Question

(1) What should companies do to adapt to the growing trend of Business Intelligence

(2) An example of companies already using the approach you mentioned

(3) what kind of option will businesses use to address business intelligence

Answer 1

1) Business Intelligence is the go to model in the current age of extensive data.Whether is analyzing consumer behavior or spot changing market trends the implementation of Business Intelligence is now more required than ever.There are certain trends/activities which a company can implement to adapt to the growing trend of Business Intelligence

a)Establishment of a Road Map or Vision:

Unless the vision or a clear goal of Business Intelligence is not established it can never be successfully implemented the consequences of which can be fatal.It is advisable to create a clear road map before proceeding ahead.

b) Team Inclusion & Training: Generally the CTO or Technology Head must be given the opportunity to train the team for the business to change its metrics to visualization of data and sharing trends

c) Establish a clear KPI :They have to develop a set of custom KPI(Key Performance Indicators) as what and how they analyze with the data and how they can benchmark their performance against their competitors or in the industry they are operating in

d) Ensuring appropriate business intelligence tools used:The right tools (Drill Down /data mining etc) appropriate for the industry must be implemented

e) Data Repository:It goes without saying that a data warehouse wherein close analysis of data input must be done to ensure successful implementation

2) Amazon founded by CEO Jeff Bezos and Business Intelligence go hand in hand as their entire business model runs on a clear goal lightning fast delivery with best prices wherein they include best sellers filtered through their algorithm which collects customers purchase preferences and behaviors and use it to predict future choices.They were amongst the early adopters who trained their team on the importance of Business Intelligence ,used their dashboard to predict and filter data.Their data repository with presence in multiple countries are fine tuned even in the logistics and supply chain.

3)There are currently many options which a company can use to address Business Intelligence.The most common which healthcare and consumer goods companies are using are Data Visualization & Reporting,Data Mining,Dashboard and Predictive Analytics which seem the ideal entry point for any company looking to adapt the Business Intelligence Framework in its strategy.