Business Intelligence is the process of discovering and analyzing data to make informed business decisions. The management in any business needs this aspect of management as part of the companies integral infrastructure in today’s world in order for the business to succeed. The data collected from many of the data collecting sources is used to determine trends, or measure, manage and improve on the performances of individuals, processes, teams and business units. The enterprise refers to any business organisation that uses computers as an integral part of their business and relies on it for that businesses development.
The History Of Business Intelligence
The term Business Intelligence was coined by the Gartner group in mid-1990s. But Business Intelligence was around before that, it originated in the Management Information Systems reporting systems of the 1970s. Reports in this era was only two fold, there was no analytical dimension to reporting. In the early 1980s, Executive Information Systems emerged. This introduced ad hoc (on demand) reporting forecasting, prediction, trend analysis, drill down to details, status access and critical success factors. It was available to top level managers who were the ones to make decisions for the businesses future. Some of the capabilities from the 1990s appeared in products along with some new ones and it was called Business Intelligence. A good Business Intelligence based enterprise information system contains all the information executives need. By 2005 Business Intelligence systems started to include artificial intelligence capabilities and more powerful analytical capabilities. The most sophisticated Business Intelligence Products include most of these capabilities.… Read the rest
Consumers is someone who buys and uses products and services. Consumers also known as customers, clients, regulars, patrons and trade. Consumers have their own demand. Consumer demand led to higher imports of manufactured good. Good services must be giving to the consumer. Seller must give good services to the consumers. Bestseller need to know what is good for consumers. In this case, seller have to make an easy way to make sure the consumers do not have any problem to buy and use product and services. Currently, technology is common to everybody. Every people know how to use a technology. Design of gadgets is increase in consumers tastes. Consumer tastes also increase in a multiplication and choice in media channels and content.
Technology providers are looking for innovative ways to understand consumers. Technology providers need to know their needs, preferences, tastes and desires and how these will shape the future patterns of demand. The next new gadget bring, consumers will want it to be easy-to-use, to be able to personalise it and for it to enrich their lives. They also need to communicate with each other and be entertained and informed.
Consumer behavior studies helps businesses to understand how a consumer makes a purchasing decision. It is content independent (or uncontrollable) variables, intervening or moderating variables and dependent variables. There are some roles that people play in the decision-making process. This process content five element, the five element is initiator, influencer, decider, buyer and user.
The consumer decision-making process is a generic purchasing-decision model.… Read the rest
There have been a lot of changes in the way in which information processing has come up. This change in information processing system can be seen from the point of view of the enabling technologies as well as the increasing demands of the information processing capabilities of organizations. In the past, small organizations were owned and operated by one man. The owner was both president and chief-executive who single handedly undertook all the functions required to operate the organization, including accounting, inventory control, public relations, research and so on. The owner personally gathered information necessary to carry out various functions, either using it as it was gathered or storing the information in his memory for later retrieval. Once a decision is made, the owner undertook the necessary action himself.
For a small organization, the owner-oriented information system was often very efficient. For the owner himself, a highly integrated information system was in used. Information was expressed and stored in that system as if, that was readily understood by all levels o f management. The owner-oriented information system could also be expected to be efficient, if more than one person worked in the organization, provided those involved were relatively close in their experience and knowledge. The individual’s similarity of purpose and experience in such circumstances usually allow a close communication between them and facilitate the interaction between their respective stores of information.
In recent times, many of the smaller organizations have been superceded by larger corporations or incorporated into them. Private business and industry have grown in the size and scopes of the national and global economies of the leading industrial nations have expanded.… Read the rest
Management information system (MIS) provides information that organizations require to manage themselves efficiently and effectively. Management information systems are typically computer systems used for managing the organizations. Management information systems are distinct from other information systems because they are used to analyze and facilitate strategic and operational activities.
Role of Management Information Systems in an Organization
The role of the MIS in an organization can be compared to the role of heart in the body. The information is the blood and MIS is the heart. In the body the heart plays the role of supplying pure blood to all the elements of the body including the brain. The heart works faster and supplies more blood when needed. It regulates and controls the incoming impure blood, processes it and sends it to the destination in the quantity needed. It fulfills the needs of blood supply to human body in normal course and also in crisis.
MIS plays exactly the same role in the organization. The system ensures that an appropriate data is collected from the various sources, processed, and sent further to all the needy destinations. The system is expected to fulfill the information needs of an individual, a group of individuals, the management functionaries, the managers and the top management. MIS satisfies the diverse needs through a variety of systems such as Query Systems, Analysis Systems, Modeling Systems and Decision Support Systems, MIS helps in Strategic Planning, Management Control, Operational Control and Transaction Processing.
MIS helps the clerical personnel in the transaction processing and answers their queries on the data pertaining to the transaction, the status of a particular record and references on a variety of documents.… Read the rest
The concept of Management Information Systems (MIS) has evolved over a period of time comprising many different facets of the organizational function. MIS is a necessity in all the organizations. The initial concept of MIS was to process the data available in the organization and present it in the form of reports at regular intervals. The system was largely capable of handling the data from collection to processing. It was more impersonal, requiring each individual to pick and choose the processed data and use it for his requirements.
This concept was further modified when a distinction was made between data and information. Information is a product of an analysis of data. This concept is similar to a raw material and the finished product. However, data can be analyzed in a number of ways, producing different shades and specifications of the information as a product. It was, therefore, demanded that the system concept be an individual- oriented, as each individual may have a different orientation towards the information. This concept was further modified, that the system should present information in such a form and format that it creates an impact on its user, provoking a decision or an investigation. It was later realized then even though such an impact was a welcome modification, some sort of selective approach was necessary in analysis and reporting. Hence, the concept of exception reporting was imbibed in MIS. The norm for an exception was necessary to evolve in the organization. The concept remained valid till and to the extent that the norm for an exception remained true and effective.… Read the rest
Information system means by which people and organizations utilize technologies, collect, store use and distribute information. Good information system is used to provide important information for decision making. The information technology may be used for the processing, storing or distribution of data. These technologies collectively include information technology and data. It is an organized combination of people, hardware, software, communications networks, and data resources that stores and retrieves, transform and disseminate information in an organization. Very main functions of information systems is systems analysis and design, that is to say, analyzing a customer’s business condition (or trouble), with deference towards information processing, and designing and implementing an suitable—generally computerized—solution to the difficulty. Information systems professionals who focus in this part are known as systems analysts. The procedure begins with a complete determination of the client’s information needs and business processes. The result normally involves various programming, in addition to the use of a suitable application software package(s), for example a database management system (DBMS) used for designing and implementing a database for the customer. It may also involve a number of networking considerations, depending on the user’s needs and goals.
The term level of management refers to a line of demarcation between various managerial positions. The number of levels of management depends upon the size, technology, degree, of diversity and nature of product. There are mainly three levels of management in most of the organization. There are;
Top Level Management
- Top level management
- Middle level management
- Lower level management
Top level consists of the board of directors, general manager and other senior executives.… Read the rest