ITM535 MOD1 Case Overview Of Business Intelligence

ITM535 MOD1 Case
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Overview of business intelligence
Business intelligence (BI) focuses on ideas that deal with the processes of analyzing business information through the application of a set process. The analysis consists of the application of technology to achieve desirable data to improve business processes. Therefore, BI forms the act of understanding the rivalry on operations of the company by doing the business to make better decisions in their operations. The essential function of acquiring relevant information by any industry aims at assessing the business operational management, conducting marketing investigation, makes sales forecasting, and conducting the proper analysis on competitive marketplaces (Cody et al., 2002). The intelligence process within the firm operations integrates all such ideas while contributing to the overall achievement of strategic objectives together with the goals of an organization. Similarly, business intelligence focuses on the global technologies and approaches for collection and saving the data in a format that is easily accessible by many people. The stored data is always applicable for reaching timely and correct decisions that aim at enhancing the profitability of an organization. It is evident that intelligent business forms the network system that provides access to all the needed information essential for analysis and reporting to facilitate the process of making a decision in business. Therefore, this paper explores the ideas of business intellect from sales forecasting, management of knowledge, market study, and ordinary sense in the corporate sense.
Sales forecasting with BI
The issues concerning sales forecasting in business operations remain to be a less or more input into the planning processes of an organization about financial activities. Sales forecasting in business follow ideas presented on external data that relates to the historical experiences, analysis of statistics, along with consideration of many factors in the macroeconomic sector. Besides, sales forecast focuses on the projections of likely sales activities that follow appropriate criteria while making appropriate assumptions. The sale estimate relates closely to market research while it bases its ideas on the evaluation of the market preferences and clients’ needs (Herschel, 2005). However, sales forecasting can be distinguishable from business intelligence in two broad perspectives. The first view shows that the sales prediction focuses on dealing with financial planning activities. In the second viewpoint, sales forecasting bases its estimates on experiences that relate to the sales in one particular area together with assumption concerning the future operations in the marketplaces. Besides, business processes have the wider spectrum of operations of businesses. BI involves the processes of evaluating all the physical processes of the company that might relate to any field of action. The business intelligence focuses on information instead for speculation as seen in the sales forecasting.
Knowledge management (KM)
The management of knowledge in any business operation refers to the systematic business optimization approach applicable for collection and communic...