business intelligence application

business intelligence application

Today, the business environment faces many challenges. Hence it is useful for business organizations to access relevant information and knowledge’s in order to help them overcome some challenges.BI is an overall notion for techniques, solutions, and tools that assist managers in understanding business situations. Business intelligence is referred to as the managerial philosophy, as well as a tool used in helping the organizations to manage plus refining of the business pieces of information with the objective of making more business decisions. In the rapidly changing environment, different organizations performing different task dimensions as well as tasks at times come across some problems, where data becomes the valuable resource for making critical managerial decisions and extraction of knowledge in different business scope.

In giving a little historical background of business intelligence application, the use of BI in the enhancement of business operations is not a new concept. The term first appeared in a book in the 1800s when it describes the way a financier had been outsmarted by competitors that applied the knowledge of the market to play it. As used today, reefers to practices, plications, and technologies that analyze, integrate, collect as well as presenting business data with the intention of making data-driven business decisions.

What learned about the BI concept in the development workshop session?

During the development workshop session (DWS), I came to learn about business intelligence software and business intelligence tools. Where I realized that without the BI software, then the big data has no value, as it’s the tool that makes it possible to create value from big data. On the other hand, the BBI tool is the tool that enables decisions making in a business or development predictions depending on the business objectives, as it allows companies to both the context of the historical and current data.

At the DWS i leaned that organizers with the BI concepts benefits allot as BI is used to turn data into awaking information for management, decision making, leadership, and organization. I was also able to identify some of the ways that the companies are learning to use the BI. These include the following, learning to; analyze risk, analyzing customer sales trends, behavior, and buying patterns.

Measure, track, and predict sales and financial performance; track the marketing campaigns’ performance.

Optimize concerts as well as operational performances.

Strategize value driver analysis.

Budgeting and financial planning provide delivery as well as supply chain effectiveness.

It also helps in Customer relationship management and web plus e-commerce data analysis.

It was now clear to me that the BI benefits organizations by assisting them with quick answers to critical business questions help in the alignment of activity with strategy as well as reduction of time spent on data entity plus manipulation. Organizations gain in-depth real-time insight into customers, are able to benchmark data against competitors plus historical data for continuous, finding out and analyzing cost-effectively and budget allocation, and lastly boosting internet productivity by spending time on what is essential.

What did you find attractive in what you learned?

What I found interesting about the DWS was the fact that I had some questions about my curiosity answered. Like I had longed to know what time and how do I use BI in my business, where I came to realize the following indicators for the need for BI technology in a transaction.

It can be applied when there is a need to integrate data from multiple business sources or applications.

Also When there is a lack of visibility into the company events, finances, operations, news together with other areas.

And When one needs to access relevant business data efficiently and quickly.

Furthermore, When new products introduced in business or there is rapid or pending company growth.

And upgrade within the IT environment and when the volume of users that requires information has increased.

The fact that I came to learn about the result of the BI was another exciting part of my life because I would one time wish to apply the BI technology in my business. I learned the following as the advantages of BI: harnesses sales data to increase sales, it streamlines data management and improves performance, helps uncover high-value customer’s as well as marketing opportunities with big data and BI, streamlines business processes with BI, helps in use of data to discover cash flow issues in account receivable, helps smart marketing and better business processes across the board.

From the above mentioned, I realized BI is meant to empower your business as well as empowering the employees and customers. And the BI power provides your employees with the opportunity to embrace and have transparency in their data stories as well as working space. Another exciting part to me was the fact that every business can use the BI; it does not look at the size of either the type of the company.

What were the main ideas in DWS?

The main ideas I learned during the DWS are that the BI is used for online analytical processing, reporting, data mining, complex event processing, process mining, text mining, productive analysis, benchmarking, and business performance management. By the use of BI, the management can monitor objectives from high levels. BI aims at supporting better business decision making.

Another central idea that I learned is that before one implements a BI solution, the following factors should be taken into consideration before getting ready to do the BI project.

The quality and quantity of business data available.

The level of the need for the BI implementation demand on the business.

The level of sponsorship as well as commitment and of the project from senior management.

What did you understand best?

Though Throughout the leaning process of the DSW, I learned that to the companies that use BI technology, before going to launch any new product, the company must understand the market trend. The business intelligence analyses market data as well as understanding which product or business is suitable for the market in the current time.

Have these ideas been ever used in real-life situations?

Yes, through my DWS I learned that the BI concept had been applied in several fields that include the following;

However, the concept may be seen a little vague, and I came to learn that there are many businesses that are putting BI into work to solve concrete issues. One of the earliest examples I learned about is the Lowe leverages BI America’s second-largest home improvement store.

The Seattle-based coffee chain Starbucks is also known for using BI technology. Though the use of this BI technology, the company has been prevalent and has enabled the company to be able to send pieces of information of offers to their customers that it believes that they will want to take advantage of via mobile devices.

The finance industry is another area of a business in which the business intelligence concept has been the most effective. Amex has been big on BI, and it has been a pioneer of BI in the financial sector, it uses the technology to develop new payments services products as well as market offers to customers. The BI software has helped the companies to detect fraud, and this is assisting the customer in whose card information might have compromised.

Not forgetting that among the companies that use BI, Amazon and BI work together, just like Starbucks,

It uses BI technology to personalize product recommendations as well as market their products. It also uses its BI software tool for logistical business decisions.

These are just a few among the several uses in which the modern BI software can be put. From finance to retail and even in public sectors, this technology has help organizations glean useful insight from their data.

What questions do you still have about what you learned?

Although the session was well explained and elaborated, one of my question was not answered, that what were the effect of BI technology?

To conclude, I learned a lot from the DWS of the BI concept. I can now advise a business manager to use BI technology in their businesses. This can be applicable in the following; In sales intelligence, visualization, reporting, and performance management. In every significant industry, the powerful transaction-oriented information system is now a commonplace .it is essential as it leaves the field for corporations around the universe. With the increasing IT knowledge, the BI has evolved increasingly on real-time data.