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The Manager is Only as Successful as the Quality of his Decisions |
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To successfully manage any business the manager must base his decisions on the right quality of information, whether this is obtained through the use software tools or from notes made on the back of a envelop or from answers collated from the heads of various people. Certainly, basing business decisions on intuition, gut feeling, assumptions or hearsay cannot sustain a serious business bigger than the proverbial man-and-van enterprise. Successful businesses use business intelligence for the various reasons:
- Monitor sales performance across multiple geographical locations over a given time period to particular customer types to discover the right kind of promotion for the appropriate customer types, according to spending patterns. For example, a customer who starts to cut back on spending can be quickly spotted and the appropriate inducements can be applied to encourage spending
- A hotelier can use BI to analyse demand for room type at specific times of the month or year and so be able to better plan availability. For example, in answering If a hotel seems to have more single rooms than double rooms
- An insurance company can use BI to identify correlations between claims and other variables such as customer demography, geographical location, gender, premium types in order to better manage risks
- A telecom operator can exploit BI to gain insight into usage patterns, for example in various age groups at given times of the day, to discover opportunities for targeted promotional campaigns
- Any company can use BI to do a what-if analysis to determine price sensitivity to volumes, revenue changes and margins for various customer groups.
- Monitor key performance indicators in the execution of strategic initiatives
- Quickly uncover trends in the behaviour of any performance metric in the business
- Perform profitability analysis for any given customer and identify opportunities for cross selling additional products
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