Identifying Business Case Problems, Analysing the Problems in Detail and Providing the Needs for Application of Artificial Intelligence on the Problems (Research Paper Sample)

BUSINESS INTELLIGENCE
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 3
RESEARCH BODY 3-9
CONCLUSION 9
REFERENCES 10-11
APPENDIX 12
EXECUTIVE SUMMARY
The main objective of the report is to identify the essence of business artificial intelligence and how it can be employed in modern society. A case scenario is chosen in the real life world. The problems facing the business and a framework of good intelligence model that will be used to solve some of the challenges are identified. Modern business techniques relevant to businesses today are clearly identified in detail with all the relevant modularity’s involved cited. This is accounted in terms of how it is integrated to the identified business case.
BRIEF INTRODUCTION
The modern era is full of technological advances whose life cycle keeps changing each passing day. Business organizations have thus not been left behind in the evolving planet. As a matter of fact, information is power. Organizations, mainly in business related fields, have to keep up with the pace of their competitors. They definitely cannot withstand the stormy weather without masterminding themselves past their weaknesses and probably inflating more into their strengths. Business intelligence is increasingly becoming a more and more popular tool among business players. Business intelligence is a constituent of tools used in acquisition and analysis of data (Williams & Williams 2010). The systems employed will usually aid in displaying the progress of a given business’ intelligence in areas like customer support, customer profiles, a given market segmentation, profits and statistics, etc. Business intelligence is normally made possible by use of sophisticated software that simplifies data mining by making easier to retrieve information.
IDENTIFYING BUSINESS CASE PROBLEMS, ANALYSING THE PROBLEMS IN DETAIL AND PROVIDING THE NEEDS FOR APPLICATION OF ARTIFICIAL INTELLIGENCE ON THE PROBLEMS
Economic recession is viewed as one of the major threats to the world at the moment. Consequently, a lot of organizations are facing a fight to survive the patchy path. Cost of production has shot severely. All the factors of production such as land, labour, capital are becoming more and more expensive. Economic meltdown has directly demanded that even the cost of hiring workers has to increase. Human resource departments in many of the organization are experiencing a great challenge in acquisition of cheap labour. It is important to have balance between costs of production and profits to be generated. To single out the difficulties experienced, let us just consider an example of one factor of production that is increasingly facing inflation in terms of cost, labour. Escalating cost of production in developing countries or third world countries that were previously deemed the cheapest source of labour has really dealt lots of businesses a blow. Let us take an example of two factories that are in business to supply milk to consumers in the vicinity. For any of the two business enterprises to compete favourably with the other, it has to attract customers. Lowering the price of the commodity is one of the options at hand. How then can an enterprise be able to lower the cost of the commodity without creating an imbalance with the required production costs? This is where artificial intelligence comes into practice. A firm has to employ modern techniques to lower the costs needed to facilitate a given production process (Gerrard 2008).
At this juncture, business intelligence can be employed to study all the factors of production and challenges. Their value in business today can no longer be underestimated. One may simply term them as simply priceless. It will, therefore, be of essence that an entrepreneur takes his or her time trying to take information in a bid to quantify the factors and even to assess the quality of the factors that are to be employed. Knowing the essence of the latter, it will be wise enough for us to practically display how technology can act as a stepping stone towards success in the business (Williams & Williams 2010).
For analysis, a case of an online dealing foreign exchange trading brokerage firm will be considered. Forex trading is said to be the largest business trading in the world. The popularity of the trading brokers rises every day. The company invites customers to participate in Forex by simply investing a small amount in them. Such company will reap profits through the online traffic and directly from the exchange it participates in. However, they face lots of limitation in their day to day running of activities. The most notable challenge is volatility: the currency values are dynamic. Competition is also another challenging factor in Forex business. Such a company will have to attract lots of customers for it to profit better than its competitors (Kuyda & Hotproff 2001). To optimize profits for the company, all stakeholders and shareholders should be left hands tied. Our best bet will be to build business intelligence on some of the company’s problems cited. In our case, artificial intelligence software will serve the purpose of facilitating human resource management efficiency, picking out efficiency in the trade market, learning from market trends and improving on them and so on and so forth.
CONCEPTUAL FRAMEWORK FOR USING BUSINESS INTELLIGENCE IN DEALING WITH THE PROBLEMS IDENTIFIED
First, we will gather the relevant data required by the company. Raw data is considered an important building block towards achieving a successful intelligence system. Otherwise with no data where else will we retrieve the finished product. Such a company will require sophisticated methods of keeping track of customer details, employee details, and lastly, but most importantly, the Forex details. The company must deliver results. Working at Forex is not that easy as witnesses may confess. Lots of technicalities are involved for such company to succeed. Customers demand quality and not ask for it. This is usually termed as the extranet environment whereby customer interaction with employees is highly regarded. Such connections can assist in developing formidable relationship with other probable suppliers and business partners in related fields. A highly attractive website with a top rated domain will also serve to boost the connection between customers and the Forex masters (Robert 2001). More stable internet connection not only serves for an improved customer service but for the purpose of Forex trading. Minute by minute information on the market will be needed, thus information will be delivered to the experts on time and timely profit generating decisions will be made that will benefit the company in question.
The tricky part of business intelligence is probably designing of its infrastructure. The fact that business is expected to grow makes it more complex to create its systems and thus experts should be able to see beyond their noses when designing such fabricated systems. A clear example is the expected rise in the number of customers trading with the Forex Company. A designer should be able to design a database that will be able to accommodate all of the expected number. Predictive nature of experts serves to avoid crashing of very expensive database components, for example, site failure, thus saving gigantic sums for the company (Rud 2009).
Storage of data from the required sources in the company should be kept in a warehouse. Key components in the Forex Company should be identified for a correct architectural design of the warehouse to be achieved (Thierauf 2001). The key components are like customer details, Forex market details, Employee details to name just a few. The correct layer of the database will then be constructed from the information achieved from the organization. A more pronounced layer in the database in normally the application layer (Blockdjik 2008). The above company that is the Forex Company like any other company requires timely report generation and disbursement to consumers. Emerging trends in the market either in the Forex market or in the general market should be noted from database querying and analysis that involves tools like graphical analysis tools. The application layer should have the capability to give employees and consumers easy access of the trends. For a company that deals with foreign exchange, a probable idea would be to build a mobile phone application that makes retrieval of information stored in the company’s database easy to access. This can be of great benefit particularly to customers. Prompt decisions can be made this way. As somebody once put it, it is important to increase customer loyalty by providing information on accounts if they are to make faster great investment strategies.
Is it possible then for us to reduce the factors of production and maximize our profits? Yes, it is. Taking the case scenario above an intranet would be an ideal way of showing how an organization can cut its cost of production (Veccelis 2011). If the Forex Company sets up a networking among its employees flow of information in the organization, then it will be multidirectional. This is opposed to the classic way of transfer of information, whereby movement of information was linearized (Loshin 2000). The latter thus saves a fortune for the company that would otherwise depend on messengers to relay information. It also saves time for the business. Time is really money for such an organization that ...