How business intelligence knowledge can be useful in generat

How business intelligence, knowledge can be useful in generating a winning startgy for an organization.

Solution

Information or knowledge is the key to success in competitive business environment , the amount to data available is immense, but data without relevance is not productive thus having any information before hand can be a game changer here business intelligence comes into play, as BI can be used to transform raw data into meaning and relevant information by virtue to using various tools, techniques, processes, methodologies to enable the managers at every level of the organization to have relevant and specific information which in turns impacts the time lag in decision making -the key function of any manager and help in devising strategy at various levels of management from operational to tactical , this value creation helps in strategy formulation thus the futuristic approach in long run become a core competency, which when applied in practical business becomes a competitive advantages vis-à-vis others.

The knowledge can be generated using the following tools:

The very important questions faced by the business organizations are:

Who? (customer) can be answered by predictive modelling

What? (product/offering) can be answered by data mining

When? (timing) can be answered by statically or quantitative analysis

Where? (location/ platform) can be answered by behavioural modelling

How? (overall effort) can be answered by multivariable testing including the market forces and competitor analysis.

Thus, this knowledge and continuous flow of meaningful and easy information helps to answer all the important questions for the growth and survivable of the organization, and can act as a competitive advantage in overall winning strategy of the organization.