Reverse Logistics & SCM – Scope and Advantages
Supply Chain Management is concerned not only with the flow of raw materials and finished goods, but scope extends beyond this to include reverse flow of unsold finished goods, parts and packaging materials from the point of consumption at customer’s end back to the organization or to rework/refurbishing vendors. Today reverse logistics has been adopted […]
Analyzing Business Decision Making Process
Continuous analysis of organizational decision-making process is essential to high quality and transparent decisions; otherwise a business runs with a prejudice: the notion that it is good at making decision, even if in reality it is not. And probably this is why both, decision makers and decision support system analysts try to get a profound […]
Why is Sweden Facing a Currency Crisis?
Sweden is not really a country that comes to find when one talks about finance or currency trading. The Swedish Krona is a relatively small and insignificant player in the global market. Trading in Swedish Krona accounts for less than 2% of the global currency trades. However, the Krona is what many call a counter […]
Trust is the Key to Building Successful Companies and Great Nations
The Importance of Trust in Building Successful Companies and Great Nations Recently the former Prime Minister of India, Dr. Manmohan Singh, made an impassioned plea for building trust among the economic agents and between the citizenry as that would have a salutary effect on the country’s economy. In a hard hitting article, Dr. Singh, decried […]
The Importance of Infrastructure Sector
An economy consists of many sectors. However, infrastructure is known to be the backbone of any economy. Roads, railways, electricity, and banking services are the very bedrock on which the modern economy grows. Until and unless a nation has robust infrastructure, any other industry will find it difficult to grow and prosper. In this article, […]
The current business environment is constantly evolving. The global economic scenario is providing opportunities as well as challenges. The factors affecting business environment are consumer needs, globalization, and government policies, etc.
In such a business environment, organization basically has four action steps. The organization can be reactive, anticipative, adaptive, or/and proactive. For this, organization can develop a new strategy, get into partnership, etc.
Today most of the businesses are having a computerized business support. This support is in form of decision support system, business analysis, etc.
The main objective of business intelligence is to bridge the gap between organization current status and its desired position. Business intelligence helps organization achieve commercial success along with sound financial management.
Business intelligence is framework designed to support decision-making process. This framework combines architecture, database, analytical tools and applications. Business analytics forms an integral part of business intelligence.
More and more businesses are moving towards business intelligence. The reason for this movement is the business environment. Organizations are forced to capture, store and interpret data. This data is at the core of business success. Organizations require correct information for any decision-making process.
Business intelligence combines data warehousing, business analytics, performance, strategy and user interface. Business receives data from various sources. This data is capture in the data warehouse where it is stored, organized and summarized as per further utilization. Authorized users can access this data and work on it to get desired results. This result than are shared to executives for decision-making process. These data results can be published through dashboards or share points.
The main components of business intelligence are data warehouse, business analytics and business performance management and user interface.
Data warehouse holds data obtained from internal sources as well as external sources. The internal sources include various operational systems.
Business analytics creates a report as and when required through queries and rules. Data mining is also another important aspect of business analytics.
Business performance management is a linkage of data with business objectives for efficient tracking. This business performance is then broadcasted to an executive decision-making body through dashboards and share-point.
The benefits of Business intelligence are as follows:
Business intelligence usage can be optimized by identifying key projects on which company would like to focus. This process of highlighting key projects is called business intelligence governance.
The importance of business intelligence is growing, and its usage has proliferated across various types of users. Earlier, it was in the domain of IT staff, but now business team is also independently handling business intelligence.
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Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
