Strategic Implementation Of Business Intelligence Tools And Analytics Essay

Decision making and communication are at the center of business success and efficient business analytics would only be effective through the use of proper information systems and that are up to date with current trends as well as optimizing on the available channels.

The latest technological development in data analytics and implementation helps organizations gain insights and how to deal with informed decisions.

Businesses today have access to significantly more data than any other time in history; however, most businesses are not capturing or using the data effectively. A report by the Aberdeen Group, “The Executive’s Guide to Effective Analytics,” indicates that “44 percent of executives are dissatisfied with the analytic capabilities available to them today, and that they often make critical decisions based on inaccurate or inadequate data” (Forbes, 2014). Luckily, CEO’s are beginning to recognize the need for analytics and more and more businesses are making a shift towards a data-driven business culture.

We cannot all help but notice the steady decline in our market share for the past consecutive 11 quarters. Annual revenue has shrunk by 40% since we last saw a sales growth. Despite all the cost cutting measures that we have implemented we still continue to see a steep decline in sales. To make matters worse we do not know why, we do not know how and do not have any insight on what the competition is doing and how they are doing it. I’m proposing that we adopt a business intelligence system. This will allow us to see the state of our overall processes, and pinpoint areas of improvement or elimination. In short, business intelligence will allow us to better analyze the organization’s plans and results. I will provide us with insight into what is working correctly at the same time identifying potential problem areas

Today, the world’s trend in operating business focuses on data availability to enact the best suitable decision to improve, develop, and increase business revenues. Moreover, the availability of data helps to monitor and control the quality of provided products or services. However, the availability of data without proper analytics operations would have no meaning (1). Data analytics provide an important aid to an organization to figure out their position in the market in comparison with their competitors. Also, data analytics helps to identify what is the organization’s competitive ability in the market, what they should bet on, and what they should strive for. With that being said, many of today’s most successful organizations utilize

Current business and technology conditions that complicate effective application of business analytics to business intelligence and knowledge management data, and the prospects for improvement

Company’s current position and ability to compete on analytics: I had worked for a healthcare delivery organization whose mission is to enhance the quality of life through improved health, prepare future health care professionals and discover new medical knowledge through research. It is the only Academic Medical center in the region and enjoyed a monopoly for quite some time. With the passage of the Affordable Care Act, the payment model changed from Fee for Service to Bundled payments. The organization was challenged to lower the cost of providing healthcare services without compromising quality of care or research. It had to invest heavily on implementing Electronic Medical Records and systems for reporting to regulatory agencies and insurance companies. The table below highlights the differences between Analytics and Business Intelligence. Note that the organization is in the early phase of implementing BI solutions.

In this highly competitive business environment, businesses are constantly seeking ways to gain traction and understand what is on the minds of current customers and potential customers in order to increase business efficiency. Many companies, such as American Express have turned to business intelligence (BI) and data analytics to maintain a competitive edge over the competition.

It’s now the responsibility of both marketing and IT departments to translate data into profitable insights. How your team integrates data into a strategy will help determine your business’s growth.

We live in a day and age where Business Intelligence (BI) tools are becoming a standard for businesses. In the past, decision makers gathered data from thick paper reports, long presentations, and other inefficient tools. However, with rapid advancements in technology, especially in the field of Information Systems, decision makers need more sophisticated and efficient tools to make sense of their businesses. Analytical tools are very useful because they allow decision makers to make decisions at every level of business. We are getting to the point where these tools are critical for a firm’s advancement and competition.

Upper management is under pressure from shareholders and stakeholders alike to use more data analysis in order to drive all parts of the business. “As data use grows in sophistication and reliability, it is shaping a brave new world of data analytics that is starting to redefine how companies make decisions and drive improvements to their essential operations (Richardson, 2016).” Recent competition has caused sales to stagnate and the first quarterly miss on revenue vs. expectations in the company’s history. Management believes the newly created analysis team can create efficiencies that employees may not see in the course of their day to day operations. Specifically, for the sales team, the analytics team believes they can give sales

Any company of reasonable size knows just hwo vital information is. Capturing, organizing, and analyzing information is one of the foundations of success in the global economy, which is rife with ever-changing features and factors that require constant adjustment in standard operations and in overall positioning in order to develop in an effective manner. For a company engaged in business-to-business (B2B) analytics, information handling isn't simply an important feature of success on an internal basis it is an explicit part of the real product/service being offered on an external basis, and is a fundamental part of the business model. Companies engaged in analytics must maintain a firm grasp on information gathering and handling procedures in a variety of settings, bringing both proven knowledge of concrete relationships and mechanisms as well as the creativity required for innovation and original investigations to each of their client relationships in order to ensure business clients are receiving the best and most relevant information according to their needs and circumstances. In order to provide consistently strong service, then, companies providing business-to-business analytics services must ensure that they themselves maintain accurate and comprehensive information regarding their client companies' specific internal demands and

Business Intelligence plays a major role in decision making and provide data driven decision Systems. The potential edges of business intelligence programs embrace fast and up call making; optimizing internal business processes, also with increasing operational efficiency and driving new revenues; and gaining competitive benefits over business

Business intelligence consists of tools and systems that collect data, analyze it and store it which will help in decision making process. Business intelligence consists of number of tools and applications which help the organization in collection of data from different sources, develop and run queries against that data and create visualization and dashboards on that business intelligence data which will help business managers in making effective decisions. It includes large set applications like ad-hoc analysis, online analytical processing (OLAP)

The Bloomberg Businessweek Research Study (2009, online) shows that only one in five C-level executives reported that the use of business analytics is integrated across their entire organisation. Also more than three-quarters of the responding executives cited “variable data quality, integrity, and consistency” as an obstacle to the organisation-wide which is the implementation of business