The International Journal of Professional Management
ISSN 2042 2342
BUSINESS INTELLIGENCE & DATA WAREHOUSING – AN INDUCTIVE APPROACH TO ENCOUNTER ECONOMIC CRISIS FOR SURVIVAL & GROWTH Lavneet Singh, Savleen Singh, Dr. Rajeev Sharma ABSTRACT
The rapid pace of today’s business environment has made Business Intelligence (BI) systems indispensable to an organization’s success. BI systems turn a company's raw data into useable information that can help management identify important trends, analyze customer behavior, and make intelligent business decisions quickly. Over the past few years, business intelligence systems have been used to understand and address back office needs such as efficiency and productivity. Now organizations are increasingly using BI to analyze customer behavior, understand market trends, and search for new opportunities. BI relies on Data Warehousing (a data repository designed to support an organization's decision making), making cost-effective storing and managing of warehouse data critical to any BIDW solution. Without an effective data warehouse, organizations cannot extract the data required for information analysis in time to facilitate expedient decision-making. The ability to obtain information in real-time has become increasingly critical in recent years because decision-making cycle times have been drastically reduced. Competitive pressures require businesses to make intelligent decisions based on their incoming business data and do it quickly. Simply put, the ability to turn raw data into useful information in a timely manner can add hundreds of thousands up to millions of dollars to an organization’s bottom line. Business intelligence allows organizations to access, analyze, and share information across the enterprise and in extranets environments, using both tools and analytic applications. In enterprise networks, BI provides employees with information to make better business decisions. It is during a slowdown, when budgets are tightest, that you should use BI to understand your customers and hold on to them. Focusing on customer satisfaction will go a long way to improving the bottom line without forcing your business to incur large expenses to attract new customers. |