Business intelligence refers to the various approaches that enable organizations to gather, store and analyze and provide individuals with access to data thereby helping them to develop a basis for making effective decisions. using business intelligence, the managers, stakeholders and the consumers can develop the much-needed insight that is essential for evidence- based decision- making during business operations (Wixom et al, 2014).Business intelligence has enabled companies to take advantage of analytics to a whole new level. Now it is possible to evaluate whether a product or service is impacting customers by looking at different streams of data that were not available before. There are several real-time applications of the business intelligence at work. Some of them are discussed below (Raisinghani, M.S, 2014).

In the real world, service providers, retailers, supermarkets among other agencies use BI to improve efficiency and serve more individuals with more noteworthy adequacy, Business Intelligence gives associations constant engagement of clients thereby enhancing the quality of relationships, improves customer experience and loyalty, thereby enabling the firm to compete positively in the market.

Another application of business intelligence in the real-world is in facilitating transactions where the historical patterns of performance are used to predict the future performance of the firm in the market. This improves the cost management within a firm in as much as they can make proper purchasing decisions that improve the firm's efficiency. In addition, businesses use business intelligence to facilitate and support reporting as well as making of core business decisions (Laursen & Thorlund, 2016)

 

 

References:

Laursen, G. H., & Thorlund, J. (2016). Business analytics for managers: Taking business intelligence beyond reporting. John Wiley & Sons.

Oracle Business Intelligence Applications. Retrieved from http://www.oracle.com/technetwork/middleware/bi-applications/overview/index.html

Wixom, B., Ariyachandra, T., Douglas, D., Goul, M., Gupta, B., Iyer, L.,& Turetken, O. (2014). The current state of business intelligence in academia: The arrival of big data. Communications of the Association for Information Systems, 34(1), 1.

 

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