Organizations are constantly faced with the pressures of the staying power and to always stay ahead of their competitors and whether to continue with the way they operate or to try some new ideas as technology is always evolving; and managers always need to make these decisions.
Business Intelligence can be used as one of the tools that can help managers in taking or making these decisions. Today more and more organizations are turning towards Business Intelligence in order to make better business decisions.
Decision making in management has always involved utilization of different information assets. Business intelligence software assistance can help businesses increase their knowledge of their companies, create improved decisions and eventually help in the development of business performance.
Key words: Business Intelligence; information; decision making.
In this article the focus is on Business Intelligence and whether it can be used as one of the tools that can help managers in decision making.
Business Intelligence has become even more important in recent years because the business environment is becoming more complex and changes faster than ever before.
For this article Business Objects has been selected as an example of a Business Intelligence tool that can be used as one of the tools that can help in the IT industry in order for employees to work effectively and efficiently.
The ability to extract and present information in a meaningful manner is vital for any business to be successful.
Managers and team members and all individuals in the company need the ability to find, share and use information from across all areas of the business to perform tasks effectively and to monitor business operations.
Background and literature review
Data is very valuable to any organization. The flow of information within an organization is critical to the success of that organization (Davenport & Prusak, 1998).
Information plays a major role in any organization. The value of information depends on its application and use. The success of an organization largely depends on the quality of the information that it generates.
Decision making process is an important process for any organization and the decisions made by managers or executives are very crucial for the success of any organization. Any large or small organization today must optimize its strategic decision making process. And this can be done by making use of Business Intelligence as a tool in order to help in the decision making process.
Although the volume of information available is increasing, this does not mean that people are able to derive value from it (Burn and Loch, 2001).
Business Intelligence and Data Mining applications in any industry depend on two main factors: • The availability of business problems that could be successfully approached and solved with the help of BI and Data Mining technologies. • And the availability of data for the implementation of such technologies.
Business Intelligence is becoming an important strategic tool for Business Management. Business Intelligence software offerings can help companies to gain insight into their business in order to make better decisions and to ultimately improve their business performance.
Different organizations will require a more or less robust solution based on their needs. A good understanding of an organization's needs will enable the effective use of a business intelligence system.
Simply defined; if companies, large or small are to make smart and fast decisions, they will definitely need business intelligence tools that will deliver the right information to the right people at the right time.
Business Intelligence (BI)
BI describes a set of concepts and methods to improve business decision making by using fact based support systems. Gartner’s definition of...