In this technological era, everything has been computerized. Agility and mobility of business has been increasing rapidly over the years. As modern business grows, Business Intelligence (BI) has become an important part in supporting decision-making process in an organization. However, it is not an easy task to implement a BI successfully. It takes time and effort for an organization to be able to come up with a good BI strategy which will be the critical factor for a successful BI implementation. In Howson’s article, she states that it is a good thing if a corporate BI strategy is determined by gathering input from a wide range of corporate stakeholders (Howson, 2010). In fact, positive involvement from stakeholders is one of the critical factor which contributes to the success of corporate BI strategy. An analysis on the various factors that determine the success of BI strategy will explain why stakeholders’ involvement is one of the critical factor in implementing BI and what happens if stakeholders’ involvement is constantly being ignored.
What is Business Intelligence (BI)? Business Intelligence is actually the tools and systems that play a key role in the strategic planning process of the corporation. A successful implementation of BI can have a direct positive impact on business performance of an enterprise, dramatically improving the ability to accomplish the mission by making smarter decisions at every level of the business from corporate strategy to operational processes. (Pant, 2009)
What is BI strategy? BI strategy is a roadmap that enables businesses to measure their performance and seek out competitive advantages and truly 'listen to their customers' using data mining and statistics (Poladi, 2013). A good implementat...
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Business strategies customarily include a set of actions, objectives, a purpose, goals, and/or a mission statement. Explained within the mission is the Bob’s Gym business strategy. This “Built with Bob’s” ideology is
The continuous growth of the business analytics software markets signifies an increase in the adoption of business analytics in business organizations. Business analytics has been crucial in optimizing organizations internally as well as maintaining flexibility to overcome unexpected external pressures as businesses shift from operating on intuition to utilizing the growing data volumes. Business analytics is defined as the processes that enable organizations to apply metrics based decision making to all business functions. Among the companies that have been successful with business analytics is Netflix, the American entertainment company. However, other companies, such as Trader Joe’s, although successful, still use the traditional intuition
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Businesses are catering to a large number of stakeholders which include employees, customers, suppliers, community, etc
Laudon, K., & Laudon, J. (2007). Essentials of Business Information Systems (7th ed.) (Bob Horan, Ed.). Upper Saddle River, New Jersey: Pearson Prentice Hall.
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
Business strategies and activities play a very crucial role in the future development of the organization. These strategies become more important, in case of e-business organization such as Amazon.
After understanding the possible outcomes and usages of Big Data Mining and Analytics, the study of the process is necessary to identify the real possibilities behind this techniques and how this can improve a business performance. To do this; we should comprehend the basics about data mining and the process that leads from pure data to insights.
First of all, business intelligence analysis requires the capturing of information and storing in a single location for effective data analysis. Currently, data analysis is supported by transactional systems, business specific data marts, and other ad-hoc processes. Information is distributed making it difficult and time-consuming to access. Business teams have adapted to this environment by creating user maintained databases and manual “work-arounds” to support new types of reporting and analysis. This has resulted in inconsistent data, redundant data storage, significant resource use for maintenance, and inefficient response to changing business needs.
Stage 2 : Organizations exhibit the typical localized analytics approach to "business intelligence" but they don 't measure up to the standard of competing on analytics.
Companies are able to become analytic competitors through various activities. One of the first steps to becoming a competitor is the widespread use of modeling and optimization. Instead of following basic statistical information, it is wise to look for ways to enhance profitability. To become successful at this, organizations use both internal and external information retrieved from outside sources for a vivid understanding of their consumers. Secondly, an enterprise approach is necessary. Through this approach, employees become proactive at finding out what items or processes are effective. A good example would be of how the article talks about UPS’s approach for assessing problems,” The UPS Customer Intelligence G...
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
Analytics means using data and performing statistical analysis on it, applying quantitative and predictive models, in order to arrive at a certain decision. Analytics can be the first step in a process or can rather be an intermediate step as well. Analysis can be done using different set of tools that are available in the market or it can done manually using different concept and formulas. Business intelligence firms like Cognos, SAS and BusinessObjects have developed different tools that are readily available in market that assist in analysis and decision making. Analytics is used in order to find solutions to the problems and the solutions provided enables us to be successful and in the business world allow us to compete with our contenders.
The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future.
Curtis G. & D. Cobham (2002: 4th edition) Business Information Systems: Analysis, Design and Practice. Essex: Pearson Education Limited