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Business Intelligence | ||
Business Intelligence has two basic different meanings related to the use of the term intelligence. The primary, less frequently, is the human intelligence capacity applied in business affairs/activities. Intelligence of business is a new field of the investigation of the application of human cognitive faculties and artificial intelligence technologies to the managerial intelligent decision support systems for different business problems see for example BI as a cognitive capacity. The second, which is the subject of this article, relates to the intelligence as information valued for its currency and relevance. It is expert information, knowledge and technologies efficient in the management of organizational and individual business. Therefore, in this sense, business intelligence is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions. The term implies having a comprehensive knowledge of all of the factors that affect your business. It is imperative that you have an in depth knowledge about factors such as your customers, competitors, business partners, economic environment, and internal operations to make effective and good quality business decisions. Business intelligence enables you to make these kinds of decisions. Business Intelligence should not be confused with competitive intelligence, which is a separate business discipline. Reasons for Business IntelligenceBusiness Intelligence enables organizations to make well informed business decisions and thus can be the source of competitive advantages. This is especially true when you are able to extrapolate information from indicators in the external environment and make accurate forecasts about future trends or economic conditions. Once business intelligence is gathered effectively and used proactively you can make decisions that benefit your organization before the competition does. The ultimate objective of business intelligence is to improve the timeliness and quality of information. Timely and good quality information is like having a crystal ball that can give you an indication of what's the best course to take. Business intelligence reveals to you: * The position of your firm as in comparison to its competitors i.e. market share * Changes in customer behaviour and spending patterns * Customers' preferences * The capabilities of your firm * Market conditions, future trends, demographic and economic information * The social, regulatory, and political environment * What the other firms in the market are doing You can then deduce from the information gathered what adjustments need to be made. Businesses realize that in this very competitive, fast paced and ever-changing business environment, a key competitive quality is how quickly they respond and adapt to change. Business intelligence enables them to use information gathered to quickly and constantly respond to changes. Benefits of BIBI provides many benefits to companies utilizing it. It can eliminate a lot of the guesswork within an organization, enhance communication among departments while coordinating activities, and enable companies to respond quickly to changes in financial conditions, customer preferences, and supply chain operations. BI improves the overall performance of the company using it. Information is often regarded as the second most important resource a company has (a company's most valuable assets are its people). So when a company can make decisions based on timely and accurate information, the company can improve its performance. BI also expedites decision-making, as acting quickly and correctly on information before competing businesses do, which can often result in competitively superior performance. It can also improve customer experience, allowing for the timely and appropriate response to customer problems and priorities. Copyright 2008 - France BtoB from Wikipédia
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• Business Intelligence
• Competitor profiling • Reliability and validity • Washington Consensus • Market share • The Better Business Bureau • Aggressiveness strategies | |
