Week 8 - Chapter 5

Introduction

For week 8, we looked at and focused on Chapter 5; more specifically the topic of Business Intelligence (BI), and its main function in modern organisations. We looked further at BIs usefulness, and its potential to dramatically improve decision-making via data analysis. Some of the things that resonated that I learnt included BI's characteristics and functions, its importance, and its practical use in action.

 

Business Intelligence (BI)

In today's technology environment, Business Intelligence (BI) is vital for modern businesses approach to data analysis and decision making. There is a great need for businesses to utilise BI tools to extract useful insights from massive amounts of data and their complex data systems. What might not seem obvious to humans (potential trends, etc), can be highlighted by BI; and with these fresh facts and analysis obtained, organisations may make more productive and efficient decisions with greater confidence. Essentially, BI has ultimately changed the way organisations make decisions forever, and has benefited them by helping them become more productive and efficient.

BI Importance

As previously said, BI has enabled businesses to act and decide more quickly, effectively, and efficiently; their decisions are also supported by data and critical insights. Without business intelligence, companies would struggle to acquire critical information and go through complex information systems.

BI Action

Business intelligence in action is crucial for tracking and improving organisational performance. There are a wide range of ways BI is used in action. One major component BI can be used for is assessing KPIs, this could include aspects such as revenue, expenses, efficiency, profit, etc. After assessing such KPIs, managers could then take up better actions to meet the wants and needs of the business. 

References:

Gray, H., Issa, T., Pye, G., Troshani, I., Rainer, K. (2014). Management Information Systems,