Question

Prepare a brief presentation that explains how using BI will bring success to the company.  

Why should a company invest in their business intelligence?

What does the CEO need to know about BI?

How does it give them a competitive advantage?

Answer 1

Business intelligence is using descriptive analytics to get pattern or trend of the data. This representation is in such a way that the data is refreshed periodically.

BI used to get the trend and pattern from the data. For that we need to build analytical data set combining two or more data set. We use descriptive analytics using excel, pivot chart, Dashboards and other advance analytics tools.

Analytics is used to get prediction from the data which is advance stage of business analytics.

Both are combined do all type of analytics- Descriptive, predictive and prescriptive. So, this all results are used to make organisation business process smooth and more efficient.

A company should invest in their business intelligence to get their strategies right. By knowing where the problem areas and how they can beat their competitors.

CEO needs to know about the BI as he is the decision maker in the organisation and he should know about the organisation situation and details report about the problems which helps him to make strategies based on that.

Descriptive data are used for descriptive analytics. It is more of a dump of historical data which are used to do exploratory analysis to get information for the data to make it good business insight. This ultimately help them to take decision based on previous data and addressing the present organisation problem. It give them competitive advantage as decision making is data driven.