Dynamically shifting markets and emergence of new, unexpected competition from within existing markets is forcing organizations to become more responsive and agile. Conventional companies are having to turn to information solutions to identify, predict, and innovate, just to keep up with emerging competition from new technology companies. This so-called digital transformation, is disrupting the way business is done.
Organizations are having to adopt engineering practices that identify data requirements and build intelligent solutions to create actionable knowledge that deliver upon those requirements.
Successful organizations engineer techniques to gather dynamic information that do not exist within legacy IT systems or management tools. Capturing meta data around information that provides a deeper understanding and allows integration of information into knowledge structures that are used for inference. Data must be extracted from all forms of information so it can be processed by analytical tools giving advanced interpretation and prediction of behavior. Analytics must be developed to process information from a variety of legacy systems, meta data, and emerging information sources to deliver actionable intelligence.
Knowledge engineering builds relationships within data, creating a network of information and ideas which represent both the past and the present state of an organization and provide a framework for the future. Doing this requires the adoption of new technologies in information storage and analysis.
Building next generation business intelligence goes beyond statistical analysis and visualization tools that monitor just key indicators. Business intelligence must enable drill down to root causes, provide predictive analysis of trends, threats and opportunities. BI must expand information on findings, provide answers questions, and support decision making.
Governance too must evolve beyond the bureaucratic role of standardization to become a source of innovation and organizational confidence. Governance must ensure consistency of data usage as well as identify useful information resources, encouraging cross functional use, creating trust across organizational lines.
Knowledge engineering must drive business processes to empower decision makers. Letting management adapt more quickly and efficiently.