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  • Essay / The Importance of Business Intelligence - 803

    Business Intelligence is a more recently emerging concept and can be defined as the unification of people, processes and technology to advance a business (Cates, Gill & Zeituny 2007). It can be broken down into a process of collecting data, exploring the data, transforming it into information, which is then used as knowledge to assist in the decision-making process (Shollo & Kautz 2010) at the right time, in the right place and on the right support (Shollo & Kautz 2010). Yeoh and Koronios 2010). A stakeholder is anyone who owns an interest in a company. There are four types of stakeholders primary, secondary (Mishra & Mishra 2013), internal and external (Simmers 2004). When designing a business intelligence strategy, all stakeholders are important and their interests should be taken into account (Simmers 2004). Therefore, obtaining user feedback is one of the important steps in the broader process of creating a business intelligence strategy. Gathering feedback from a wide range of stakeholders regarding business intelligence strategy has the potential benefit of making better decisions, leading to improved efficiency and then increased profits. However, the focus should be on a business-focused strategy throughout the process, as this can deviate. It is also extremely important to keep user adoption of the strategy in mind. Bodybuilding companies are determined to be more competitive in their market and are trying to do so by collecting and analyzing data. Business intelligence systems process historical and real-time data to generate insights (Bara et al 2009). This allows them to make better decisions and predict market trends (Simmers 2004). A well-designed business intelligence system helps analyze information to reach the middle of the paper instead of focusing only on the current need. (Boyer 2010 p53)Adoption is an important consideration because if a system is not used, it is a wasted investment. There are four key elements in analyzing the adoption of a BI strategy, as highlighted by Yoon (2014), namely technology, individual difference, social influence and situational constraints. Input from the casual user so that a system can be designed effectively for them to use and adapt so that the introduction of the BI system satisfies the desires of other stakeholders. Conclusion A business intelligence strategy should be based on input from a wide range of stakeholders, because their input is valuable in enabling better decisions, improved efficiency leading to increased profits. The focus on strategy should remain business-focused throughout the process, as it offers the greatest chance of success..