Article Review of BI Opportunity

Article Review of BI Opportunity: Construct your review using the format provided below: Summary: The reading should be summarized (using your own words) in one paragraph and focus on the author’s main points…

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Article Review of BI Opportunity

Paper details

Construct your review using the format provided below:

  1. Summary: The reading should be summarized (using your own words) in one paragraph and focus on the author’s main points.
  2. Critique: In one paragraph, explain how the reading influenced your understanding of the topic.
  3. Application: In one paragraph, discuss how you will apply what you have learned from the reading.

Solution

Article Review of BI Opportunity

Summary

BI opportunity analysis is a structural approach used to identify and document the specific ways in which Business Intelligence can be applied to reduce costs and increase revenue. Identifying, defining, and documenting business Intelligence opportunities (BIOs) are essential in obtaining funding and shaping effective BI programs.

However, this information can only be achieved through BI opportunity analysis. In this regard, executives should be at the front line in understanding the factors that affect their organizations’ revenue, performance, and overall profitability. Therefore, BI opportunity analysis provides an economic rationale for business intelligence, and organization executives can use these findings to improve their operations, meet customer needs and increase revenue.

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Additionally, most company sponsors spend a significant amount of time researching and analyzing procedures to evaluate if the proposed investments are worth it. In most cases, they use capital budgeting processes to determine the economic impact of such investments.

Nonetheless, some of the tools used in BI opportunity analysis include; top-down BI opportunity analysis, structured interviews, strategy maps, balanced scorecard, and industry and company research. These methods may be used together to provide meaningful insights to organizations that can help to improve the business strategies and processes.

Critique

Reading the given article provided me with several insights on BI opportunities. First, I have learned the significance of identifying business intelligence on company performance as it plays a significant role in increasing revenue, reducing costs, and enhancing business operations. Therefore, the identification and documentation of this information should be one of the most crucial aspects in an organization that aims at having a competitive advantage in the market (Bordeleau et al., 2018).

Second, I have learned the different strategies applied in BI opportunity analysis. Specifically, I have learned the different procedures used in every approach in detail, adding to my previous information.

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The top-down approach helps strategically link the industry drivers, strategies used in an organization, and the core business processes essential in determining its competitive advantage. As a result, the approach provides a foundation that can help identify the potential uses of BI in improving the effectiveness of the company’s processes.

Like the top-down approach, strategy maps help align the business strategies to the company’s core processes to identify BI opportunities (Phillips-Wren et al., 2021). This approach is mainly preferred as it focuses on collaboration across different departments and communicates the company’s strategy effectively across the company.

As a result, it helps to ensure that potential BI investments are tightly coupled to its strategies and objectives. Additionally, structured interviews help to dive deeper into the different business processes of a company, challenges, and gaps that negatively affect the achievement of the goals and objectives of a business (Bordeleau et al., 2018).

Application

I will use the article’s information to conduct a more effective and strategic analysis of BI opportunities. In this regard, I will use data from the company’s internal business documents, public company filings, industry trade associations, annual reports, and the presentations made to the security analysts to find information and provide detailed analysis reports that can help achieve the business objectives.

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Additionally, rather than using individual approaches, I will apply them simultaneously to provide detailed documentation on the subject of interest. Diving deeper into big data may also ensure that I exhaust the company’s findings, providing more detailed information.

As a result, analyzing and documenting findings will enhance accuracy, ensuring that investments are only carried out if BI opportunities are valid, presenting financial loss (Bordeleau et al., 2018). Moreover, it will help identify the most appropriate opportunities that will translate to more effective business operations, increased profits, and improved performance.

References

  • Bordeleau, F., Mosconi, E., & Santa-Eulalia, L. A. (2018). Business intelligence in industry 4.0: State of the art and research opportunities. Proceedings of the 51st Hawaii International Conference on System Sciences. https://doi.org/10.24251/hicss.2018.495
  • Phillips-Wren, G., Daly, M., & Burstein, F. (2021). Reconciling business intelligence, analytics and decision support systems: More data, deeper insight. Decision Support Systems, 146, 113560. https://doi.org/10.1016/j.dss.2021.113560
  • Skyrius, R. (2021). Business intelligence: A comprehensive approach to information needs, technologies, and culture. Springer Nature.

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