Jay Morreale, first vice president of enterprise credit and market risk technology for Bank of America has a wonderful account of the genesis of business intelligence and its progression into true analytics for the financial services markets in an article entitled From BI to Analytics: An Evolution In How Business Gets Done. Jay’s contention is that vendors are using Business Intelligence and Analytics interchangeably and that “It’s clear there is a widening gulf between what traditional BI tools deliver and the emerging market for true analysis capabilities.”
Jay goes on to provide a brief, but detailed, history of business intelligence and the evolution to analytics focusing on the maturation of BI tools to analytic decision making. According to Jay, “When we deliver good analytics to our organizations, we’ll see the view of BI change. Instead of merely “acquiring a better understanding,” it will be about “making better decisions” and this perspective shift will benefit all of us.”
Jay gives a shoutout to our next generation analytic capabilities in Spotfire as well, “And now next-gen applications, for example, TIBCO’s Spotfire, are delivering the ability to visually create and analyze data in ways that predefined models would never allow. These will allow the users in the enterprise to build and use applications in rapid fashion that will enable organizations to make decisions based on better information in less time.”
A very interesting perspective on the market, from a financial services expert, but applicable to most industries and verticals that need to make decision-making a competitive advantage.
Bill Peterson
Spotfire Blogging Team
Image Credit: Microsoft Office Clip Art
