Visual Business Intelligence (VBI) is knowledge based on the application of visual data to a business problem or opportunity.
The process of visual business intelligence starts with the collection of visual data which is analyzed to create unique information. This information becomes knowledge when it is applied to a business problem or opportunity. For example, visual data is collected from a retail store (the number of customers who enter an area of interest, the time they spend there and what direction they traveled). This data is analyzed and becomes information (the answer to a simple question such as how long are people waiting in line?). In turn it becomes knowledge (the application of the data to business such as reducing wait times and decreasing departures by opening additional cash registers between 11am and 2PM on weekends or when more than five people are waiting in line). The opportunity then exists to move further to forecast and even model physical customer behavior.
“The retail industry has only begun to tap the capabilities of visual business intelligence. I see a future where we wonder how anyone operated any size retail store without some level of VBI as part of their day to day business decision making.” -Martin Renkis Smartvue Corporation
Famous quotes containing the words visual, business and/or intelligence:
“I may be able to spot arrowheads on the desert but a refrigerator is a jungle in which I am easily lost. My wife, however, will unerringly point out that the cheese or the leftover roast is hiding right in front of my eyes. Hundreds of such experiences convince me that men and women often inhabit quite different visual worlds. These are differences which cannot be attributed to variations in visual acuity. Man and women simply have learned to use their eyes in very different ways.”
—Edward T. Hall (b. 1914)
“It doesn’t make any difference to me what a man does for a living, you understand. But your business is a little dangerous.”
—Mario Puzo (b. 1920)
“You have to begin to lose your memory, if only in bits and pieces, to realize that memory is what makes our lives. Life without memory is no life at all, just as an intelligence without the possibility of expression is not really an intelligence. Our memory is our coherence, our reason, our feeling, even our action. Without it, we are nothing.”
—Luis Buñuel (1900–1983)