The collection of
complex business data refer to the business intelligence. The collection of
data particularly related with specific department and the position of the company.
Large businesses with huge amounts of data to process are most likely to
benefit significantly from business intelligence, though smaller concerns use
it, as well. Many companies use business intelligence services to identify the customers, ROI for certain products.
Although implementation of business intelligence is expensive but it has
significant benefits.
Fact-Based
Decisions
Once the company implement business intelligence,
management easily see the details of current data like production data, customers’
data and financial data. This information is useful to create the return on
investment for products and individuals. So that managers able to make an
informed decisions that results in the large profit.
Identifies
Opportunities
According to the Journal of Theoretical and
Applied Information Technology business intelligence can help a company measure
its own abilities; compare its qualified strengths and weaknesses against its opponents;
recognize trends and market conditions; and react quickly to change, all to increase
a competitive advantage. It
help decision makers to make decision quickly and respond according to the
situation. It help to identify the most powerful and profitable customers, also
help in measuring the details of customers dissatisfaction.
Improves
Sales and Negotiations
Business intelligence is a great and important
asset for any company. It help to access the reports easily and identify the
sales trends, customer’s preferences etc. Complete and present data is also a valued
backup to negotiations with suppliers or other vendors.
Eliminates
Waste
Business intelligence services help to identify
the waste or loss data which may be hidden in large organization. Business intelligence services help to
identify the areas which increase the efficiency of business analyze the
transaction between the departments.
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