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Business intelligence is a set of processes and technologies that have the ability to turn raw data into useful information for the business that can help provide it a competitive edge and long term stability. Implications of Business Intelligence for Organizations To what once used to be merely a decision support system, the advent of Internet and explosion of Web 2.0 technologies has breathed a new life in the way managers and business analysts utilise business intelligence tools such as digital dashboards and data mining. Today, most organisations have knowledge management systems that can integrate their business’s internal information with one acquired externally, allowing them to analyse market trends and adapt to changes accordingly. Proliferation of several group ware technologies has also made knowledge sharing, integration and exploitation much more simple and effective. Making a Difference A key subgroup of business intelligence is business analytics, which refers to skills and technologies that allow businesses to explore and investigate their past performance in order to gain insight into future strategy planning. Employing business analytics techniques, businesses can measure and understand their business’s performance by using statistical and quantitative analysis as well as fact based management that in turn drives decision making. The techniques can help businesses answer questions like what happened, why it happened, how often it happened, where it went wrong, how long is it expected to continue, and what actions need to be taken to correct it. In other words, it allows businesses to detect, predict and optimise. Improving your Business’ Performance In times of turbulence and economic instability, it is important that you as a business not only survive through tough times, but also outperform your competitors. While this may at first appear to be a challenging task, the truth is that with the right set of business strategies to counter the risks an organisation is faced with, this can be made possible, and successful strategy building and it implication is only possible when you know all the facts about your business and your competitors. Tapping into their databases through business intelligence and business analytics can allow businesses to discover new revenue opportunities, reduce their overhead costs, relocate their resources more effectively and improve their operational efficiency before it’s too late. Hence, it improves corporate performance by providing top management with better information to make decisions that are in the best interest of the company. For more information, please visit, http://pulseinsights.com.au.
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