The Importance Of Business Intelligence

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Business intelligence is a concept that has emerged more recently and can be defined as the unification of people, process and technology to drive a business forward (Cates, Gill & Zeituny 2007). It can be further broken down into a process of collecting data, mining the data, turning it into information, which is then used for knowledge to aid in the decision making process (Shollo & Kautz 2010) at the correct time, place and medium (Yeoh & Koronios 2010). A stakeholder is anyone who holds an interest in a company. There are four types of stakeholders primary, secondary (Mishra & Mishra 2013), internal and external (Simmers 2004). When designing a business intelligence strategy all stakeholders are important and their interests should be considered (Simmers 2004). Therefore getting input from users is one of the important steps in the larger process of creating a business intelligence strategy. Gathering input form a wide range of stakeholders regarding the business intelligence strategy has the potential benefit of better decisions, which leads to improved efficiency and then increased profits. However, focus on a business driven strategy must be maintained throughout the process as it can deviate. Also user adoption of the strategy is also extremely important to keep in mind. Body Businesses are driven to be more competitive in their market place and try and do this through collecting and analysing data. Business intelligence systems process historical as well as real-time data to generate information (Bara et al 2009). This allows them to make better decisions and predict market trends (Simmers 2004). A business intelligence system that has been well designed allows the ability to analyse information for achieving... ... middle of paper ... ...ness instead of focusing on just the current need. (Boyer 2010 p53) The adoption is an important consideration because if a system is not used it is a wasted investment. There are four key elements in analysing adoption for a BI strategy as outlined by Yoon (2014) being technology, individual difference, social influence and situational constraints. Input from the casual user so that a system can be effectively designed for them to use and adapt to make the introduction of the BI system one that please other stakeholders desires. Conclusion A business intelligence strategy should be based on input from a wide range of stakeholders, because their input is valuable as it creates better decisions, improved efficiency leading to increased profits. The focus on the strategy must remain business driven throughout the process for it has the greatest chance of success.

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