What is a Business Information Exchange?
A business information exchange is a facility for sharing and maintaining data definitions for the entire organization and governing data to increase its accuracy, timeliness and value. It can address the challenges of confusing and conflicting data, increase user confidence and improve enterprise decisions.
A business information exchange helps organizations build and maintain a strong data governance and stewardship program that can turn data into trusted information. It allows business users to play an active role in information-centric projects and to collaborate with their technical teams, without the need for technical training. Decisions are more accurate, and business opportunities are more readily captured. The end result is an organization with a consistent understanding of information, what it means, how it is used and why it can be trusted.
How can a business information exchange help?
A shared understanding of enterprise information—facilitated by a business information exchange—is a key requirement for organizations. For instance, a financial analyst looking at loan applications for prospective borrowers needs to know exactly what a “mortgage risk” entails: the approved definition of “risk,” acceptable levels of risk, the business rules that are associated with “high-risk” and “low-risk” clients, and the location of a specific prospect on that scale. If analysts understand this information and trust that application data is aligned with the same business rules and definitions, they can make better approval decisions, more quickly and confidently.
Dillard’s Department Store makes data definitions easily available to business users, improving buying decisions and sell-through rates, with a positive impact on the bottom line.
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