Benefits of Business Intelligence IT & Computer Science Essay (Essay Sample)
the paper aims at discussing the benefits of of BI within the various industriessource..
Benefits of Business IntelligenceBenefits of Business Intelligence
According to Trieu, Cockcroft, & Perdana (2018), the modern business environment demands that modern managers deploy modern technologies. In this account, modern organizations have pushed towards implementing technologies such as business intelligence and data mining. Compared to traditional organization, it is hard for organizations to compete favorably with those organizations that have adopted technologies such as business intelligence. Taking this into account, Llave (2017) acknowledges that business intelligence is associated with a number of benefits across the various industries that have adopted this technology.
BI for Defining and Understanding Customers
According to Kohtamäki & Farmer (2017), modern organizations are working towards implementing a customer centric culture. Customer centric culture is based on understanding effectively who the customer is and serving them based on what they prefer. To Trieu, Cockcroft, & Perdana (2018), business intelligence is based on collecting data and using this data towards making informed business decisions. With business intelligence, customer data is collected and their profiles are established and with these profiles, an organization and turn to serve these customers. For institution such as the Versatel, business analytics is vital in which they have gone a step ahead to develop a deeper relationship with their customers through understanding their preferences and behaviors. In this account, not only has Versatel been able to improve their relationship with its customers but more importantly, increase their return on investment by more than 62% (Durcevic, 2018).
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