Business Intelligence Tag's Archives
It would not be entirely surprising if a large percentage of small to medium sized businesses were somewhat unable to articulate the concept of business intelligence and how it affects their firm. This does not mean necessarily mean incompetence or willful negligence. It might very well be that these businesses are in fact using business intelligence but have either not identified it or could have identified it under a different name.
The purpose of this article is to give a brief overview of the role that business intelligence can play in the effective administration of an entrepreneurial adventure. In the briefest manner possible, I will attempt to explore some of the broader themes that run through this concept.
Business Intelligence, business strategy, Costing, Functional Decisions, HR Management, Market Segment, Perspective, Strategic Planning, Structural Efficiencies
As the name suggests predictive, analysis involves the ability to make assumptions about future behavior and outcomes. Given the limits of human experience, good predictions have to come from good data. The requisite data is derived as a consequence of effective business intelligence. Therefore predictive analysis is a consequence of business intelligence. In this article I will attempt to describe the various elements that come into play when trying to make predictions.
The ability to make accurate and defendable predictions will depend also on the ability to use mathematical computations methods such as data mining in order to collate relevant transactional and situational information. This is collectively known as business intelligence. Without the essential elements of information gathering, information processing and finally transferring that information to the decision makes, predictive analysis will not be effective.
Accurate Decisions, analyzing data, Behavior Patterns, Business Intelligence, Market Segment, Predictive Analysis, Strategic Management
It is only logical to expect that business intelligence (BI) will be available to the key decisions makers given the fact that its primary purpose is to allow them to make effective and informed decisions. One of the key tools to achieve this goal is the dashboard. At its best, it enables employees from quite varying locations to access, interpret and even share business intelligence. The dashboard also saves them from the hassle of actually going to the data sources in order to negotiate the details. This article highlights the basic features of the business intelligence dashboard and how they can be used to improve the quality and appropriateness of business intelligence.
Essentially the dashboard has many of the characteristics of any given executive information system in as much as it gathers data from various sources and presents them in one place for the database interrogator. Some dashboards are so effective that to the uninitiated it could appear that the data was extracted from one source. A case in point where market trends from online analytic are combined with in house product sales information to create a marketing mix that flashes up on the dashboard. This is the essence of market intelligence in as much as it involves the collation of disparate data which is converted into highly sophisticated management information.
Business Intelligence, Comparative Analysis, Interdepartmental, Market Intelligence, Marketing Mix, planning and strategies, Relational Patterns, Scenario Frameworks
There is a notoriously hackneyed saying that if you fail to plan, you plan to fail. Leaving aside the obvious snigger from those who have heard it all before, it is quite true that good planning is the key to running a viable business. In order to plan the entrepreneur will need information and that is why business intelligence will underpin and ultimately determine the success of corporate planning.
This is more so the case when that planning has to integrate strategic objectives with operational objectives as well as paid due attention financial frameworks. In this article the practical ramifications of business intelligence are shown to impact greatly on the final plans of an organization.
business growth strategies, Business Intelligence, Complex Mathematical, Financial Frameworks, implement business intelligence, Integrated Business Planning, Multi Dimensional, Operational Objectives, Opportunity Costs, Planning Systems, Relational Analysis, Sensitivity Capabilities, Strategic Planning, Technological Advancement
