Technology Plays An Important Role In Every Sphere Of Life, Even Business

Every business has to have its plans and strategies in place to be successful. Today technology is used to help businesses to plan. Business intelligence (BI) includes the technologies and strategies that are used by companies for analyzing data of business information. Enterprises use BI not just to make strategic decisions but operational ones as well. Even basic decisions like pricing or product positioning are made based on BI. Organizations depend on BI in their long-term planning, to have an idea of the new, emerging markets as well as assess how a product is doing in the market and if the marketing strategies used have any effect. So, we can see that enterprises depend a lot on BI for their growth.

Converting Data Into Valuable Information Is Important

Some experts are able to provide services that turn data collected into valuable information that can help to change the course of the enterprise for the better. There is special software that is utilized by these experts to collect, analyze, and convert data into useful business visions. Business Intelligence tools can include data warehousing, data visualization, dashboards and reporting. The data that is collected is internal data from within the business and not from external sources. There is a huge amount of data that is collected by businesses, but unless it is put to good use and helps in improving business it is of no use. To understand their customers better enterprises should analyse, aggregate and standardize data that the customers produce. The data can also be used to study, understand and correctly forecast the growth of the business as well as any pitfalls the business can fall into.

Decisions In Business Have To Be Made Promptly And Regularly

Traditionally business Intelligence was presented in the form of reports that were sent out every quarter or at the end of the financial year. Today though, most enterprises have software that enables them to constantly update the reports and thus the moment something amiss is noticed, corrective measures can be undertaken. Studies also show that more enterprises are realizing that BI can help make decisions based on evidence and not just based on a feeling. The demand for BI is increasing and is not only used by IT staff. The vendors who provide BI services have realized that they have to cater to non-IT professionals too who have no analytical experience buy are tech-savvy. The software is being redesigned to make it more user-friendly as it has been noticed that the departments that use it most are the sales divisions, operations executives and business executives.

The Hospitality And Travel Industry Benefits A Lot From BI

The hospitality and travel industry have started to realize the importance of business intelligence and have started putting it to good use. In the hotel industry, BI helps the company to predict customer behaviour and this in turn helps them to understand what works and what will not, and how certain customers will behave etc. This way they can plan and make changes as and when required. The airline industry uses BI to bring together various database including that of the weather so that they will be able to make predictions regarding cancellation or delay of flights, which is important to maintain customer relations.

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Created on Nov 4th 2019 02:05. Viewed 448 times.

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