Question

(1) What should companies do to adapt or address Business Intelligence?

(2) Provide Real world example of a company using the approach mentioned above.

Answer 1

Question 1

Business Intelligence

Business intelligence means the set of technologies and strategies that a company used to analyze the data available for the creation of a knowledge base that helps in predicting business trends. Business intelligence helps a business organization in supporting its growth and development. It enables an organization in making data-driven decisions. It reveals the ways in which the company could increase its profit. A comparison of the business results of various firms could be done in an easy manner with the assistance of business intelligence. It also helps in tracking business activities on a regular basis.

The following things can be done by a company to adopt Business Intelligence.

• Firstly the organization must formulate objectives behind the intended business intelligence strategy of the organization.
• Then the organization must create a core team for the development and implementation of the business intelligence strategy.
• Then the company must determine the information that needs to be collected with the assistance of the business intelligence strategy.
• Then the organization must find out a technological solution for facilitating the business intelligence strategy.
• The company must also review the business intelligence strategy on a regular basis.

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