Business Intelligence (BI); the term is bandied about so frequently today that it might seem like everyone except you already understands it. The truth is that like its partner “Big Data”, business intelligence is actually not well understood at all. Most people who talk about business intelligence have at best a general notion of what it means and almost no experience with actually using BI in a meaningful way. However, BI is an important new tool for modern business.
Advances in computing power can now give businesses ways to analyze data that they never could before. With these advances, firms can make decisions about pricing, marketing, new products, and resource allocation more effectively than they have ever been able to in the past. Major corporations like Kroger are starting to use BI to help determine what products they should advertise to specific customers. General Electric is using BI to more efficiently run its industrial maintenance schedules. Citi is using BI to help proactively figure out the maximum interest rates various customers are willing to pay. BI is useful in all of these settings and much more.
Review Questions: The Fundamentals of Business Intelligence (BI): What it Does and Why it's so Essential
FINAL EXAM: The Fundamentals of Business Intelligence (BI): What it Does and Why it's so Essential
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Michael is a finance professor at Fairfield University in Connecticut. He holds a PhD in finance from the University of Tennessee and his work has been quoted in the Wall Street Journal, CNN, Nasdaq dot com, Bloomberg, Reuters, and many other outlets. Michael is the President of Morning Investments, a consulting firm headquartered in Connecticut. He consults extensively with organizations ranging form Fortune 500 companies and government agencies to start-up businesses on matters related to finance and investments. Michael has served also as an expert witness on finance related matters in legal disputes, and is an arbitrator with the Financial Industry National Regulatory Authority (FINRA).