PAKISTAN BUSINESS REVIEW - Institute of Business Management
PAKISTAN BUSINESS REVIEW - Institute of Business Management
PAKISTAN BUSINESS REVIEW - Institute of Business Management
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Market Report<br />
<strong>Business</strong> Intelligence: A New Dimension to <strong>Business</strong><br />
business. The goal <strong>of</strong> BI is to empower decision makers, allowing<br />
them to make better and faster decisions.<br />
As per Wikipedia, <strong>Business</strong> Analytics (BA) to the set<br />
<strong>of</strong> skills, technologies, applications and practices for continuous<br />
iterative exploration and investigation <strong>of</strong> past business<br />
performance to gain insight into and drive business planning.<br />
Analytics are a subset <strong>of</strong> business intelligence, a set <strong>of</strong><br />
technologies and processes that use data to understand and<br />
analyze business performance. Analytics is a critical component<br />
<strong>of</strong> business intelligence, one that delivers the ability to derive<br />
more value from data and answer the more challenging questions.<br />
Analytics enables us to make smart business decisions<br />
which provide a competitive advantage to leading organizations<br />
across the industry. Analytics such as statistical analysis,<br />
forecasting, predictive modeling and optimization, provides<br />
actionable intelligence and insight to support the changing need<br />
<strong>of</strong> the organization. It provide confidence to the business with<br />
maximum efficiency and effectiveness, supporting continuous<br />
learning and improvement for developing a sustainable<br />
competitive edge.<br />
Strategic BI is to align multiple business processes with<br />
key business objectives through integrated performance<br />
management and analysis. The emphasis is on achieving long<br />
term, strategic goals like increasing revenues, cost controls,<br />
increasing market share and pr<strong>of</strong>itability with the improvement<br />
<strong>of</strong> customer satisfaction. Top level management uses <strong>Business</strong><br />
Intelligence to asses the company’s key performance indicators<br />
(KPI) in terms <strong>of</strong> targets. It also provides in depth analytics to<br />
take corrective action if it is not achieved. This type <strong>of</strong> analysis<br />
is based on time series data. Strategic business intelligence, is<br />
also called performance management (PM) with other prefixes<br />
like corporate performance management (CPM), enterprise<br />
performance management (EPM) or business performance<br />
management (BPM).<br />
397<br />
<strong>PAKISTAN</strong> <strong>BUSINESS</strong> <strong>REVIEW</strong> JULY 2011
Change language