Business Intelligence and Analytics Essay

1523 WordsApr 10, 20137 Pages
Defination and functions of business analytics in business Business intelligence systems combine operational data with analytical tools to present complex and competitive information to planners and decision makers. The objective is to improve the timeliness and quality of inputs to the decision process. Business Intelligence is used to understand the capabilities available in the firm; the state of the art, trends, and future directions in the markets, the technologies, and the regulatory environment in which the firm competes; and the actions of competitors and the implications of these actions. (BY RON KOHAVI, August 2002) In the pursuit of better decision making about the business, business analytics has become an emerging tool, by taking an example of two firms ‘Best Buy’ and ‘Circuit City’ I will discuss how the ‘Best Buy’ gain competitive advantage over ‘Circuit City’ by using analytics, and the different methods of analysis to improve their business decisions. Best Buy is the largest technology and entertainment retailer in the United States. Circuit City was an American multinational consumer electronics corporation. It was founded in 1949 and pioneered the electronics superstore format in the 1970s. Circuit City liquidated its final American retail store in 2009, following a bankruptcy filing and subsequent failure to find a buyer. Best buy follows customer centric strategy to gain competitive advantage, becoming customer centric means looking at an enterprise from the outside-in rather than the inside-out — that is, through the lens of the customer rather than the producer. It's about understanding what problems customers face in their lives and then providing mutually advantageous solutions. It's the approach Best Buy took and it's a key reason why the company has survived in the tumultuous consumer-electronics marketplace, while Circuit

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