Business Intelligence refers to the use of advanced technology and various applications in order to store, collect, analyze and provide access to information for improving business process. It collects the data that supports the management in the decision-making process. As Amoako (2013) points out, "Business Intelligence (BI) possesses the capabilities that support superior business decision making through past, present and predictive composition/trends of organizations’ operations.” For example, through Data warehouse, companies assemble data coming from various sources such as CRM, ERP, text files, spreadsheet, etc. in it that helps in creating well-organized business meters.
Along with this, business intelligence supports in decisions regarding how much to spend for online ads for an advertising company, for a restaurant it can help to decide their prices of the dishes, when and how can a company work to help the earthquake/ natural disaster victims through CSR, and many more. It helps the operational level employees by providing various ways to deal with the customers, handle daily transactions, and also helps the organization to bring the best performance from their employees. Tactical levels employees can use it to take decisions related to the marketing plans, budgets of the different division, product enlargement, etc. Likewise, for a strategic level, it can assist them in takings decisions regarding Research and development investment retrieve the historical data, take the help of big data to know about their rivalries, their economic trends, and details of their clients.
BI collects information through a data capture process, with this anyone from anywhere with the system can acquire information from another system and store those data in a database modelled according to the type of business. This collected historical and current data is used for the business leaders to make more informed decisions. Then they transform it into useful data that works as a basis for strategic decision-making by eliminating the guesswork and gut-feeling. And finally, the data is ready to transfer to all the departments. As an instance, call centers use Interaction analytics to monitor calls that help the leaders to identify the audio patterns and behaviour of the employee towards their customer. This helps in identifying who are the top performers, how they deal with their customers and also identifies those calls speech patterns that failed. It also plays a huge role in identifying the website traffic through Google Analytics. Google Analytics helps the website owner to get the insight report on the number of people visited their website, the place they are visiting from, number of times of visit, time spent on their page, likes, the type of page visited, referral page, visitor’s web domain, and the type of other type of traffic. In this way, "Business intelligence applications have made an impact on organizations around the world, enabling companies to have more insight into their business than ever before” (C.S. Ramanigopal, 2012).
For a growing company, business intelligence helps to know where their products are, where they can cut off the cost, how well they are performing in the market, what are their future scope and what changes can be brought to retain the customers through research and development. BI can act as a support system to provide them facts for the business information and business analysis. For a company who is more on transactions, BI can help them to provide quick information about the current business transactions and status as well as the transactions that occurred years or months ago. It offers an easy process of business registering, data access and various equipment for registering that every employee in the organization can use easily, make faster decisions and even improve their performance. BI encourages teamwork by letting employee share data in a secured way maintaining the privacy of their clients and control web atmosphere with the group members, and other associates by saving their time. BI also contribute in providing data supervision for implementing the preplanned actions smoothly In this way, entrepreneurs can use business intelligence to gain insights into real-time business performance.
References
Amoako, B. T. (2013). The Importance of Business Intelligence As a Decision-making Tool. Case Study Electricity Company of Ghana.
C.S. Ramanigopal, G. P. (2012). Business Intelligence for Competence in Consumer Packaged Good Industry. International Journal of Marketing and Technology, Volume 2, Issue 5, 84-105.
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Business Intelligence refers to the use of advanced technology and various applications in order to store, collect, analyze and provide access to information for improving business process. It collects the data that supports the management in the decision-making process. As Amoako (2013) points out, "Business Intelligence (BI) possesses the capabilities that support superior business decision making through past, present and predictive composition/trends of organizations’ operations.” For example, through Data warehouse, companies assemble data coming from various sources such as CRM, ERP, text files, spreadsheet, etc. in it that helps in creating well-organized business meters.
Along with this, business intelligence supports in decisions regarding how much to spend for online ads for an advertising company, for a restaurant it can help to decide their prices of the dishes, when and how can a company work to help the earthquake/ natural disaster victims through CSR, and many more. It helps the operational level employees by providing various ways to deal with the customers, handle daily transactions, and also helps the organization to bring the best performance from their employees. Tactical levels employees can use it to take decisions related to the marketing plans, budgets of the different division, product enlargement, etc. Likewise, for a strategic level, it can assist them in takings decisions regarding Research and development investment retrieve the historical data, take the help of big data to know about their rivalries, their economic trends, and details of their clients.
BI collects information through a data capture process, with this anyone from anywhere with the system can acquire information from another system and store those data in a database modelled according to the type of business. This collected historical and current data is used for the business leaders to make more informed decisions. Then they transform it into useful data that works as a basis for strategic decision-making by eliminating the guesswork and gut-feeling. And finally, the data is ready to transfer to all the departments. As an instance, call centers use Interaction analytics to monitor calls that help the leaders to identify the audio patterns and behaviour of the employee towards their customer. This helps in identifying who are the top performers, how they deal with their customers and also identifies those calls speech patterns that failed. It also plays a huge role in identifying the website traffic through Google Analytics. Google Analytics helps the website owner to get the insight report on the number of people visited their website, the place they are visiting from, number of times of visit, time spent on their page, likes, the type of page visited, referral page, visitor’s web domain, and the type of other type of traffic. In this way, "Business intelligence applications have made an impact on organizations around the world, enabling companies to have more insight into their business than ever before” (C.S. Ramanigopal, 2012).
For a growing company, business intelligence helps to know where their products are, where they can cut off the cost, how well they are performing in the market, what are their future scope and what changes can be brought to retain the customers through research and development. BI can act as a support system to provide them facts for the business information and business analysis. For a company who is more on transactions, BI can help them to provide quick information about the current business transactions and status as well as the transactions that occurred years or months ago. It offers an easy process of business registering, data access and various equipment for registering that every employee in the organization can use easily, make faster decisions and even improve their performance. BI encourages teamwork by letting employee share data in a secured way maintaining the privacy of their clients and control web atmosphere with the group members, and other associates by saving their time. BI also contribute in providing data supervision for implementing the preplanned actions smoothly In this way, entrepreneurs can use business intelligence to gain insights into real-time business performance.
References
Amoako, B. T. (2013). The Importance of Business Intelligence As a Decision-making Tool. Case Study Electricity Company of Ghana.
C.S. Ramanigopal, G. P. (2012). Business Intelligence for Competence in Consumer Packaged Good Industry. International Journal of Marketing and Technology, Volume 2, Issue 5, 84-105.