Strategic Management

Business Strategy

 
Business Intelligence
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Vadim Kotelnikov

Vadim Kotelnikov, founder of 1000ventures - personal logo      Business e-Coach      Innompic Games icon

 

Gathering Data in the Field of Business and Turning them into Knowledge

   

  

 

"An individual without information cannot take responsibility;
an individual who is given information cannot help but take responsibility."  
~ Jan Carlzon

 

 

 

 

  Jack Welch's 5 Strategic Questions

 

Some Areas of Business Performance Measurement

Business activity monitoring

Activity based costing for strategic decisions support

Testing a data warehouse

Data quality management

Business intelligence and logistics

Business intelligence in insurance

Business intelligence in retail

Sustainable Profits: 9 Questions To Answer Download PowerPoint presentation, pdf e-book

Data mining

e-Customer analytics

Knowing your customer

Supply chain intelligence

Balanced Business System  Download PowerPoint presentation, pdf e-book

 

 

What is Business Intelligence?

Business intelligence is the process of gathering data in the field of business, turning data into information and then into knowledge.

Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed business decisions.

Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations.

Why Business Intelligence?

Business intelligence is carried out to gain sustainable competitive advantage, and is a valuable core competence in some instances. Every business intelligence system has a specific goal, which is derived from an organizational goal or from the vision statement.

The Origin of Business Intelligence

The first probable reference to Business intelligence is made in Sun Tzu's "Art of War" more than 2,500 years ago where he claims that to succeed in war, you should have full knowledge of your strengths/weaknesses and full knowledge of your enemy's strengths/weaknesses. Lack of either one might result in defeat. Business intelligence (BI) is the art or wading through tons of data overload, sieving through data and presenting information - both internal (from operational systems) and external (market intelligence) - on which management can act or build strategies.

Focus

Information is typically obtained about customer needs, customer decision making processes, the competition, conditions in the industry, and general economic, technological, and cultural trends. Business intelligence is carried out to gain sustainable competitive advantage, and is a valuable core competence in some instances. Every business intelligence system has a specific goal, which is derived from an organizational goal or from the Vision statement. Goals could be short term (e.g.: quarterly results) or long term (shareholder value, target industry / market share or size etc).

Internal and External Sources of Changes

The changes creating new opportunities for innovation can be both within the enterprise or industry and outside them.

How To Discover Opportunities

A three-level business intelligence system is thus to be established to collect and analyze information from within the enterprise; industry and market structure; and external sources, such as demographics, changes in perception, and new knowledge. Innovators who want to exploit new knowledge need to apply a careful analysis of the knowledge available and the knowledge needed.

Internal Business Intelligence

To survive and prosper in business today, managers and other decision makers need to understand every aspect of their organization. A primary objective of Business Intelligence (BI) is to identify the best ways to improve business performance so that target levels are achieved and profits increased. By providing the right information to the right people at the right time, business intelligence enables companies to make better decisions faster than ever before.

Business Performance Measurement

Business Performance Measurement is a software oriented business intelligence system that some see as the new generation of business intelligence though the terms are used interchangably by most in the industry.

Industrial Espionage

Industrial espionage is a type of business intelligence that uses covert techniques. There is a grey area between "normal" business intelligence and industrial espionage.