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Business Intelligence and Smart Analytics

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Business Intelligence (BI) involves collecting, storing, and analyzing relevant data to enhance operational effectiveness and accurately predict future market and customer behaviors. BI is essential for all businesses, not just large organizations. Approximately 22% of small to medium-sized enterprises utilize BI, with many planning to adopt it soon. Investing in BI can lead to improved decision-making, better market predictions, and significant ROI through predictive analytics, allowing businesses to thrive in competitive landscapes and challenging economic conditions.

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Business Intelligence and Smart Analytics

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  1. Business Intelligence and Smart Analytics Tricia corbran Carlos de Obaldia Thomas Meyer

  2. What is Business Intelligence Business Intelligence is the act of collecting, storing and then analyzing relevant data in order to increase operationaleffectiveness and better predict future market and customer behavior, and thus gain a competitive advantage in the marketplace.

  3. Analyze, Don’t Just Collect “Data […] are widely available, what is scarce is the ability to extract wisdom from them.” http://timoelliott.com/blog/2009/01/bushs_analytic_legacy.html

  4. Who is BI for? • EVERYONE—not just large businesses • Right now, 22% of small to medium sized business use BI • Of the remainder, 27% plan to implement within 2012 • Smaller companies are in the majority • Those with <5 employees make up 60% of all companies • Greatest growth potential • Largest potential for failure • Will need to employ BI in order to continue to compete

  5. Why Should you Invest in BI? Increase Operational Effectiveness http://www.youtube.com/watch?v=KQnDK9tvb-Y&hd=1

  6. Operational Effectiveness Survive A Bumpy Economy Business Intelligence vs. Business Technology Walmart

  7. Why Should you Invest in BI? • Better predict market + consumer behavior • Information of all types can help to predict what will happen • Twitter moods and the Dow Jones Industrial Average • Allows companies to make more well-informed decisions • Sneider National • P & G Batteries • Predictive analytics can result in a ROI of over 1000% • Key is knowing what questions you want answers to

  8. Conclusion BI=collect + store + ANALYZE relevant data. BI is for everyone, including small businesses. BI increases operationaleffectiveness + helps better predict future behavior, creating a competitive advantage.

  9. Works Referenced (in addition to provided sources) • Davis, Mark. “Business Intelligence for Competitive Advantage.” Knowledge Point. Web. 01 Sept. 2012. <http://www.knowledgepoint.com.au/ • business_intelligence/Articles/BI_MD001a.html>. • Woo, Robert. “No Excuses: 6 Reasons Why You Should Invest in Business Intelligence Right Now.” BostInno.N.p., 10 May 2012. Web. 01 Sept. 2012. <http://bostinno.com/channels/no-excuses-6-reasons-why-you- • should-invest-in-business-intelligence-right-now/>. • Elliot, Timo. "Bush's Analytic Legacy?" Business Analytics. N.p., n.d. Web. 03 Sept. 2012. <http://timoelliott.com/blog/2009/01/ • bushs_analytic_legacy.html>

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