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EBUS3030 Business Intelligence

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EBUS3030 Business Intelligence

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Course Code: EBUS3030
University: The University Of Newcastle

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Country: Australia

Question:
Topic:
Data, information and knowledge management
Business Intelligence

You will find many, many, general articles on Knowledge Management, some of which have references to the use of technology in Knowledge Management.
The following articles and references are more usually focused on the more specific issues relating to the use of technology in Knowledge Management Systems.

Answer:

Introduction
This is the next step in business management where the managers get easy access to systematic and well-analyzed information which enable them to make bet decisions in governing the day to day activities of a business for the optimum output and efficiency of the business into the market.
Data are the first-hand numbers collected by a research from the ground, the interpreted data are the called information which then is of valid intensity for the prediction of the future outcome is referred to as knowledge. The above when it is computerized and then used by business organizations to make the sanest decisions to improve the status of the business is then now referred to as the use of business intelligence which is a current practice and a trend. Organizations can create BI for their personal use and even profit from it by selling it to other customers (organizations) who lack the resources to gather such information, Sabres organization is an excellent example of such a company.
The BI targets have the same goal or have a similar target. There are three major concerns that the BI targets.

Establishment of new applications and tools.
Infrastructure creation.
Transformation of the organization.

BI has become the new trend and is growing rapidly thus causing a higher demand for the human resource required to establish the collection of data and the interpretation of it to provide knowledge that will be used for management. The tools and application that are commonly used in acquiring of data for management knowledge include; excels, data visualization, reports that have already been published, specific applications, data mining or the predictive analytics, drillable reports and SQL queries. This information collected is analyzed and computerized to produce the required data from many organizations for running their business. Since BI is the current trend there are a lot of users of this including both the producers and the consumers of products. The users that majority benefit from this management knowledge includes:

IT developers.
Executives and managers.
Information workers
Regulators, suppliers, and customers.
The workers on the front line.

BI has an insight into the long-term problems that tend to affect the organizations and it exposes the issues through the systematic profiling of the field raw data collected. The quality of the presented by BI is certified to be of quality if it meets the expectation of the organization or the consumers and not if it has defects or it is accurate. The business intelligence is quite very effective in the governance by giving a pathway for the formulation of effective objectives and strategy which assists the company to meet its goals.
The reason why the majority of organizations are shifting to BI as a means of gathering business knowledge is that it is cost saving, time-saving, has better information, better decisions, assist in business improvement of the process of the business and  also enable the accomplishment of the goals of a business more effective unlike the  old methods of data collection  and analysis.
As this generation is referred to as the era of big data where different skills are combined and computerized to produce the big data in the sense that it has a different velocity, volume, and variety making it more unique than ever before. Also, the application of the tools and platforms such as social media analytical tools has changed almost all of the world’s perception and visualization of the data that is required to make decisions concerning various business.
Business intelligence has various advantages to an organization, which include;

Easy customer communication and feedback. The organization is able to market their product to their customers an get immediate feedback.
Creates teamwork in an organization. The employees are able to communicate freely and offer solutions to the certain problem to their employers.
Cost reduction and saving.BI enables the organization to know where to cut costs and the departments that need financial boosting.
Creates a better investment plan.BI enables the organization to know where to invest their capital by predicting the trend of the market.
Facilitates better decision making. Through collected data from the past, the organization is able to predict the future from past data and make decisions that are effective and efficient to facilitate the growth of the organization.

Conclusion
As it is managers in each organization have the responsibility of authority and power to make the big crucial decisions that run the day to day activities of an organization or business. Any decision that is made can either build and help the organization to grow or fail in its objectives, depending on if the decisions that are poor or good. Each and every organization has plenty of data available to them which effective used may be used to predict future outcomes hence good decisions can be made.BI plays the key role by acquiring the raw data, interpreting it, analyzing and then computerizing the data to ensure that the data is informative in decision making at all levels.
References
Chang, V., 2014. The business intelligence as a service in the cloud. Future Generation Computer Systems, 37, pp.512-534.
Debortoli, S., Müller, O. and vom Brocke, J., 2014. Comparing business intelligence and big data skills. Business & Information Systems Engineering, 6(5), pp.289-300.
Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business intelligence through the lens of the marketing mix. Big Data Research, 2(1), pp.28-32.
I??K, Ö., Jones, M.C. and Sidorova, A., 2013. Business intelligence success: The roles of BI capabilities and decision environments. Information & Management, 50(1), pp.13-23.
Lim, E.P., Chen, H. and Chen, G., 2013. Business intelligence and analytics: Research directions. ACM Transactions on Management Information Systems (TMIS), 3(4), p.17.
Moro, S., Cortez, P. and Rita, P., 2015. Business intelligence in banking: A literature analysis from 2002 to 2013 using text mining and latent Dirichlet allocation. Expert Systems with Applications, 42(3), pp.1314-1324.                           
Wixom, B., Ariyachandra, T., Douglas, D.E., Goul, M., Gupta, B., Iyer, L.S., Kulkarni, U.R., Mooney, J.G., Phillips-Wren, G.E. and Turetken, O., 2014. The current state of business intelligence in academia: The arrival of big data. CAIS, 34, p.1.
Wu, D.D., Chen, S.H. and Olson, D.L., 2014. Business intelligence in risk management: Some recent progresses. Information Sciences, 256, pp.1-7.

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