LCBB5000: Data Handling & Business Intelligence - Trends & Impact

This report provides an overview of current trends in business intelligence (BI), including automation and collaborative insights, and their strategic impact on businesses. It highlights how BI utilization improves decision-making, enhances economic and environmental performance, and reinforces social performance. The report also addresses the limitations of BI, such as cost and complexity, while emphasizing its overall positive impact on organizational performance and strategic development. The document is contributed by a student and available on Desklib, a platform offering study tools and resources for students.

Data Handling and Business
Intelligence

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Current trends in business intelligence........................................................................................2
REFERENCES................................................................................................................................6
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INTRODUCTION
Business analytical refers to the technical infrastructure that stores, collect and analyse data.
This study is going to discuss some current and effective trends of business analytics such as
self-service BI, data visualizing and others (Maheswaran and Asirvatham, 2018). Further, it will
show impact of business analytics on improving performance, better business decision and
strategic development. It will also show some limitations of business analytics such as cost and
complexities while uses and implementation.
MAIN BODY
Current trends in business intelligence
Before discussing current trends and strategic impact of business intelligence utilization, it
is important to know about business intelligence. In regard to business intelligence, it can be said
that it is a technology driven process that helps businesses in analysing big data and providing
actionable valuable information to managers, workers and internal stakeholders by which they
can make informed business decisions (Omar, Minoufekr and Plapper, 2019). It helps employees
to become more intelligent and informed about businesses. there are some tools that are being
used by businesses the most for business intelligence such as: dashboards, reports, warehouse,
cloud data services and others.
Automation, collaborative insights, natural language processing are some current trends in
business intelligence. The main key of businesses of any sector is: increasing customers’
satisfaction rate and it can be increased when businesses have information about customers as
what they want, which are their preferences and others. This technology makes able to managers
and customers relationship manager in predicting and knowing about consumers’ behaviours.
Manager can gather data related to emotion detection, speech analytics and customers’ journey.
Some current trends include:
Automation: There are numbers of large companies that make use of artificial intelligence
in order to automate data. This automation eliminates manual data processes and this time can be
utilized in making decisions. An ability to rapidly analyse data and act on results define business
intelligence. Business processes is being speed up with data automation. (Maheshwari, Gautam
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and Jaggi, 2021) Employees and users can get answers of their questions related to business and
can accomplish their goals.
Collaborative insights: Collaborative business insight emerging trend and by connecting
with others, they can improve their performance. Users of same team and other teams are sharing
their knowledge and drive faster decision making. It can be said that all these trends make public
limited and other companies to accomplish their pre-determined goals.
Realizing the strategic impact of business intelligence utilization
In the article, author has discussed effectiveness of business intelligence and reasons as
why companies are using this technology to the great extent. Author has stated that in this
competitive era, companies are striving hard for being in the competition and they have realized
that effective decision and accurate data is the main key of success (Lim and Teoh, 2020.
Realizing the strategic impact of business intelligence utilization.). So, businesses are focusing
on analysing big data for improving decision and business intelligence software made this easier
for them. This management integrated information system allows managers and employees to
transform big data into information as well as business insight that need to be considered and
required while making strategic decisions.
Business intelligence utilization: Business intelligence technology has become an
important concept with the availability of big data. Now it has used in regular work practice as
an effective tool to analyse big data. It helps manager in taking effective decision regarding
selection of strategies by which they can accomplish their goals of increasing sales, increasing
customers’ retention rate. Data integration, content quality are some dimensions. Business
intelligence is being adopted by larger companies and most of them are public listed. Some
authors have argued that implementation and making use of business intelligence does not
provide value all the time (Richards and et.al., 2019). If companies utilize business intelligence
across its functional area then only, strategic impacts can be measured and observed in an
effective manner.
Striving towards business sustainability: There are some emerging markets that are
making use of this technology and Malaysia is an upcoming emerging market. The Malaysian
public listed companies are playing a vital role in improving economic condition of Malaysia and
it has been reviewed by its economic comparison data. In the year of 2019 and in the second
quarter, economy of Malaysia increased by 4.9% and in the first quarter economy of Malaysia
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was 4.5%. These companies have to face numbers of problems because pf stakeholders’
pressure. Social changes, political changes affect such public listed companies to the great
extent. It becomes difficult for businesses to focus on business sustainability and surviving in
this competitive era.
For being in the competition and solving all problems, managers of public listed companies
identified three main dimensions such as people, profit and planet. It is believed that all these
dimensions can help companies out in making businesses sustainable. All these companies are
now focusing on identifying interest and needs of stakeholders and on the basis of their needs, it
increases productivity (Hindle and Vidgen, 2018).
Strategic impact of business intelligence on businesses
Increasing economic performance: It is stated by author that business intelligence
utilization has positive relation with organizational’ innovative performance. An effective
implementation or use of business intelligence technology can help companies in improving
marketing functions and gaining positive outcomes, increasing sales. By analysing data, they can
take better decision that improves internal operations.
On the basis of data analysis, companies can determine sales trends, anticipate customers’
behaviour and can meet its fundamental goals such as: improved performance, customer service
development and increasing sales.
Strengthen environmental performance: Business intelligence utilization offers data
integration as well as analytical capabilities that is vital for improved performance,
competitiveness and other advantages. On the basis of data integration and important information
out of big data, businesses find easier in taking valuable decisions (Ramanathan and et.al., 2017).
The main key challenge for public listed companies is to balance profit against environmental
impacts because such companies are concerned for public and their main aim is to make business
sustainable and making customers feel valued. It is believed that business intelligence utilization
can strengthen environmental performance among public listed companies if data are being
analysed in an effective manner and knowing causing factors that lead environmental problems.
Reinforce social performance: It is known that business intelligence utilization gives
easier as well as faster access to information that is vital for improving business processes. Along
with business processes, businesses find easier in identifying opportunities and threats as well.
For example: it has information about customers’ preference and current trends then it can make
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suitability of these information with business’s strengths and then can take opportunities.
Business intelligence helps in sharing knowledge, human development and others. Public listed
companies are expected to be involved in Corporate social activities. Overall, it can be said that
business intelligence utilization has numbers of positive impacts on businesses’ overall strategic
performance and productivity.
Overall, it can be said that business intelligence has only few limitations otherwise, it can
help companies in becoming the market leader and taking competitive advantages. If information
is being gathered and analysed in an effective manner with this technology, then public limited
companies can improve economic condition of their countries.
CONCLUSION
It has been summarized from the above study that business intelligence utilization has
numbers of positive impacts on businesses’ performance and their strategic decision. It has
further argued and shows some negative impacts of business intelligence for public limited
companies. Automation, collaboration learning and others are other current trends of business
intelligence.
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REFERENCES
Books and journal
Hindle, G.A. and Vidgen, R., 2018. Developing a business analytics methodology: A case study
in the foodbank sector. European Journal of Operational Research. 268(3). pp.836-
851.
Maheshwari, S., Gautam, P. and Jaggi, C.K., 2021. Role of Big Data Analytics in supply chain
management: current trends and future perspectives. International Journal of
Production Research. 59(6). pp.1875-1900.
Maheswaran, M. and Asirvatham, D., 2018. Real-Time Business Analytical Model Using Big
Data Strategies for Telecommunication Industry. In Information Systems Design and
Intelligent Applications (pp. 1054-1060). Springer, Singapore.
Omar, Y.M., Minoufekr, M. and Plapper, P., 2019. Business analytics in manufacturing: Current
trends, challenges and pathway to market leadership. Operations Research
Perspectives. 6. p.100127.
Ramanathan, R. and et.al., 2017. Adoption of business analytics and impact on performance: a
qualitative study in retail. Production Planning & Control. 28(11-12). pp.985-998.
Richards, G. and et.al., 2019. Business intelligence effectiveness and corporate performance
management: an empirical analysis. Journal of Computer Information Systems. 59(2).
pp.188-196.
Online
Lim, Y.Y. and Teoh, A.P., 2020. Realizing the strategic impact of business intelligence
utilization. [Online]. Available through: <
https://www.emerald.com/insight/content/doi/10.1108/SD-09-2019-0184/full/html >
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