Business Intelligence: Benefits, Applications and Sectors

Running head: BUSINESS INTELLIGENCE
BUSINESS INTELLIGENCE
Name of the Student
Name of the University
Author note:

1BUSINESS INTELLIGENCE
Table of Contents
1. Introduction............................................................................................................................2
2. Summary of BI Benefits.........................................................................................................3
2.1 Strategic Benefits.............................................................................................................3
2.2 Operational Benefits.........................................................................................................4
3. BI Applications in different sectors & Summary Table.........................................................5
3.1 BI Applications in Retails................................................................................................5
3.2 BI Applications in Sports.................................................................................................6
3.3 BI Applications in Entertainment.....................................................................................6
Conclusion..................................................................................................................................7
Reference:..................................................................................................................................8

2BUSINESS INTELLIGENCE
1. Introduction
The different ways data is used and analysed in big businesses for improving the
performance of the enterprise may be regarded as business intelligence. The analytical feature
of business intelligence provides the decision makers with the ability to understand the
present situation of the business in terms of financial status and operations. The analysis is
done in historical context and the predictions are made using several past and present trends
of the business till now (Chen, Chiang and Storey 2012). The various presently used tools,
functions and features of Business Intelligence are online analytics, data mining, big data
analysis, management of business performance, benchmarking, Key performance indicators
and similar other processes. Business Intelligence is used in various ways to analyse large
amount of data and to analyse these to give meaningful outcomes. The interpretation of big
data is useful in understanding how much the business has been successful in achieving its
aims and goals and what actions needs to be taken in future by the business to ensure that the
mission and vision of the business is achieved at all levels (Anandarajan, Anandarajan, and
Srinivasan 2012). All levels here indicates the higher management and the lower working
staff members.
The Business Intelligence software is mainly used by the knowledge workers. The
knowledge workers are the top brass of the organisation who engage in decision making
process and includes the executives, supervisors, managers, and the directors. The reports are
necessary for advancing the knowledge about what are the steps that are needed to be taken in
order to correct the present flaws in the company. The increasing demand of Business
Intelligence has been triggered by the decline in cost of data storing and management. The
space taken for storing data has also been reduced.

3BUSINESS INTELLIGENCE
2. Summary of BI Benefits
2.1 Strategic Benefits
Even the small businesses are dependent on large amount of data these days. The data
produced daily by different business entities needs to be properly stored and managed. To
grow the businesses needs to be better equipped with data analytics software and business
intelligence tools. The strategic benefits are as follows:
Empowered Employees- It is a fact that when the employees’ gets access to proper
data they can concentrate on their work in a better way and the unwanted tasks may be
avoided in this way. The first strategic benefit of the Business Intelligence software is the
information access it provides to the employees which helps the employees in understanding
their work in a better way and improving in the areas where it is required (Popovič et al.
2012).
Reduced Stress for the Managers- The managers are freed of the burden to look into
the details of big data and manually manage these data and analyse these. Rather this resource
does the work till the analysis of the data and the managers can take a look at the results of
the data and make decisions depending on the analysed data (Loshin 2012).
Improvement of Agenda by Objective Data- The Agenda of meetings and
discussions are enhanced when the meetings and decision making processes are enhanced
with backing of proper data (Ramakrishnan, Jones and Sidorova 2012). When there is an
argument made it is important to support the argument with objective data and logical
reasoning.
Insights about Consumer Behaviour- One of the strategic gains that is there on the
part of the business top brass is the insights about the Consumer Behaviour. The data
collected by various ends of the business opens up the possibility to understand the various