Business Intelligence



Business Intelligence

Introduction

The term Business Intelligence abbreviated BI, became popular from the early to mid 1990s, and refers to procedures and processes for systematic analysis (collection, analysis and presentation) of data in electronic form. The aim is to gain insights into the ways in which corporate objectives enable better operational or strategic decisions. This is done with the aid of analytical concepts and IT systems, evaluate the information about the company, competitors and market developments with regard to the desired insight. With the knowledge gained, companies' business operations and customer and supplier relationships more profitable, reduce costs, mitigate risk and increase the value. The term is the field of computer science industry attributed (Waishok, 2012).

Discussion

Business Intelligence Opportunities in Retailing

Business Intelligence is a border concept, analyzing the business, decision making, support system, facts- base programming, profit making, and improving process are covered in the business intelligence. It is one of the most important systems of this century (Ashton, 2011).. It has completely changed the business trends and presented the competitive advantage for the companies who have implemented it. There are several opportunities regarding the BI. It is the most demanding and useful systems for the companies. It provides value to the business and improves the supply chains and other decision processes. After some years, it would be difficult for the management and organizations to work without the Business Intelligence. It is pre-requisite for the companies to know different trends and patterns in the business industry they fall. Without BI it would be like running race without knowing the number of participants and finish line. It provides comprehensive understanding of the business trend and help taking critical business decisions. It is the great opportunity in BI that it increases profit in the business and make the way clear.

In the current business organizations businesses have started implementing the Business Intelligence for their decision support and to understand the market patterns and forecasting. It has now become important for businesses to implement the business intelligence to survive in the market and gain competitive edge. It is the most demanding and useful systems for the companies.

As far as the e-business for any retailer are concerned, this era is full of technological advancement, where people find the easiest way out to shop in order to fulfill their needs and wants. Organizations along with the physical outlets also have moved in the brick and mortar model of business where e-commerce has provided them the opportunity to cater those targeted customers who are not in the reach, and are in different regions of the world. E-business in the retail industry is a very huge sector, where people sell through online medium, where the transactions are exchanged over the internet through the intermediaries.

Business intelligence has also played a very important role in the e-business industry with it full support to the people who are indulged in the e-business by providing the best possible solutions with the latest technology over the internet. Through the business intelligence the supporting ...