Custom «Business Analytics » Essay Paper Sample
Basically reaching the top management post and performing in a business is one of the most challenging scenarios and that there is need for some extraordinary efforts to accomplish any mission due. The strategies used to approach any business have a lot of influence as far as success is concerned. Business intelligence is ideal in dealing the challenges that arise in a business entity that have so far achieved some progress but still want to progress even higher. New managers also use the business to live up the standards of the new employer especially when expectations are quite high (Fernandez, 2009).
Business intelligence is a business analysis that is based on computer and basically involves the analysis of data that has been obtained or that is already in existence. Business Intelligence is an important tool in analysis of a business and that it follows some stated procedure including the analysis of data through online analysis, searching of data, analysis of the business and employing the process of good business performance (Laursen, 2011). The data is then analyzed and then predictions done to allow more critical examination so as to arrive to the best management method that is employed in operating the business through managerial decision making process. Business intelligence is used in a structured business that is much focused in its competitors whereby intelligence is used as tool of surpassing the competitors (Fernandez, 2009).
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The new development in technology runs as a replacement of the older methods used in the analysis of business. The new development creates high chances of having a more accurate method of analyzing businesses based on an sophisticated prediction on the available data. The information is stored in the warehouse where it's stored so that when there is need to have the information, it comes out easier to have it being extracted and analyzed easily. The availability of the warehouse saves a business entity with several problems that happens in a business encounter since any data necessary is available for easy retrieval (Fernandez, 2009).
Companies prefer using the BI in implementing their business strategy whereby there are able to store information that when needed, it is then implemented to suit the required business decision making. In modeling the BI, data is needed in order to come up with the right decision or selection of the decision that should be taken to deal with any emanating situation (Jesper, 2010). The implementation strategy is dependent on the software that is available for use but there is also information from the departments where there must be consensus with the departments so as to help in implementing the correct formidable agreement that will give out the correct results.
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The BI uses data that is collected from the data warehouse and also from the data mart but does not necessarily use them for analysis. BI involves the process of querying, making a report, and the analysis and decision making through the statistics and making some predictions to make a maximum analysis of the data. There are several application of the BI in business which is measurements, management knowledge, reporting analytics and collaboration (Jesper, 2010). Measurement is done on businesses but follow some set of framework in dispensing duties. The leaders in the business get information from its juniors where they determine its Weight and the impact.
The management of a company is responsible for the implementation of the mandates that a company owns. They must apply right business knowledge so as to make the correct decision that are actually amicable and are with progress (Laursen, 2011). Basically they lead in providing the required assistance to the other members that are responsible that are juniors but also head departments. For Analytics is actually a program responsible for giving the management the correct skills for the operations of the company. It involves the best criteria on how to make a choice on the best way to come up with innovation. There is also a collaboration of various systems to arrive at a certain position in the intelligence. (Williams, 2007)
For a business to succeed the BI should be implemented since several projects requires such kind of order therefore when a good business strategy is measured, there are some significant increase in the performance of the business. Implementation is basically the only way out from the problems faced several companies due to their inability to make the correct decision on their own. For any project to succeed, there are three most important elements to aid in succeeding the correct business strategy. The levels are put into three categories where in first level all the team is involved where the top management is involved in the project implementation. The second level management involves using the BI where it is used to help in the management of the business. The data that is available is then analyzed to come up with substantive statistics that will help in creating the BI (Williams, 2007).
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Though the business intelligent is important in the development of a good business decision making and management, there is a possibility that the decisions made are overlooking the real value or the reality on the ground since it involves a lot of statistic and estimations which basically make most of the value gotten based entire on the data that was collected way back. There is also some reason that the value.