Business Intelligence is termed as practices, technologies and applications for the analysis, collection, presentation and integration of the information related to business. The aim of the Business Intelligence process is to help the business in efficient decision-making. Sometimes this process is used for report, query tools and briefing books. These systems help in providing historical, predictive and current views on the business operations. The Software elements of Business Intelligence supports visualization, reporting and interactive analysis. The Business Intelligence includes a variety of application and tools that enables an organization to receive data from external sources and the internal system. The important advantage of the tools of Business intelligence are accelerating, improved decision-making, increase in the efficiency of operations, achieving new revenues and attaining the competitive advantage over the rivals of organizations. The companies can identify business problems and market trends with the help of business Intelligence systems. Business Intelligence systems support the tactical and strategic decision in business. These systems include technology of data visualization for info graphics, designing charts and the tools for creating performance scorecards and Business Intelligence dashboards (OLAP 2018).
The advantages of business Intelligence in the organization are:
In Retail sector:
Business Intelligence is the assembling of data that is used in implementing marketing strategies. It identifies the working system of Business and organizes demerits and merits of the business plan. In today’s life the demands of the customer are dynamic. The consumers are looking for latest products, impeccable services and instant gratification. Business Intelligence in retail sectors helps in understanding the customers’ needs for an efficient selling and buying experience. It analyses the requirements of the customers properly and helps the organization in predicting what the customers will require next. The companies who understand the requirements of the potential customers can give strong competition to their competitors. The tools of Business Intelligence access the previous and the recent search data of the customers. It shows trends of the customer in the charts format, that is simpler to analyses and assess the customer characteristics. Business Intelligence helps the retail companies in promoting different offers and schemes. By using the Business Intelligence system, the companies will get the idea of the availability and the shortage of the stock for a specific product. The retail companies uses business Intelligence for smart advertising. It helps the companies in keeping a record of the customer’s searches and purchases and plays the advertisements related to the recent searches of the customers (ElegantJ BI 2018).
The retail companies use Business Intelligence system in generating smart and personalized communication with their customers by using their purchase history and their interest areas. Data intelligence helps the retail companies in making tremendous variations in their retail outlets (Rapidops 2017).
Business Intelligence in the retail organization is beneficial in their marketing activities. It is useful in the effectiveness of trade promotion, channel utility, profitability, outlet performance, Responsiveness, market performance, customers demand and visibility of the retail outlet products. Business Intelligence increases the collaboration level among the partners of supply chain. In retail organizations the relationship of the retailer and suppliers matures, which results in the increase in the risk sharing between the partners of supply chain. Business intelligence software helps in providing right information across the organization so that the chances of the risk between the retailer and the supplier decrease.
The Quick Response Program of the business Intelligence provides the supplier information related to the sales. The supplier for identifying inventory level, delivery and planning production uses this Business Intelligence program. Collaborative planning, Replenishment and the forecasting are the important practices followed by the retail organizations, which helps in the production and delivery of the products. Business intelligence helps in optimizing the resource allocation. This software integrates the financial data in controlling the operations cost. It develops the statistical model for predicting the behaviors and the needs of client.
Business Intelligence is used in sports organization for improving the performance of the players.
Managing players Business Intelligence is used for measuring the individual player’s performance like, accuracy, speed and their mistakes. This system generates algorithms for identifying the scoring probability depends on the factors such as stadium capacity and the weather (Better buys 2016).
Managing Venues: Management of the stadium or arena is not an easy task. Data intelligence is useful in managing the difficult managerial tasks. Business intelligence helps the sports organization in identifying the requirement of the food or identifying the requirements of the parking attendants and the ticketing staff. This system allows for the effective and efficient operations (DYNASOFT SYNERGY 2015).
Wearable technology Business Intelligence provides a wearable technology that helps the trainers and the players to remain aware about their fitness targets. This technology helps the organization in tracking, detecting and preventing the player’s injuries. Data collected in the long term is used to set targets for the player performance (DZone 2017).
Creating better teams: Business Intelligence system is used in creating better teams. In recent years, the sports teams are using advanced technologies. This software helps the teams in creating their own methods (SISENSE 2017).
Involvement of Fans: Business Intelligence is not only useful for the sports teams and the trainers but is useful for the fans as well. This software helps the fans in analyses and enhancing their entertainment experience. The Business Intelligence is used in the websites of sport betting.
Different researches proves that the Business Intelligence is beneficial for the banks and the financial institution. It helps the financial institution in different ways:
Risk management: As the financial world is uncertain, financial institution are relying on the fact-based information to reduce risk in their organization. Business intelligence efficiently and quickly reduces and detects the fraudulent activity. It estimates the probability of a customer capacity to pay or default to pay the loan and calculates the recovery cost. Business Intelligence analysis the customer delinquency trends for the development of the new policies and reducing the future delinquency cases. This software ensures agreement with regulatory and the statutory requirements.
Improvement in the operational efficiency and increase in profit: Business Intelligence helps the bank in reducing their ongoing costs and maximizing the expertise and the external resources. This software analyses the sales personnel, account managers and tellers performance. This system helps the financial institution in understanding the growth patterns and maximizing the repeatability chances. It determines the non-profitable and the profitable products of the financial institution in order to track the customer’s revenue streams (Yellowfin 2011).
Customer Segmentation: Business intelligence allows the financial institutions in accurately segment their customer and effectively develops services and products for their customers. Business Intelligence leads to the effective profiling of the customers (ElegantJ BI 2018).
Conclusion
This can be concluded from the above discussion that the Business intelligence system helps in enhancing the business operations. This is considered as a software solution that is developed to provide the data on the executive dashboards. This software helps in defining the strategy, profitability maximization and develops the culture of performance oriented across the organization. It is used as a reporting tool in the organizations. In this report, the strategic and the operation benefits of the business Intelligence is discussed. The strategic benefits of the Business intelligence are benchmarking, sales intelligence, reporting, faster decision making, developing the insights, catching the requirements and overcoming the challenges in the implementation. The operational benefits of the business intelligence are Visualization, Data mining, performance management, Better inventory control, develops efficiency and increase in the reporting speed. Application of the Business intelligence system in different types of business enhances their profitability. In this report, the discussion is carried on the application of Business intelligence in the sports organization, retail sector and the financial institutions and it is concluded that its applications in these sectors have a positive and remarkable impact on the performance of the organization. Thus, Business Intelligence helps in the proper evaluation and the control of the business operations.
References
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BI-SURVEY, 2018, The Benefits of Business Intelligence. Why do Organizations need BI?, BI-SURVEY, retrieved 8 August 2018, <https://bi-survey.com/benefits-business-intelligence>.
Data mensional, 2015, The 10 Most Important benefits of Business intelligence, Data mensional, retrieved 8 August 2018, <https://www.datamensional.com/the-10-most-important-benefits-of-business-intelligence/>.
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