Today’s businesses are faced with a growing volume of IT data (enterprise), OT data (operational), XT data (external), and data from the Internet of Things (IoT). In fact the “smarter” an organization gets, the more data that pours in from devices, meters, sensors, and from the IoT, adding to the mass of data scattered throughout the organization. That data is stored in spreadsheets, documents and various repositories.
According to industry analyst, Forrester Research, only 12% of an organization’s data is ever analyzed. A significant reason for this low data usage is that the data resides in disparate systems that often form silos of data that make it difficult or impossible to manually collect, correlate and interpret data. When humans cannot understand data in large volumes and/or high velocities decisions are made without the benefit of insights. Or even worse, decisions are deferred temporarily or permanently. Uninformed and untaken decisions cause inefficiencies, sub-optimal productivity, avoidable waste, higher costs, and increased exposure to service level misses, penalties and risks.
Many organizations have one or more business intelligence products at their disposal. However considering the data usage and analysis statistics reveal that the majority of an organization’s data is neither analyzed nor used to drive decision-making suggests that those products do not meet organizational decision-support needs.
Enter situational intelligence, a proven approach to uniting data from across an organization and providing the context needed for fast, confident decision-making. Situational intelligence is about correlating, analyzing and visualizing disparate data, and identifying, out of a massive amount of data, the assets, issues and resources that require attention. Data from enterprise (ERP, CRM, etc.), operational (meters, devices, sensors, etc.) and external (weather, social media, fires, etc.) systems is accessed, analyzed and presented to users to bring attention to, and facilitate an understanding of, a situation that requires decisions to be made and action to be taken.
Examples of a situation:
Situational intelligence provides 360-degree insight into these situations, arming users with the understanding of what, where, when, why and how the situation occurred, is occurring now, or might occur in the future.
Organizations in a range of industries around the world use situational intelligence to reduce risk, increase safety and asset reliability, improve productivity, ensure regulatory compliance, raise customer satisfaction, lower costs and create new revenue opportunities. Examples of how these businesses are utilizing situational intelligence to make fast, confident decisions include: