The different ways data is used and analysed in big businesses for improving the performance of the enterprise may be regarded as business intelligence. The analytical feature of business intelligence provides the decision makers with the ability to understand the present situation of the business in terms of financial status and operations. The analysis is done in historical context and the predictions are made using several past and present trends of the business till now (Chen, Chiang and Storey 2012). The various presently used tools, functions and features of Business Intelligence are online analytics, data mining, big data analysis, management of business performance, benchmarking, Key performance indicators and similar other processes. Business Intelligence is used in various ways to analyse large amount of data and to analyse these to give meaningful outcomes. The interpretation of big data is useful in understanding how much the business has been successful in achieving its aims and goals and what actions needs to be taken in future by the business to ensure that the mission and vision of the business is achieved at all levels (Anandarajan, Anandarajan, and Srinivasan 2012). All levels here indicates the higher management and the lower working staff members.
The Business Intelligence software is mainly used by the knowledge workers. The knowledge workers are the top brass of the organisation who engage in decision making process and includes the executives, supervisors, managers, and the directors. The reports are necessary for advancing the knowledge about what are the steps that are needed to be taken in order to correct the present flaws in the company. The increasing demand of Business Intelligence has been triggered by the decline in cost of data storing and management. The space taken for storing data has also been reduced.
Strategic Benefits
Even the small businesses are dependent on large amount of data these days. The data produced daily by different business entities needs to be properly stored and managed. To grow the businesses needs to be better equipped with data analytics software and business intelligence tools. The strategic benefits are as follows:
Empowered Employees- It is a fact that when the employees’ gets access to proper data they can concentrate on their work in a better way and the unwanted tasks may be avoided in this way. The first strategic benefit of the Business Intelligence software is the information access it provides to the employees which helps the employees in understanding their work in a better way and improving in the areas where it is required (Popovi? et al. 2012).
Reduced Stress for the Managers- The managers are freed of the burden to look into the details of big data and manually manage these data and analyse these. Rather this resource does the work till the analysis of the data and the managers can take a look at the results of the data and make decisions depending on the analysed data (Loshin 2012).
Improvement of Agenda by Objective Data- The Agenda of meetings and discussions are enhanced when the meetings and decision making processes are enhanced with backing of proper data (Ramakrishnan, Jones and Sidorova 2012). When there is an argument made it is important to support the argument with objective data and logical reasoning.
Insights about Consumer Behaviour- One of the strategic gains that is there on the part of the business top brass is the insights about the Consumer Behaviour. The data collected by various ends of the business opens up the possibility to understand the various trends in the pattern of consumer behaviour. When new purchases are made by the consumers, data is recorded which is analysed and the consumer behaviour can be perceived.
Developed understanding about Past, Present and Future of the Business- It is imperative for the top management to understand the Past and Present of the business to analyse the possibilities in the future. Data from the past and present is necessary for proper analysis which will help in understanding the trends of the business and develop future predictions.
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Name of Strategic Benefit |
Benefits |
|
Empowered Employees |
· When the employees’ gets access to proper data they can concentrate on their work in a better way. · Business Intelligence software provides information access to the employees. |
|
Reduced Stress for the Managers |
· The managers are freed of the burden to look into the details of big data. · Managers can take a look at the results of the data and make decisions depending on the analysed data. |
|
Improvement of Agenda by Objective Data |
· Meetings and decision making processes are enhanced with backing of proper data |
|
Insights about Consumer Behaviour |
· The data collected by various ends of the business opens up the possibility to understand the various trends in the pattern of consumer behaviour. |
|
Developed understanding about Past, Present and Future of the Business |
· Data from the past and present is necessary for proper analysis which will help in understanding the trends of the business and develop future predictions |
Operational Benefits
Efficiency Development- The efficiency of business operations are developed by the performance analysis tools and by keeping a performance indicator that is helpful in understanding the various strengths and weaknesses of the business as a whole and the employees working in the company.
Data Warehousing- Enterprise Data Warehouse system is based on the idea that data can be used with a software that can segment data in various sections so that these can be retrieved as and when required. When data has to be merged from various sources having a range of a long time data warehousing is helpful in such process (Duan and Da Xu 2012). Such merging also gives a bigger picture of the company and gives insights about resolving of issues.
Actions can be tested repeatedly- It is one of the useful features of Business Intelligence where it is understood whether the various actions taken by the business supervisors are properly implemented or not and these are giving proper results or not. The metrics of analysis can be tracked by the intelligent programs.
Competitive Edge- The business has competitive edge when it gets the support of Artificial Intelligence because the analysis is comparatively better than the competitors. In the same way better analysis of the past makes it easier for the management to take operational decisions that will be effective in the future.
|
Name of Operational Benefit |
Benefits |
|
Efficiency Development |
· The efficiency of business operations are developed by the performance analysis tools. |
|
Data Warehousing |
· Enterprise Data Warehouse system is based on the idea that data can be used with a software that can segment data in various sections so that these can be retrieved as and when required. |
|
Actions can be tested repeatedly |
· It is understood whether the various actions taken by the business supervisors are properly implemented or not and these are giving proper results or not |
|
Competitive Edge |
· The business has competitive edge when it gets the support of Artificial Intelligence because the analysis is comparatively better than the competitors. |
BI Applications in Retails
Business Intelligence may be used by the different retail companies to properly execute the regular operations and improve the experience of the customers and customise the way customers perceive service. Two of the important areas where business intelligence can be applied is the area of inventory management and the area of customer management. Inventory management is the process of managing the inventory and the products with which the company is dealing, on the other hand customer management is the process by which the companies manage the customer data and affectively use it in order to give better service experience to the customers. The inventory system comprises of the process starting with the acquiring of the product by the retail stores, placing these products separately by sorting them according to category, then supplying these products to the customers as per demand through the proper supply system. With increase in the variety of customer demands it is imperative for the retail chains to ensure a system that will give flawless supply to the customers. Business intelligence helps in separating their items from the client. The product causes the association to comprehend what should be possible with the goal that the association gets the upper hand over their opponents. The business intelligence helps in the asset advancement. Business Intelligence intends to incorporate all the money related information to oversee and control the task expenses and after that advancing the business execution to show signs of improvement gainfulness. BI additionally tracks and figure the past, present and future tasks that will influence the activity of the business (Wixom et al. 2014). The association can roll out or embrace improvements as per that.
BI Applications in Sports
Business Intelligence is basically managing data so this can be efficiently used in sports as well (I??K, Jones and Sidorova 2013). The on-field sensors are as of late utilized as a part of the cricket, football and different games. These sensors help in following distinctive exercises in the field. Association are utilizing distinctive strategies to gather the information, for example, radio recurrence ID that aides in following the development, separation, speed and other diverse key elements of the amusement. These data can be utilized amid the match to illuminate the mentors about the state of the player or can be utilized later to settle on key choices. Wearable advancements, for example, pulse tracker can encourage the coach and the player to remain cognizant about their wellness target and their advance. The wearable advancements can likewise help in comprehension, following, counteracting and distinguishing the wounds that may occur whenever in the field. Business intelligence helps in drafting better group in sports. For instance in football, business intelligence is utilized by various football groups like Barcelona, Real Madrid to draft a solid group. The groups’ record the productivity and the precision of the players and after that pick the players.
BI Applications in Entertainment
The entertainment industry has been doing business more than ever before. It is this industry that employs thousands in every country having a film and television industry. The media may also be categorised under this heading. There are plenty of information with which this industry deals. This industry may be recognised as one which only deals with information and data. The human resource associated with this industry is also very high in numbers. Therefore Business Intelligence Applications are very helpful in this industry to maintain a proper track of whatever activities are carried out. A term called “productivity improvement analytics” is the appropriate response. Enabled with the subtleties of probabilistic displaying, efficiency change examination could be directed to assimilate the media house’s information, break down it, and furnish them with the correct data about reusable parts alongside the level of reusability. The Business Intelligence software can be used in various fields like management of human resource in the entertainment industry or keeping records of the past productions and all the financial and other details.
|
Sector |
Application of BI |
|
BI Applications in Retails |
· Two of the important areas where business intelligence can be applied is the area of inventory management and the area of customer management. · Inventory management is the process of managing the inventory and the products with which the company is dealing, on the other hand customer management is the process by which the companies manage the customer data and affectively use it in order to give better service experience to the customers. · Business Intelligence intends to incorporate all the money related information to oversee and control the task expenses and after that advancing the business execution to show signs of improvement gainfulness. |
|
BI Applications in Sports |
· Business Intelligence is basically managing data so this can be efficiently used in sports as well. · The on-field sensors are as of late utilized as a part of the cricket, football and different games. These sensors help in following distinctive exercises in the field. · Association are utilizing distinctive strategies to gather the information, for example, radio recurrence ID that aides in following the development, separation, speed and other diverse key elements of the amusement. |
|
BI Applications in Entertainment |
· There are plenty of information with which this industry deals. This industry may be recognised as one which only deals with information and data. · The human resource associated with this industry is also very high in numbers. · Therefore Business Intelligence Applications are very helpful in this industry to maintain a proper track of whatever activities are carried out. · A term called “productivity improvement analytics” is the appropriate response. |
Conclusion and Research Contribution
The diagnostic element of business intelligence furnishes the leaders with the capacity to comprehend the current circumstance of the business as far as money related status and tasks. The investigation is done in authentic setting and the expectations are made utilizing a few over a wide span of time patterns of the business till now. Business Intelligence is utilized as a part of different approaches to break down vast measure of information and to examine these to give important results. The elucidation of huge information is helpful in seeing how much the business has been effective in accomplishing its points and objectives and what moves should be made in future by the business to guarantee that the mission and vision of the business is accomplished at all levels. Indeed, even the private companies are reliant on vast measure of information nowadays. The information delivered day by day by various business substances should be appropriately put away and oversaw. To develop the businesses should be better outfitted with information investigation programming and business intelligence apparatuses.
This research will contribute in understanding of application of Business Intelligence in various sectors. The clear understanding of Business Intelligence will be paving for more knowledgeable employees who will have proper idea about various business application software and tools. Enhanced idea about business intelligence will increase productivity and work efficiency. Other studies in the fields such as what are the other areas which can be improvised and improved in business intelligence techniques can be taken up.
References:
Anandarajan, M., Anandarajan, A. and Srinivasan, C.A. eds., 2012. Business intelligence techniques: a perspective from accounting and finance. Springer Science & Business Media.
Chen, H., Chiang, R.H. and Storey, V.C., 2012. Business intelligence and analytics: from big data to big impact. MIS quarterly, pp.1165-1188.
Duan, L. and Da Xu, L., 2012. Business intelligence for enterprise systems: a survey. IEEE Transactions on Industrial Informatics, 8(3), pp.679-687.
I??K, Ö., Jones, M.C. and Sidorova, A., 2013. Business intelligence success: The roles of BI capabilities and decision environments. Information & Management, 50(1), pp.13-23.
Loshin, D., 2012. Business intelligence: the savvy manager’s guide. Newnes.
Popovi?, A., Hackney, R., Coelho, P.S. and Jakli?, J., 2012. Towards business intelligence systems success: Effects of maturity and culture on analytical decision making. Decision Support Systems, 54(1), pp.729-739.
Ramakrishnan, T., Jones, M.C. and Sidorova, A., 2012. Factors influencing business intelligence (BI) data collection strategies: An empirical investigation. Decision Support Systems, 52(2), pp.486-496.
Wixom, B., Ariyachandra, T., Douglas, D.E., Goul, M., Gupta, B., Iyer, L.S., Kulkarni, U.R., Mooney, J.G., Phillips-Wren, G.E. and Turetken, O., 2014. The current state of business intelligence in academia: The arrival of big data. CAIS, 34, p.1
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