What is Business Intelligence?

265 words (1 pages) Business Question

30th Apr 2020 Business Question Reference this

Tags: TechnologyBusinessQuestions

Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of BusinessTeacher.org.

Question

• What is Business Intelligence (BI)? • In a contemporary organisation, explain how business intelligence can provide a competitive advantage. • Using a loyalty card example from the retail industry, explain how the use of data mining and analytics can impact decision making in an organisation.

Answer

Business Intelligence is essentially a range of techniques used to acquire and transform raw data into useful information for company/strategic purposes. It can provide a competitive advantage because if the information gathered and analysed is useful, not only can a company use the information to react to the changing market conditions but it can also help the company to predict them, thereby giving them a competitive advantage. The use of data mining and analytics can impact decision making in an organisation because loyalty cards (e.g. from Tesco or Boots) allow customers give personal information such as: demographics and shopping habits. Such information can be valuable for marketing purposes, and allows a simple level of targeted advertising and promotion. The company may also record purchasing habits. The company can track what the customers buy, and when. This can allow them to recognise trends in purchasing, and they can look for correlations between demographic information and purchasing habits. For further information please visit: https://www.ukessays.com/ask/loyalty-card-analytics-in-a-retail-organisation-865

References

Cite This Work

To export a reference to this article please select a referencing stye below:

Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.

Related Services

View all

DMCA / Removal Request

If you are the original writer of this question and no longer wish to have your work published on the UKDiss.com website then please: