Business intelligence (BI) is an allocation of technologies, architectures, hypothesis and methodologies that convert raw data to make it meaningful and useful data for businesses purposes. It is used to analyze any form of software technology that is used to transform information from the scope of authorities to assist the company create adaptable outcomes, view and analyze up-to-date data and ultimately make better decisions. Business team members at all levels best understand the impacts and challenges they mostly face and also collaborate to look for more productive solutions by use of BI technology solutions. Even though, most of the companies struggle to adjust the necessary changes to take benefit of the use of the software. The consultants of business intelligence try to easier the process through presentation of action plans in the transition of better intelligent and analytical business model in the future.
Business intelligence assists businesses to develop their competitive edge with real instruments used to act upon the valuable information. The available information makes business respond to alterations that intelligently occur in the market. The situation permits retailers to change their patterns of production for example to reduce waste and overstock. Effective use of business intelligence produces many ways of improving marketing intelligence. Business intelligence consultants help the enterprise and industries to streamline their information system to connect authorized users with the correct data when needed for improvement on strategic decisions as elaborated by Jayanthi Ranjan (2005). The minimal investments in the market make the contractors, managers, executives and staff is able to perform their positions efficiently with the use of this software solution in place. BI technology can produce better meaningful reports thus effectively analyze information and manage projects. These benefits the companies by assisting them improve their revenues and increasing operations at all levels. According to Chaudhuri and Dayal (1997), BI is used to apply activity-based costing ways to notice hidden process or missed chances. From the outcomes, resources are allocated to highly beneficial products, customers and projects thus raising the bottom line. In addition, having a better knowledge of promotion success can assist to control inventory levels effectively. Leading and competitive companies use Business Intelligence (BI) to differentiate their products and services contributions from opponents via added value web-based services. Previously, most of the organizations generated zero revenues, but currently with the use of BI extranets, the build a recurring revenue stream through selling data to customers, partners and suppliers. Companies subdivide their markets and gain an edge over the competition through use of business intelligence technology. The marketers precisely tailor product's launches and promotion debates to the aimed audiences.
Chaudhuri, S., & Dayal, U., (1997). An analysis of OLAP Technology and Data Warehousing.
SIGMOD Record, 26(1) pp. 65-74.
Gregory, S., Nelson, (2010). Business Intelligence. ThotWave Technologies: Chapel Hill, North
Jayanthi, Ranjan, (2005). Business intelligence: Concepts, components, techniques and benefits.
Institute of Management Technology: India.
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