Benefits and Applications of Business Intelligence in Retail, Sports and Financial Institutions

This report discusses the strategic and operational benefits of Business Intelligence and its applications in the retail sector, sports business, and financial institutions. It helps organizations in creating reports, maps, dashboards, graphs, charts, and maps, identifying market trends, and addressing business problems. Business Intelligence results in fast and effective decision making, improving productivity, accountability, and visibility.

Running Head: Business Intelligence 0
Business Intelligence
8/8/2018

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Executive Summary
Business Intelligence is a technologies, architectures and processes that provide meaningful
information for achieving profitability in the organization. It has a direct impact on the
organizational operational, strategic and tactical business decisions. In this report, the discussion
will be carried upon the strategic and operational benefits of the Business Intelligence and its
applications on the retail sector, sport business and the financial institutions. Business
Intelligence helps the organizations in creating reports, maps, dashboards, graphs, charts and
maps. Business intelligence System identifies the market trends and addresses the business
problems. This software results in fast and effective decision making in the organization and
helps the organizations in improving their productivity, accountability and visibility.

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Table of Contents
Executive Summary.....................................................................................................................................1
Introduction.................................................................................................................................................3
Benefits of Business Intelligence.................................................................................................................3
Application of Business Intelligence...........................................................................................................5
Conclusion...................................................................................................................................................7
References...................................................................................................................................................8

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Introduction
Business Intelligence is termed as practices, technologies and applications for the analysis,
collection, presentation and integration of the information related to business. The aim of the
Business Intelligence process is to help the business in efficient decision-making. Sometimes this
process is used for report, query tools and briefing books. These systems help in providing
historical, predictive and current views on the business operations. The Software elements of
Business Intelligence supports visualization, reporting and interactive analysis. The Business
Intelligence includes a variety of application and tools that enables an organization to receive
data from external sources and the internal system. The important advantage of the tools of
Business intelligence are accelerating, improved decision-making, increase in the efficiency of
operations, achieving new revenues and attaining the competitive advantage over the rivals of
organizations. The companies can identify business problems and market trends with the help of
business Intelligence systems. Business Intelligence systems support the tactical and strategic
decision in business. These systems include technology of data visualization for info graphics,
designing charts and the tools for creating performance scorecards and Business Intelligence
dashboards (OLAP 2018).
Benefits of Business Intelligence
The advantages of business Intelligence in the organization are:
Strategic benefits
 Reporting: Business Intelligence system analyses and collects data in the organization.
This systems helps the professionals in the organization in generating reports on the
variety of expenses, staffing, data sets, customer service and operations processes.
Business intelligence includes relevant data, as the reports containing relevant data is
easier to understand (Guru99 2018).
 Benchmarking: This is used by the Business organizations in increasing the productivity,
success and revenues as compared to their competitors. This system simplifies the data by
providing reports and information that are easy to understand. It provides timely and
accurate data that provides valued information about the company’s current state
(Dataconomy 2017).
 Sales Intelligence: The reports produced by these systems are efficient in the backup of
claims, when dealing with the important clients and making sales decision quickly with
accurate data and business intelligence reports. This tool is most efficient for the business
in convincing clients, suppliers and the vendors of the capability of the organizations
services (BI-SURVEY 2018).

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 Catching the opportunities: The business intelligence software is efficient in analyzing
the incoming data, which help the companies in catching the opportunities that they are
missing. The personalized reports generated by the business intelligence software is
linked to the data warehouse, which helps the companies in picking up the trends of
company’s staffing, client development , operations and spending. This software
enhances the awareness the awareness of the organizations.
 Overcoming challenges in the implementation: Sometimes, the company’s does not
wants to use business intelligence software, as their implementation is complicated for
them. Business intelligence system helps the company to remain away from the gamble
in making important decisions for the organizations related to finances, marketing and
management that results in the competitive advantage (TechTarget 2017).
 Decision-making: The top executives of the organizations take the decisions in the
business. Business intelligence system makes the decision making simple and fast, as it
does not involve making presumptions. It removes the guesswork and describes the new
information along with the feedback of the customers on various product lines (Smart &
Resilient cities 2018).
 Saves business history: The important benefit of the Business Intelligence is that this
software predicts the results of the business action. This trend is defines as the
perspective analytics. The business intelligence predicts the business actions only by
storing the historical data and identifies the trend from past. This software display trends
from the past for the expert to predict the future business action.
 Develops the competitive edge in the market: Business Intelligence is the universal
phenomenon. With the help of Business Intelligence, Organizations are using excellent
reporting tools for achieving the competitive edge in the market.
Operational Benefits
 Visualization: The important advantage of the Business Intelligence System is to present
excellent visualization of data. This system ensures data visuals that are simple and easy
to interpret and understand.
 Data mining: These systems are perfectly suited for the process mining and powerful
data. Business Intelligence system processes, analyses and renders wide data that is not
managed in the organization with the weaker programs. This system manages data that
provides easy access to the information that is valuable and increases the decision-
making activities in the organizations (Smart & Resilient Cities 2018).
 Performance management: Business Intelligence system helps in the management of
performance of the organization. These tools help the businesses in checking database
goals, like target check on a regular basis, delivery time and target sales goods. With this
function, the professionals in the organization can track the overall productivity of
organization (SelectHub 2016).

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 Better Inventory control: Business Intelligence system helps in the tracking and delivery
of the inventors in the right quantity and time. This software provides the goods to the
customers, when they need them and reduces the company’s burden of excess inventory.
 Develops efficiency: Business intelligence reduces the organization burden of searching
the information from various data sources, when they require developing deeper
knowledge about their business operation. With the use of Business Intelligence system
in the organization, the data is assessed from the dashboard. This software saves energy
and the time of the organizations and eliminates inefficiency from the businesses. (Data
mensionel 2015)
 Increase in reporting Speed: Business Intelligence system increases the organization
access to the unprocessed data in the readable form. This software organizes reports in
delivering interactive information in a short span of time
Application of Business Intelligence
In Retail sector:
Business Intelligence is the assembling of data that is used in implementing marketing strategies.
It identifies the working system of Business and organizes demerits and merits of the business
plan. In today’s life the demands of the customer are dynamic. The consumers are looking for
latest products, impeccable services and instant gratification. Business Intelligence in retail
sectors helps in understanding the customers’ needs for an efficient selling and buying
experience. It analyses the requirements of the customers properly and helps the organization in
predicting what the customers will require next. The companies who understand the
requirements of the potential customers can give strong competition to their competitors. The
tools of Business Intelligence access the previous and the recent search data of the customers. It
shows trends of the customer in the charts format, that is simpler to analyses and assess the
customer characteristics. Business Intelligence helps the retail companies in promoting different
offers and schemes. By using the Business Intelligence system, the companies will get the idea
of the availability and the shortage of the stock for a specific product. The retail companies uses
business Intelligence for smart advertising. It helps the companies in keeping a record of the
customer’s searches and purchases and plays the advertisements related to the recent searches of
the customers (ElegantJ BI 2018).
The retail companies use Business Intelligence system in generating smart and personalized
communication with their customers by using their purchase history and their interest areas. Data
intelligence helps the retail companies in making tremendous variations in their retail outlets
(Rapidops 2017).

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Business Intelligence in the retail organization is beneficial in their marketing activities. It is
useful in the effectiveness of trade promotion, channel utility, profitability, outlet performance,
Responsiveness, market performance, customers demand and visibility of the retail outlet
products. Business Intelligence increases the collaboration level among the partners of supply
chain. In retail organizations the relationship of the retailer and suppliers matures, which results
in the increase in the risk sharing between the partners of supply chain. Business intelligence
software helps in providing right information across the organization so that the chances of the
risk between the retailer and the supplier decrease.
The Quick Response Program of the business Intelligence provides the supplier information
related to the sales. The supplier for identifying inventory level, delivery and planning
production uses this Business Intelligence program. Collaborative planning, Replenishment and
the forecasting are the important practices followed by the retail organizations, which helps in
the production and delivery of the products. Business intelligence helps in optimizing the
resource allocation. This software integrates the financial data in controlling the operations cost.
It develops the statistical model for predicting the behaviors and the needs of client.
In sports organization
Business Intelligence is used in sports organization for improving the performance of the players.
Managing players Business Intelligence is used for measuring the individual player’s
performance like, accuracy, speed and their mistakes. This system generates algorithms for
identifying the scoring probability depends on the factors such as stadium capacity and the
weather (Better buys 2016).
Managing Venues: Management of the stadium or arena is not an easy task. Data intelligence is
useful in managing the difficult managerial tasks. Business intelligence helps the sports
organization in identifying the requirement of the food or identifying the requirements of the
parking attendants and the ticketing staff. This system allows for the effective and efficient
operations (DYNASOFT SYNERGY 2015).
Wearable technology Business Intelligence provides a wearable technology that helps the
trainers and the players to remain aware about their fitness targets. This technology helps the
organization in tracking, detecting and preventing the player’s injuries. Data collected in the long
term is used to set targets for the player performance (DZone 2017).
Creating better teams: Business Intelligence system is used in creating better teams. In recent
years, the sports teams are using advanced technologies. This software helps the teams in
creating their own methods (SISENSE 2017).

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Involvement of Fans: Business Intelligence is not only useful for the sports teams and the
trainers but is useful for the fans as well. This software helps the fans in analyses and enhancing
their entertainment experience. The Business Intelligence is used in the websites of sport betting.
In financial Institution
Different researches proves that the Business Intelligence is beneficial for the banks and the
financial institution. It helps the financial institution in different ways:
Risk management: As the financial world is uncertain, financial institution are relying on the
fact-based information to reduce risk in their organization. Business intelligence efficiently and
quickly reduces and detects the fraudulent activity. It estimates the probability of a customer
capacity to pay or default to pay the loan and calculates the recovery cost. Business Intelligence
analysis the customer delinquency trends for the development of the new policies and reducing
the future delinquency cases. This software ensures agreement with regulatory and the statutory
requirements.
Improvement in the operational efficiency and increase in profit: Business Intelligence helps the
bank in reducing their ongoing costs and maximizing the expertise and the external resources.
This software analyses the sales personnel, account managers and tellers performance. This
system helps the financial institution in understanding the growth patterns and maximizing the
repeatability chances. It determines the non-profitable and the profitable products of the financial
institution in order to track the customer’s revenue streams (Yellowfin 2011).
Customer Segmentation: Business intelligence allows the financial institutions in accurately
segment their customer and effectively develops services and products for their customers.
Business Intelligence leads to the effective profiling of the customers (ElegantJ BI 2018).

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Conclusion
This can be concluded from the above discussion that the Business intelligence system helps in
enhancing the business operations. This is considered as a software solution that is developed to
provide the data on the executive dashboards. This software helps in defining the strategy,
profitability maximization and develops the culture of performance oriented across the
organization. It is used as a reporting tool in the organizations. In this report, the strategic and the
operation benefits of the business Intelligence is discussed. The strategic benefits of the Business
intelligence are benchmarking, sales intelligence, reporting, faster decision making, developing
the insights, catching the requirements and overcoming the challenges in the implementation.
The operational benefits of the business intelligence are Visualization, Data mining, performance
management, Better inventory control, develops efficiency and increase in the reporting speed.
Application of the Business intelligence system in different types of business enhances their
profitability. In this report, the discussion is carried on the application of Business intelligence in
the sports organization, retail sector and the financial institutions and it is concluded that its
applications in these sectors have a positive and remarkable impact on the performance of the
organization. Thus, Business Intelligence helps in the proper evaluation and the control of the
business operations.

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References
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retrieved 8 August 2018, <https://www.betterbuys.com/bi/strategic-bi-benefits/>.
BI-SURVEY, 2018, The Benefits of Business Intelligence. Why do Organizations need BI?, BI-
SURVEY, retrieved 8 August 2018, <https://bi-survey.com/benefits-business-intelligence>.
Data mensional, 2015, The 10 Most Important benefits of Business intelligence, Data mensional,
retrieved 8 August 2018, <https://www.datamensional.com/the-10-most-important-benefits-of-
business-intelligence/>.
Dataconomy, 2017, 10 Ways to use Business intelligence Software in your organization,
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intelligence-software-organization/>.
DYNASOFT SYNERGY, 2015, How sports team uses business Intelligence?, DYNASOFT
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SISENSE, 2017, 4 Ways Sports Business intelligence is changing the game, SISENSE, retrieved
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