‘HOW BUSINESS INTELLIGENCE HELPS IN STRATEGIC DECISION MAKING?’

DMM DEPARTMENT MB Enterprises

Business intelligence plays a role in what is clearly defined as strategic decision-making. Making a strategy that is worth the difference & then bringing that strategy into action. The role of the business leader in devising strategies for change, especially in making key decisions, is the most vital aspect of an organization. As it clearly states, ‘Strategic decision making’ means thinking out of the box, i.e. creatively & for the sake of a purely dignified strategic vision. An insight or a vision far beyond the horizon, i.e. relating to the future & events from the future. The strategy is for the sake of the future, which is unseen.

Naturally, something that is not evident or unseen needs to have an eye to combat future challenges with a highly proactive corporate vision. In its purest forms, BI or Business

Intelligence helps extract crucial facts from a vast amount of unstructured data and transform them into actionable information that enables companies to make informed strategic decisions. Also, at the same time, improving efficiency and business productivity. Both are deeply linked with the values of Business Intelligence in the corporate sector.

Business intelligence can also arm companies with rich data resources. These can help them achieve their business goals and targets by guiding timely strategic decisions. Yes, we are dealing here with customer interactions in the form of voice calls, chatting interactions, emails etc. All these can be analyzed thoroughly by the business intelligence gathering customer preferences & their likes and dislikes. Customer preferences hold high & dynamic values with regard to Business Intelligence at the highest level. Technical difficulties faced by customers & their online shopping experiences for future decision-making.

More advantages of using Business Intelligence for companies include;

A GOOD (ROI) OR RETURN ON INVESTMENT:

Business intelligence for the companies is a source of good ROI or Return on Investment. Via BI, companies ensure stronger ROI as the companies can significantly reduce costs. Also, enhance the revenues, improve the margin, drive cost avoidance & plenty more. It also ensures the qualitative ROI, which includes process efficiency, the productivity of an employee, better strategic decision-making, & most significantly, customer satisfaction.

Those that deeply rely on BI or Business Intelligence can reduce costs. These are more precisely known as operational costs. These operational costs occur due to highly improved operational efficiency and optimized business processes.

A good ROI automatically sums it up as being good BI, i.e. Business Intelligence, as it reflects similarly to a mirror image reflection.

HIGHLY INFORMED DECISION-MAKING:

Reporting based on very accurate and timely information helps companies measure the performance of their processes. BI or Business Intelligence is always useful in decision-making, transforming into being highly informed. This is decision-making based on historical data, trends, customer responses, in-depth reports & statistical analysis of different results. The most important analysis as BI or Business Intelligence for decision making is regarding current & previous trends. Lastly, customer behaviours, i.e., consumer behaviour or consumer dynamics, are also part of highly informed decision-making via BI or Business Intelligence.

EASY & FAST ACCESS TO CRITICAL INFORMATION:

BI or Business Intelligence provides crucial information to companies which improves their ability for the sake of making quick decisions. In addition to this, also generating a competitive advantage.

With the help of Business Intelligence, the easy & fast access of very critical information is easily extracted. Apart from the extraction of the information which is critical information, it’s the information safety, i.e. records are far safer to handle.

BUSINESS PRODUCTIVITY IS IMPROVED:

The best part finally is the level of improvement it brings to the business productivity. An improvement in business productivity via BI or Business Intelligence is ‘Outsourcing’. Also, in business as creating channels for better & more systematically utilizing the resources from other channels or streams into your very own. Another example, for better business productivity is the BPR or Business Process Re-Engineering. That is, re-engineering a process for the sake of change management associated with improving the levels of productivity. Various businesses can channel their vital resources & workforce to foster business productivity. Obviously, as they need the diversion of their resources to business intelligence gathering work.

All these advantages in business intelligence helps in achieving plenty of milestones in strategic decision making. Obviously, as strategic decision making is a process that is highly refined in terms of making future business strategies of growth, expansions, mergers, alliances & takeovers. ‘Strategy’ is indeed a key word while bringing that strategy into action for the sake of far more affirmative results. Business Intelligence holds vital levels of importance in a result-oriented corporate world which is not picture perfect. Obviously, as it seems to be, but BI helps in making good & powerful