Mary’s MediBracelets Final Report
Running head: BUSINESS INTELLIGENCE 1
BUSINESS INTELLIGENCE 2
Business intelligence
Derrick Hobbs
David Conway
Business intelligence
How business intelligence can use data collected from business applications to improve an organization's competitiveness.
Business intelligence refers to the systems and software that are put into use to retrieve data from a variety of sources (Herschel, 2012). The aim of the collection of the data is to create an opportunity for the businesses to be in a position to draw reports that can be depended on by the management. Additionally, the retrieval of the information creates a chance for the businesses to be in a position to keep up-to-date information that explains the current performance level of the businesses. Moreover, with the assessment of the large amounts of data, it becomes achievable to make the right decisions that are triggered by the evaluations that have been based on what is most effective than others.
Business intelligence creates a chance for companies to review large amounts of vital information and data that pertain to the past and current performances of the businesses. With the review of the information, it becomes easier to get informed about all the challenges and issues that have hit the companies at that moment. Therefore, the identification of the effective solutions that will counteract the problems can be identified with ease. Additionally, with the use of the business intelligence, the businesses can run and assess the solutions that have been chosen to realize whether they will be functional as it has been anticipated or not. The business intelligence helps to come up with a more intelligent business that with the utilization of a model that is analytical.
Therefore, business intelligence is appropriate when it comes to advancing organizations’ competitiveness since the different tools are effective when initiated to analyze large amounts of reliable data. In other words, the tools are chosen wisely and implemented appropriately creating it attainable to discover all the metrics that can be initiated to transform the available data in the most functional manner possible. The software creates aid when researching how other firms have managed to become competitive in the market. Therefore, with the use of their ideas and other advanced strategies, firms tend to run and perform their procedures according to the set standards.
Moreover, business intelligence has been associated with processes that run the assessment on the existing policies and programs. With these assessments, chances arise to improve the internal systems, policies, structures, and procedures leading to opportunities such as advanced productivity and developed returns (Quaddus, & Woodside, 2015). Additionally, market intelligence can be attained with the implementation of business intelligence software. With the utilization of the business intelligence tools, firms manage to assess the clients’ buying patterns, and how they behave with the existence of some goods. Therefore, the goods that are discovered to be stars are supported to maintain and increase the returns while the items that are considered to be dogs are eliminated. It results in a position where the businesses do away with all their incompetence.
Therefore, it evident that with business intelligence software, firms run their businesses strategically, since once they realize what supports their achievement of more returns, they work to support the actions. Moreover, the anticipation of various objectives becomes attainable, and they tend to maintain the sales strategy personalization creating access to more information about the other companies. Competitiveness is advanced with time, and the firms never lack to come up with creative decisions that once initiated, resulting in a scenario where all the members pool their qualities and skills together to ensure that they prevent having losses that might arise from competition.
References
Herschel, R. (2012). Organizational applications of business intelligence management : emerging trends. Hershey, PA: Business Science Reference.
Quaddus, M. & Woodside, A. (2015). Sustaining competitive advantage via business intelligence, knowledge management, and system dynamics. Bingley, UK: Emerald Group Publishing Limited.