Using business intelligence to forecast a business for better decision
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Transcript of Using business intelligence to forecast a business for better decision
Using Business
Intelligence to Forecast
a Business for Better
Decision-Making
Business Intelligence offers the ability to forecast
business trends. As Business Intelligence solutions
continue to be offered in the areas like Sales and Finance,
yet there is even more realization that a large amount of
business data still remains unexplored. Among the many
functionalities offered by Business Intelligence tool,
predicting the future of a business serves to be vital for
business planning.
Moreover, forecasting business trends and predictive
analysis are key towards informed decision-making. In
today’s business environment that is competitive and ever
changing, future predictive analysis helps to plan a
business efficiently.
The forecast is derived from the words fore that means
“Before [the fact]” and Casten meaning “to form”. In the
process of forecasting, the history of data along with
predictive variables are used to bring light to the future
trends. Forecasting is based on algorithms that observe
patterns and provide predictive results. The credit scoring
system is a fine example of the usage of BI analytics in
the financial industry. The credit system in the U.S. takes
into account customer’s history and their buying patterns
and rank-order customers on their ability to make future
credit payments. Such intelligence could be derived from
business intelligence solutions to operate a business
successfully.
Business Intelligence opens new doors of opportunities in
areas where decision-making comes into the picture.
Decisions are usually made based on the principle of how
a particular business has performed in the past, how is the
business doing now? And what could be expected in the
near future. For an instance, in sales scenarios, accurate
sales plans could be made using predictive BI analytics
feature offered by BI software tools.
Another, point of interest in the decision-making process
is the prediction of business trends and where the market
is headed towards. Market trends that are shaping the
business environment could be analyzed to make better
decisions for a successful outcome.
Business Intelligence tools are more evolved to the extent
of running a business from the dashboard. One of the
primary advantage of having a BI tool is, it makes great
sense out of the tons of business data underlying in your
system. Further, the visualized form of intelligent data in
the form of reports and charts could help to comprehend
the analysis figures more easily. These affordable
business solutions are a boon to the business community
to have a competitive advantage.
In a fast-paced and rapidly changing business
environment, affordable business solutions like
forecasting and predictive analysis from business
intelligence solutions aid better decision-making.
