Impact of Business Intelligence and Analystics on Decision - Report
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Added on 2020-01-07
Impact of Business Intelligence and Analystics on Decision - Report
Added on 2020-01-07
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Table of ContentsINTRODUCTION ...............................................................................................................................4Different types of decision made within the business environment and how this type of decision making works...................................................................................................................................4Six elements of the business intelligence environment...................................................................5Five analytical outputs that business intelligence system utilize to provide correct and real time information to users.........................................................................................................................7Role of business intelligence and analytics support improved decision making.............................8Benefits to a modern business of employing the use of intelligent techniques in decision making and knowledge management............................................................................................................8Use of business intelligent systems to help people working in groups make decisions more efficiently.........................................................................................................................................9Systems that are used for improving enterprise wide knowledge management............................10CONCLUSION .................................................................................................................................10REFERENCES...................................................................................................................................112
Illustration IndexIllustration 1 Type of decision made within business environment.....................................................5Illustration 2: BI environment in an organization ...............................................................................6Illustration 3: Six elements of the BI environment for decision support.............................................73
INTRODUCTION Information Technology (IT) is a subset of Information and Communication Technology(ICT) because it is used to store, transmit, retrieve and manipulation of data in the context of theorganization. Management Information System (MIS) is a outcome of evolution in IT. It is acomputerized database that is used to store financial information in organized manner (Davenport,2013). It contains several functions such as sales, inventory management, logistic system, financialinformation etc. With the help of MIS technique, organizations can easily understand thecontribution of each and every department. The most important significance of this system withinthe business is being used to make inform decision for business knowledge management. Thedevelopment of MIS are business intelligence and business analytics (Venkatesh, Thong and Xu,2012). The present study is relating to information technology and the report is evaluating theimpact of business intelligence and analytics on improving business decision making and managingbusiness knowledge. Different types of decision made within the business environment and how this type of decision making worksA decision is a made between the available two or more than two options. In other words,decision making process is selecting the best alternative from the available derivatives to achievethe objectives. For the organizations, to operate the enterprise in different business environment, ithas essential to taken right type of decisions (Waser, 2012). In this regards, decision made withinthe business environment can be divided into three kinds: strategic, tactical and operationaldecisions. Under strategic decision, it has done by top management level of the corporate. Here, thedecisions take for develop goals, policies and strategies. Along with this, a plan for measuring thestrategic performance of the organization has also done in strategic decision level (Schwalbe, 2015).On the other hand, tactical decision has taken by business unit managers of the firm with theintention of developing short and long term plans, preparing budgets, scheduling of variousbusiness operation activities, allocation of resources etc. Similarly, operational decisions have takenby lower level management. They have developed short term plan such as weekly productionschedules, use effectively allocated resources and budgets etc (Types of decisions, 2016). There are two kinds of knowledge based system natural and artificial intelligence. Naturalintelligence have high sensor using capabilities and creative as well as imaginative ability. It is ableto collect the information from the different sources and use it for various purpose. But on the otherhand, natural intelligence is not able to make complex calculation and not appropriately transformthe information into the data. 4
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