Business Intelligence And Its Applications In Retail, Sports, And Finance

MIS781 Business Intelligence

What is Business Intelligence?

Business Intelligence is termed as practices, technologies and applications for the analysis, collection, presentation and integration of the information related to business. The aim of the Business Intelligence process is to help the business in efficient decision-making. Sometimes this process is used for report, query tools and briefing books. These systems help in providing historical, predictive and current views on the business operations. The Software elements of Business Intelligence supports visualization, reporting and interactive analysis. The Business Intelligence includes a variety of application and tools that enables an organization to receive data from external sources and the internal system. The important advantage of the tools of Business intelligence are accelerating, improved decision-making, increase in the efficiency of operations, achieving new revenues and attaining the competitive advantage over the rivals of organizations. The companies can identify business problems and market trends with the help of business Intelligence systems. Business Intelligence systems support the tactical and strategic decision in business. These systems include technology of data visualization for info graphics, designing charts and the tools for creating performance scorecards and Business Intelligence dashboards (OLAP 2018).

The advantages of business Intelligence in the organization are:

• Reporting: Business Intelligence system analyses and collects data in the organization.  This systems helps the professionals in the organization in generating reports on the variety of expenses, staffing, data sets, customer service and operations processes. Business intelligence includes relevant data, as the reports containing relevant data is easier to understand (Guru99 2018).
• Benchmarking: This is used by the Business organizations in increasing the productivity, success and revenues as compared to their competitors. This system simplifies the data by providing reports and information that are easy to understand. It provides timely and accurate data that provides valued information about the company’s current state (Dataconomy 2017).
• Sales Intelligence: The reports produced by these systems are efficient in the backup of claims, when dealing with the important clients and making sales decision quickly with accurate data and business intelligence reports. This tool is most efficient for the business in convincing clients, suppliers and the vendors of the capability of the organizations services (BI-SURVEY 2018).
• Catching the opportunities: The business intelligence software is efficient in analyzing the incoming data, which help the companies in catching the opportunities that they are missing. The personalized reports generated by the business intelligence software is linked to the data warehouse, which helps the companies in picking up the trends of company’s staffing, client development , operations and spending. This software enhances the awareness the awareness of the organizations.
• Overcoming challenges in the implementation: Sometimes, the company’s does not wants to use business intelligence software, as their implementation is complicated for them. Business intelligence system helps the company to remain away from the gamble in making important decisions for the organizations related to finances, marketing and management that results in the competitive advantage (TechTarget 2017).
• Decision-making: The top executives of the organizations take the decisions in the business. Business intelligence system makes the decision making simple and fast, as it does not involve making presumptions. It removes the guesswork and describes the new information along with the feedback of the customers on various product lines (Smart & Resilient cities 2018).
• Saves business history: The important benefit of the Business Intelligence is that this software predicts the results of the business action. This trend is defines as the perspective analytics. The business intelligence predicts the business actions only by storing the historical data and identifies the trend from past. This software display trends from the past for the expert to predict the future business action.
• Develops the competitive edge in the market: Business Intelligence is the universal phenomenon. With the help of Business Intelligence, Organizations are using excellent reporting tools for achieving the competitive edge in the market.

• Visualization: The important advantage of the Business Intelligence System is to present excellent visualization of data. This system ensures data visuals that are simple and easy to interpret and understand.
• Data mining: These systems are perfectly suited for the process mining and powerful data. Business Intelligence system processes, analyses and renders wide data that is not managed in the organization with the weaker programs. This system manages data that provides easy access to the information that is valuable and increases the decision-making activities in the organizations (Smart & Resilient Cities 2018).
• Performance management: Business Intelligence system helps in the management of performance of the organization. These tools help the businesses in checking database goals, like target check on a regular basis, delivery time and target sales goods. With this function, the professionals in the organization can track the overall productivity of organization (SelectHub 2016).
• Better Inventory control: Business Intelligence system helps in the tracking and delivery of the inventors in the right quantity and time. This software provides the goods to the customers, when they need them and reduces the company’s burden of excess inventory.
• Develops efficiency: Business intelligence reduces the organization burden of searching the information from various data sources, when they require developing deeper knowledge about their business operation. With the use of Business Intelligence system in the organization, the data is assessed from the dashboard. This software saves energy and the time of the organizations and eliminates inefficiency from the businesses. (Data mensionel 2015)
• Increase in reporting Speed: Business Intelligence system increases the organization access to the unprocessed data in the readable form. This software organizes reports in delivering interactive information in a short span of time

In Retail sector:

Business Intelligence is the assembling of data that is used in implementing marketing strategies. It identifies the working system of Business and organizes demerits and merits of the business plan. In today’s life the demands of the customer are dynamic. The consumers are looking for latest products, impeccable services and instant gratification. Business Intelligence in retail sectors helps in understanding the customers’ needs for an efficient selling and buying experience. It analyses the requirements of the customers properly and helps the organization in predicting what the customers will require next. The companies who understand the requirements of the potential customers can give strong competition to their competitors. The tools of Business Intelligence access the previous and the recent search data of the customers. It shows trends of the customer in the charts format, that is simpler to analyses and assess the customer characteristics. Business Intelligence helps the retail companies in promoting different offers and schemes. By using the Business Intelligence system, the companies will get the idea of the availability and the shortage of the stock for a specific product. The retail companies uses business Intelligence for smart advertising. It helps the companies in keeping a record of the customer’s searches and purchases and plays the advertisements related to the recent searches of the customers (ElegantJ BI 2018).

The retail companies use Business Intelligence system in generating smart and personalized communication with their customers by using their purchase history and their interest areas. Data intelligence helps the retail companies in making tremendous variations in their retail outlets (Rapidops 2017).

Business Intelligence in the retail organization is beneficial in their marketing activities. It is useful in the effectiveness of trade promotion, channel utility, profitability, outlet performance, Responsiveness, market performance, customers demand and visibility of the retail outlet products. Business Intelligence increases the collaboration level among the partners of supply chain. In retail organizations the relationship of the retailer and suppliers matures, which results in the increase in the risk sharing between the partners of supply chain. Business intelligence software helps in providing right information across the organization so that the chances of the risk between the retailer and the supplier decrease.

Benefits of Business Intelligence in Retail

The Quick Response Program of the business Intelligence provides the supplier information related to the sales. The supplier for identifying inventory level, delivery and planning production uses this Business Intelligence program. Collaborative planning, Replenishment and the forecasting are the important practices followed by the retail organizations, which helps in the production and delivery of the products. Business intelligence helps in optimizing the resource allocation. This software integrates the financial data in controlling the operations cost. It develops the statistical model for predicting the behaviors and the needs of client.

Business Intelligence is used in sports organization for improving the performance of the players.

Managing players Business Intelligence is used for measuring the individual player’s performance like, accuracy, speed and their mistakes. This system generates algorithms for identifying the scoring probability depends on the factors such as stadium capacity and the weather (Better buys 2016).

Managing Venues: Management of the stadium or arena is not an easy task. Data intelligence is useful in managing the difficult managerial tasks. Business intelligence helps the sports organization in identifying the requirement of the food or identifying the requirements of the parking attendants and the ticketing staff. This system allows for the effective and efficient operations (DYNASOFT SYNERGY 2015).

Wearable technology Business Intelligence provides a wearable technology that helps the trainers and the players to remain aware about their fitness targets. This technology helps the organization in tracking, detecting and preventing the player’s injuries. Data collected in the long term is used to set targets for the player performance (DZone 2017).

Creating better teams: Business Intelligence system is used in creating better teams. In recent years, the sports teams are using advanced technologies. This software helps the teams in creating their own methods (SISENSE 2017).

Involvement of Fans: Business Intelligence is not only useful for the sports teams and the trainers but is useful for the fans as well. This software helps the fans in analyses and enhancing their entertainment experience. The Business Intelligence is used in the websites of sport betting.

Different researches proves that the Business Intelligence is beneficial for the banks and the financial institution. It helps the financial institution in different ways:

Risk management: As the financial world is uncertain, financial institution are relying on the fact-based information to reduce risk in their organization. Business intelligence efficiently and quickly reduces and detects the fraudulent activity. It estimates the probability of a customer capacity to pay or default to pay the loan and calculates the recovery cost. Business Intelligence analysis the customer delinquency trends for the development of the new policies and reducing the future delinquency cases. This software ensures agreement with regulatory and the statutory requirements.

Improvement in the operational efficiency and increase in profit: Business Intelligence helps the bank in reducing their ongoing costs and maximizing the expertise and the external resources. This software analyses the sales personnel, account managers and tellers performance. This system helps the financial institution in understanding the growth patterns and maximizing the repeatability chances. It determines the non-profitable and the profitable products of the financial institution in order to track the customer’s revenue streams (Yellowfin 2011).

Customer Segmentation: Business intelligence allows the financial institutions in accurately segment their customer and effectively develops services and products for their customers. Business Intelligence leads to the effective profiling of the customers (ElegantJ BI 2018).

Conclusion

This can be concluded from the above discussion that the Business intelligence system helps in enhancing the business operations. This is considered as a software solution that is developed to provide the data on the executive dashboards. This software helps in defining the strategy, profitability maximization and develops the culture of performance oriented across the organization. It is used as a reporting tool in the organizations. In this report, the strategic and the operation benefits of the business Intelligence is discussed. The strategic benefits of the Business intelligence are benchmarking, sales intelligence, reporting, faster decision making, developing the insights, catching the requirements and overcoming the challenges in the implementation. The operational benefits of the business intelligence are Visualization, Data mining, performance management, Better inventory control, develops efficiency and increase in the reporting speed. Application of the Business intelligence system in different types of business enhances their profitability. In this report, the discussion is carried on the application of Business intelligence in the sports organization, retail sector and the financial institutions and it is concluded that its applications in these sectors have a positive and remarkable impact on the performance of the organization. Thus, Business Intelligence helps in the proper evaluation and the control of the business operations.

References

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