top key applications and technologies to implement open BI in organizations, which would like to enter into the new market and operate on a global scale.