Business Intelligence
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Business Intelligence
Business intelligence can be described as strategies used by businesses in the analysis of business information (Chen et al., 2012). It mainly gives the historical, present, and predictive views of the operations in the business. The primary functions of business intelligence include reporting, analytics, online analytic process, process mining, and data mining, among other activities. Business intelligence has several advantages to the business.
Business intelligence enables the business to make informed decisions. This is because of the comprehensive analysis of information, including the historical, current, and future predictions. It also increases the sales of the business and negotiations. The company is updated on trends in the market, the risks they are exposed to, and competition through the information analysis. It would use this information to set sales strategies to increase sales.
Another advantage is the elimination of waste and the identification of opportunities. Through historical information, the business can identify potential loss areas and develop plans to minimize losses. The company can analyze its capabilities, make a comparison of strengths and weaknesses. Through this, it can identify potential opportunities that can be seized. It is most achievable through the predictions that are made. The company can polish the company’s operations, which leads to increased customer satisfaction (Williams & Williams, 2010). This may create loyalty to the customer and, therefore, build on the image of the company.
In conclusion, business intelligence is one of the strategies that companies need to implement in their business plans. This is because of the numerous benefits that it has. This includes eliminating waste, detailed and informed decision-making, identification of opportunities, customer satisfaction, and increased sales.
References
Chen, H., Chiang, R. H., & Storey, V. C. (2012). Business intelligence and analytics: From big data to big impact. MIS quarterly, 1165-1188.
Williams, S., & Williams, N. (2010). The profit impact of business intelligence. Elsevier.