GCS0803 Business Intelligence Applications: Report on Impacts

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Added on  2021/06/22

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AI Summary
This report examines the applications of business intelligence (BI) in enhancing business operations, with a particular focus on sales intelligence. It begins by defining BI and its role in collecting, analyzing, and presenting data for informed decision-making. The report highlights the importance of BI in sales, emphasizing how it facilitates customer relationship management and provides data-driven insights to support business claims. It also discusses how BI enables managers to make data-driven decisions and stay ahead of the competition by monitoring key performance indicators (KPIs). The report further explores how BI applications can improve sales processes by identifying customer preferences and attracting high-quality leads, ultimately boosting conversion rates and profit margins. The report concludes by referencing the benefits of BI in planning and competitive advantage, supported by the cited work by Adair (2019).
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Business Intelligence
GCS0803_PPT
Group 3
27 May 2021
Lab Report 2
Team members
Name ID
Lữ Triển Thông - Leader GCS190867
Ung Ngọc Sang GCS190660
Tào Gia Huy GCS17339
Ngô Kim Huy GCS190309
Nguyễn Đình Phát GCS200024
Introduction
It is not a new concept to use business intelligence tools to improve your business operations.
In reality, the term "business intelligence" was originally used in a book in the 1800s to
explain how a financier had been outsmarted by competitors who used market knowledge to
play the market. Of course, we'll use a more recent definition of the term: business
intelligence (BI) refers to technology, methods, and applications that collect, integrate,
analyze, and present business data in order to make data-driven business decisions.
BI software analyzes data that is entered by users and/or fed from data sources. The data is
then organized according to any patterns or trends discovered. The information is then
displayed as visualizations, allowing even those who are untrained with statistical analysis to
interpret the material.
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Sales Intelligence
One of the most important applications of BI is where your company meets the client.
Customer negotiating is an important talent that any sales department should develop. It
might be difficult to move leads through the pipeline and persuade potential customers to buy
your product or service. This process is becoming smoother and more predictable thanks to
the use of business analytics and intelligence.
Business intelligence applications and their impacts
One of the most important applications of BI is where your company meets the client.
Customer negotiating is an important talent that any sales department should develop. It
might be difficult to move leads through the pipeline and persuade potential customers to buy
your product or service. This process is becoming smoother and more predictable thanks to
the use of business analytics and intelligence. Knowing the customer means you can better
serve them!
The reports and dashboards provided by BI are also highly beneficial for providing easy-to-
understand statistics to potential clients to support their claims. Managers can use the data
gathered through business intelligence analysis to make data-driven decisions based on hard
data and predictions.
Another advantage of using business intelligence is that it allows you to keep one step ahead
of your competition. BI systems collect data that keeps managers informed about where their
business stands in reference to various KPIs, ensuring that they are never caught off guard. In
any industry, planning is one of the most crucial aspects to staying ahead of the competition,
and BI makes it easier than ever before.
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Figure 1
Given the competitive nature of the current economy, great sales opportunities must be
identified and converted as quickly as feasible. BI applications are an excellent approach to
improve a company's sales processes. Sales and marketing teams can use BI to uncover
trends in customer preferences, allowing the company to maximize sales within their ideal
customer bases. This allows them to concentrate on attracting high-quality leads, which
improves everything from conversion rates to total profit margins.
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Work cited
1. Adair, B., 2019. Business Intelligence Applications | Application of BI For 2021. [online]
Selecthub.com. Available at: <https://www.selecthub.com/business-intelligence/4-key-bi-
applications/> [Accessed 27 May 2021].
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