Business Intelligence Essay Example for Singapore Students
Companies/ organizations regularly come across several numbers of customers, however, the wide spectrum of the applications such as call centre support, e-commerce has put a big challenge of data management in front of the organizations. Similarly, the Singaporean students learning a business development or any management courses come across an essay writing task on “Business Intelligence” included in their college assignments.
Most of the companies and organizations following the proverb “learn & study from the past” and predict the future, are espousing Business Intelligence system and tools. Through BI ideas Companies or associations have comprehended the significance of upholding accomplishments of the objectives characterized by their business systems.
What is Business Intelligence?
Basically, Business Intelligence is the combination of technology, practices, skills, process and applications that are utilized for making appropriate decisions for a business/ organization which leads it towards a path of evolution as well as better growth.
Business Intelligence (BI) is an innovation-driven procedure for dissecting information and introducing noteworthy data which helps administrators, directors and other corporate end clients settle on educated business choices. It is a broad category of technology and applications which involves various process steps like gathering, storing, interweaving and giving access to the gathered information to help individuals in settling on better business choices.
Simply put, BI transforms “Data” into “Information” in order to make it useful for performing business actions. Business Intelligence technologies provide past, present, genuine as well as forecast ideas for business operations. The general functions of the BI process are briefing, rational processing, study, text mining, managing employee’s performance, data mining, setting benchmark and prediction analysis. So as to gain from past and conjecture what’s to come most of the organizations use BI to improve dynamic decision making and recognize new business openings.
Importance of BI
The business intelligence improves the overall system of the organization by enhancing the access of the firm’s data and further using the data for analysis and making decisions to boost profitability.
Organizations that utilize BI practices can make an interpretation of their gathered information into experiences of their business forms. The experiences would then be able to be utilized to make key business choices that improve efficiency, raise revenue and quicken development.
Other potential advantages of business intelligent instruments include:
- Expedite and strengthen the decision-making process
- Enhance internal business processes
- Optimize operational efficiency
- Propel new revenues
- Increasing upper hand over business rivals
- Help the organization to identify market trends
- Identify and analyse the business problems that should be taken into consideration
At an early stage, the BI was used by only the data analysts & IT professional who conduct analysis and generate reports with conclusions for business users. However, it is now being used by business executives and workers themselves. This became possible due to the dawn of self-service BI. data discovery tools and dashboards.
Besides, the BI is anticipated to gain more popularity as tools progressively consolidate both artificial intelligence (AI) and machine learning (ML).
Types of Business Intelligence tools/ applications
Business Intelligence comprises of numerous technologies combined with a wide array of data analysis applications;
which includes: –
- Online Analytical Processing (OAP)
- Operational Business Intelligence
- Mobile BI
- Real-time Business Intelligence
- Ad Hoc Analytics
- Open Source Business Intelligence (OSBI)
- Software-as-a-service BI (SaaS BI)
- Collaborative BI
- Location intelligence (LI)
In addition to the above all, Business Intelligence also includes different technologies like: –
- Data Visualization Software in order to design charts and other infographics
- Key performance indicators (KPIs) to track and analyse factors vital for the success of an organization
- Tools to set up BI dashboards and performance scorecards which will show the envisioned data on business metrics.
BI generally embodies different forms of advanced analytics like-
- Text mining
- Predictive Analysis
- Data mining
- Statistical analysis
- Big data analytics
The data of BI is generally stored in retained in a data warehouse or in smaller data marts that maintain subsets of the organization’s information. Besides, BI architectures also incorporate Hadoop systems depots or a platform for BI and analytics data. This is useful especially with regards to the unstructured data, sensor data, log files, and different types of big data.
How is Business Intelligence used in organizations?
Business Intelligence has left a remarkable impression on the performance, projects, and decisions of the company/ organization similarly, to the organization’s people.
BI is used to convert the data into valuable as well as actionable information in order to reinforce leadership, management, organization, and decision making.
Following are some ways how the organizations are learning to utilize the best of business intelligence applications: –
- Analyze customer behavior, user habit (pattern of buying) and sales trends
- Measure, monitor and forecast sales, and fiscal performance
- Conduct budgeting, financial planning, and forecasting
- Monitor and analyze the marketing campaigns’ performance
- Upgrading forms and operational execution
- Enhance delivery and supply chain efficacy
- Web and e-commerce data analytics
- Risk analysis
- Customer relationship management
- Strategic value driver analysis
Organizational benefits of Utilizing BI System
The organizations, companies, businesses have attained numerous advantages by implementing the business intelligence system and techniques.
BI has improved the efficiency and performance of an organization up to a large extent. It has introduced new opportunities as well as the face of new revenue to the organizations/ companies.
These are the primary organizational benefits that BI has provided: –
- Provide business information quickly and efficiently
- Provide performance indicators arrayed with your business strategies
- Empower employees through data access
- Decrease the time spent on entering data and manipulation
- Gain in-depth real-time insights into customers
- Show important information about your sales
- Identify and analyse areas to cut costs and for budget allocation
- Benchmark data against a competitor and historical data for continuous improvements.
- Increase employee productivity
- Achieve greater social media intelligence
- Boost internal productivity by spending time on what’s important
- Protect your business from online threats
Due to its vast range of perks and benefits, Business intelligence is extended in various industries like: –
- Banking/Insurance Sector
- Pharmaceutical Companies
- Manufacturing (Refinery/ Chemical/ petrochemical/ Paper & Pulp)
- Automobile industry
Business Intelligence v/s Competitive Intelligence
Although Business Intelligence and Competitive intelligence are commonly used as synonyms of each other as these both support decision making there is a vast difference between the two.
There are numerous ways to point out the discrepancies between business intelligence and competitive intelligence. Competitive intelligence is regarded as collecting and analyzing information of a business’s external environment like market landscape for a particular industry or business’s rivals. Conversely, BI is comprehended as inside business bits of knowledge, what your organization is doing.
Though competitive intelligence and business intelligence perhaps have different technical definitions however, they are closely connected and must collaborate to act together in order to make informed business objectives. Sometimes, competitive intelligence is understood as a subset of the BI as the information which is collected by competitive intelligence somehow adds value to the data obtained from the BI and decision making.
It is also essential to be noted that several business intelligence tools consist of the functionality of competitive intelligence. For instance, the dashboards can be utilized for tacking the rivals to determine opportunities in different areas like social media content and keywords.
Business Intelligence v/s Business Analytics
Business intelligence and business analytics can be differentiated by many perspectives. Basically, it is important to understand that BA is the heart of BI in a way apart from the decision-making process but emphasizing on the steps towards decision making.
Some say that business analytics also gather and analyse information and employ predictive analytics just like the BI in order to generate visual overview reports and identify the areas which need improvement, have opportunities and strength.
According to this viewpoint, the main difference between BI and BA is that BA utilizes predictive analyses to solve the issues before their occurrence whereas BI allows the organization to track in real-time to watch problems and opportunities.
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The pupils who are pursuing any educational program under the Business and Technology Education Council (BTEC) like business or management field might get various assignments to be completed on time. The business intelligence assignment is also one of those important course assignments which will carry the same weightage as your other academic writings do.
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From the above essay sample on business intelligence, it can be concluded that the history of business intelligence is very strong and the upcoming future will be much brighter due to its outstanding benefits to the organizations.