Business Intelligence at CKE Restaurants Nowadays, Business intelligence is becoming an essential tool for businesses to seek for strategic advantages; this is because it allows making more accurate and better decision based on current data, information and knowledge. According to Pearlson (2012), “Business intelligence is the set of technologies and practices used to analyze and understand data and to use it in making decisions about future action” (p. 345). This paper analyses case study 11-2 and provides an overview of knowledge management by answering three questions regarding CKE Restaurants’ (Hardee’s Restaurant parent company) decision to promote and distribute the Monster Thickburger based on insights derived from their business intelligence
BUSINESS ANLYTICS IN EDUCATION Business analytics is the practice of iterative and methodical exploration of an organizations data with emphasis on statistical analysis. It is used by companies committed to data-driven decision making. Business analytics is also used in each and every aspect of education. Primary and secondary education is becoming increasingly demanding both in terms of running schools as a business and providing the resources to educate young minds. School administrators and boards are often expected to do more with less like • Funding tied to fees charged • Academic results • Student population size • Class sizes • Average daily attendance • Extended program offerings like languages, music, fine arts, sporting etc., • A
In today’s world technology has proven to behave as the medium through which businesses function. Allowing them to use technology as a competitive advantage by using business information systems (BIS), which is defined as the channel through which people, information technology and businesses are connected. (Gunasekaran, 2013) The significance of business oriented information systems is based on the increased speed of gathering and distributing information. Furthermore, since information is accurate, tailored to specifications and is up-to-date, the process of decision improves and is taken faster. For instance, business information systems are capable of preparing cost estimates and forecasting reports for analysis.
As per figure 1 above Data warehouses and data marts first appeared to provide a centralized system for accessing data and making tactical decisions. Such systems were considered as to fall under the classification of BI. The main goal of a business intelligence system is to support the decision making process. A BI system can be defined as a process of turning data first into information and then into knowledge‘(Golfarelli, Rizzi, & Cella, 2004, p.1). A BI system provides managers and executives with in-depth information and a systematic understanding of an organization‘s operations (Thierauf, 2001).
Impact of Artificial Intelligence on Marketing “Artificial Intelligence: A Revolution for Marketing” “Marketing is not the art of finding clever ways to dispose of what you make. Marketing is the art of creating genuine customer value. It is the art of helping your customer become better off. The marketer’s watchwords are quality, service, and value.” -Philip Kotler Marketers today have to deal with customers who are more knowledgeable, suffer from time poverty, expect timely responses, prefer self-service and require personalization. One of the most important tasks of marketing lies in understanding how to make customers reach the brim of the marketing funnel, take them through its various stages, handle spillage and direct some of them
Mostly, the data, existing or gathered, provides details on the customer’s needs, wishes, attitudes and behaviour. Industrial reports provided by external parties and other data sources provide very detailed information on customer in every random perspective. This trend is increasing in the last years and enables companies to cluster customers and identify emerging trends on very sundry criteria. The Bain & Company survey revealed that 56% of the companies did not have the right systems to capture the data or were not collecting the right data that was relevant for their specific purposes SOURCE. Organizational intent can be seen as the engine of a data driven customer insights process.
Big Data refers to an ability to derive insights and make decisions based on the newly available, expanded set of technological tools that store, process, and visualise data which is greater in volume, velocity, and variety opposed to traditional business intelligence (BI) tools are able to handle. Big data doesn’t automatically lead to better marketing, but it has the potential to do so if used in the right way. It’s not the data itself that’s so important. Rather, it is the insight derived from big data, the decisions you make and the actions you take that makes all the difference. Combining big data with integrated marketing management strategy, marketing organizations make a substantial impact in the below mentioned key areas: • Customer
Data Analytics Vs Predictive Analytics INTRODUCTION: Analytics is the use of data, machine learning, statistical analysis and mathematical or computer-based models to get improved insight and make better decisions. Analytics is defined as “a process of transforming data into actions through analysis and insight in the context of organisational decision making and problem solving.” Analytics is supported by many tools such as Microsoft Excel, SAS, R, Python(libraries). There are mainly three types of analytics: - descriptive analytics, predictive analytics and Prescriptive analytics. Source: Google Image Descriptive Analytics: This type of analytics is used to summarize or turn
This perspective can help manager to see how well their business is running and wether its day-to-day activities support the organization’s key goals. Apart from that, internal business process refers to the satisfaction of both shareholders and customers (Biden, Mziu and Suhaimi, 2014). This perspective is important because the firm could analyze their current internal ability and react based on the market needs. The Balanced scorecard helps the organization to identify type of internal business process that can satisfy clients and shareholders. The strategy to improve the process could have an effect on the
This linkage indicates that when business strategy is changed, the IT strategy also should be changed to adapt with new market changes. In their paper, data is collected from different levels in bank to give more accurate result for analysis. They analyzed the data and found the result as below: 1. An evaluation of the interconnection between commercial enterprise and IS techniques, the findings found out that crucial data systems are mentioned in IT strategy and connected to business approach and this means that the financial institution’s business and IS strategies are interconnected. 2.