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Unit 14 Business Intelligence Assignment - Business Process Support Mechanisms
Learning Outcomes -
LO1: Discuss business processes and the mechanisms used to support business decision-making.
LO2: Compare the tools and technologies associated with business intelligence functionality.
LO3: Demonstrate the use of business intelligence tools and technologies.
LO4: Discuss the impact of business intelligence tools and technologies for effective decision-making purposes and the legal/regulatory context in which they are used.
Suppose you are recently recruited as a Business Analyst to a leading Sri Lankan Organisation. As your initial project, you are required to prepare a management report to the Board of Directors.
Solution - Business Intelligence
Introduction
The following report addresses the topic of business intelligence, primarily the use of various tools and techniques in corporate decision-making. For this, it presents a description and in-depth analysis of the leading Sri Lankan company, John Keells Holdings PLC with respect to the business intelligence tools and techniques that are used within the organization in its decision-making activities. The paper also seeks to critically evaluate the significance and benefits of such tools and techniques for the said company, and in doing so recommends a new business design that can further support decision-making at an advanced level.
Task 1 - Background details of the organization. Identify and explain different business processes and supporting processes models used at the selected organisation with examples. Explain data that have been used by the different process models given above. Differentiation between data classification based on the selected organisation in terms of structured, semi structured and unstructured. What are the application software used in the given process models. Evaluate the benefits and drawbacks of using application software as a mechanism for business processing. Discuss on business intelligence functionalities and the tools and techniques associated with them using specific examples chosen from the selected organization processing. Discuss on business intelligence functionalities and the tools and techniques associated with them using specific examples chosen from the selected organisation.
Answer -
Background Details of the Organization
Founded in the year 1870, John Keells Holding PLC today stands as Sri Lanka's largest conglomerate, as per the listings in the Colombo Stock Exchange. The company has its headquarters in Colombo and presently functions under the chairmanship of Krishan Balendra. It accounts for 14% of the Sri Lankan stock market. John Keells is a prominent player in practically every sector of the economy, ranging from hospitality, IT, marine fuel, transportation, consumer goods as well as banking and real estate (John Keells Holdings PLC (1), 2020). It also manages hotels and resorts in the neighboring country, Maldives.
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Different Business Process Models and Supporting Process Models
Owing to the fact that the company manages production in prominent economic sectors, it seeks to handle its business data in a professional and legitimized manner (John Keells Holdings PLC (1), 2020. Business processes are generally of three types: management processes, core processes and support processes. In the context of John Keells, we see that the primary or operational processes of the organization are related to a variety of sectors that range from consumer goods, transportation, financial services, property development, plantations and IT (Arnott et al., 2017).
In addition, there process models are further backed by other, supporting models that link decisions with business outcomes. The chief supporting models/ processes of the company are its financial process, human resource process and customer service. These support processes are also called secondary process as they help the core organizational processes in their functions. The main difference between core process and supporting process is that support processes are not directly engaged with meeting customer demands and needs. Instead, they help the company's core process in fulfilling customer requirements.
Data Used by the Business Process Models
Within John Keells Holdings, the process models use the data collected from sectors of human resource, operations and management (John Keells Holdings PLC (1), 2020. Organizational goals and objectives also serve as valuable data that influence the company's business process.
Differentiation in Data Classification
The data within John Keells Holdings can be categorized into 3 broad types, i.e. the structured, semi-structured and unstructured data. The structured data primarily refers to that which deals with the organizational outcomes, such as its annual financial report and consolidated review statement of the company's annual market performance (John Keells Holdings PLC (1), 2020. Conversely, the semi-structured data deals with mostly administrative and managerial information. This data, though utilized to produce concrete outcomes, usually have limited accuracy (John Keells Holdings PLC (1), 2020. Lastly, the data used in regular office work, in the form of fliers, etc. can be called unstructured data, as they are liable to change frequently.
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Application Software utilized in Business Process Models
The company uses several software applications which not only facilitates regular work within and among departments but also helps reduce work time by easing out the work process. Softwares like Lucidchart, Microsoft Visio and Forestpin help in creating diagrammatic representation of statistics and figures, which positively impacts the business model structure of the organization (Perinpanathan, 2014).
Benefits and Drawbacks of using application software as a mechanism for business processing
The said software applications prove beneficial for the organization is several ways. Its biggest advantage is that the applications meet the requirements of the concerned company as they are modified specifically to fulfill certain tasks within the organization (Dooley et al., 2018). Secondly, such custom- made applications are less prone to virus invasion and are regularly updated. However, the problem with these software's is that as they are often custom-made, they are incompatible with other software that may be used by the company (Dooley et al., 2018). In addition, developing these complex software's takes a lot of time and a substantial portion of the business investment.
Business Intelligence Functionalities and tools and techniques associated with organization processing
In this age of data discovery, usage of business intelligence tools and techniques has greatly boosted organizational performance. These tools not only provide valuable insight into company's economic growth but also assist in data collection, problem resolution and predicting future market trends (Dooley et al., 2018). Dooley et al (2018) also point that business intelligence tool like MicroStrategy offers high-speed dash-boarding and data analytics which contributes greatly to improving company's productivity, analyzing market trends and capitalizing on new economic opportunities.
Task 2 - Compare the tools and technologies associated with the business intelligence functionalities and support available for business decision making at various levels within the organization. Compare the types of support available for Business Decision making at different levels of the organizational structure. What are the business intelligence tools commonly used in selected organization? Justify with specific examples of the key features of business intelligence functionality.
Answer -
Support Available for Business Decision- Making at different levels of the Organization Structure
John Keells Holdings PLC functions within a structured platform based on multi-level interaction system so that business activities can take place in a smooth and transparent manner (Reddy et al., 2019). The organization is supported by a sturdy and skilled managerial team that provides decision-makers with concrete and relevant data/ information. The business activity is further boosted by the fact that authorities have access to a central data system which provides access to company records, tenders and other documents (John Keells Holdings PLC (2), 2020). This makes the working system within John Keells highly systematic, transparent and its employees informed. Business intelligence tools are used to collect data from within and outside the company (as the case may be). Similar tools are used in data processing which naturally saves time and speeds up the decision-making process.
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Business Intelligence tools used in the organization
One of the major reasons behind the success of John Keells has been its eagerness to stay up-to-date with technological changes occurring at the global platform (John Keells Holdings PLC (2), 2020). The company has actively incorporated business intelligence tools and techniques in its work process, which gives it an advantageous edge over its market competitors. Use of application softwares like Forestpin, Lucidchart, etc. has helped the company channelize its resources (financial, material and human) towards more important issues, rather than spend on tedious manual and time-consuming work (John Keells Holdings PLC (2), 2020). This orientation towards a technologically-friendly work environment has also made the company more sustainable in comparison to its opponents. Tools such as dashboards, self-service BIs, SAP, etc. have helped them gain quick analytical solutions to problems and engage in predictive analytics.
Task 3 - Design a simple business intelligence tool/application with user friendly and functional interfaces that can perform a specific task to support problem solving or decision making at an advanced level the selected organization. Provide a critical review of the design in terms of how it meets a specific user or business requirement and identify what customisation has been integrated into the design.
Answer -
Design of Business Intelligence Tool supporting Decision-Making at an Advanced Level
According to Sun et al (2018), business intelligence was first defined as the ability to apprehend the inter-relationships between available facts, in such a way that guided action could be taken towards a desired outcome. Business intelligence comprises of several processes and technologies, such as data mining, online analytical processing, etc. which play a crucial role in knowledge sharing, information dissemination and decision-making within an organization. The primary functions of such tools are to help companies gather, store and access data which helps in corporate decision-making (InetSoft, 2020). With time and more technological advancements, business intelligence tools have come to include knowledge management system and executive information systems.
In order to design a business intelligence tool for the company that supports decision-making at an advanced level, it is necessary to first consolidate information on various key issues, like which are the more profitable sectors of the companies, what are the customer demands and requirements, are there temporal or seasonal variation to the business of the firm, etc. (InetSoft, 2020). Having identified these trends, the company is expected to avail services of software like Analytic Workspace Manager and Discoverer Plus OLAP, which will satisfy the managerial and IT departments. More importantly, as John Keells deals in several key sectors of the economy, it is necessary that the business intelligence tool includes a dashboard where all the departments can feed and update their respective data, estimated targets and current progress (InetSoft, 2020). This dashboard would be analyzed and maintained on a weekly basis by a team of application developers who would ensure smooth functioning of the system's interface and also keep a check on the progress of the organization as a whole (InetSoft, 2020). This business intelligence tool will not only keep the system updated but also account for any changes made to it by the responsible individual/ authority.
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Critical Review of the Design
The business intelligence tool so designed will aid in smoother knowledge-sharing, information dissemination, both within the organization and between the company and its customers. It will make data collection and storing easier and more user-friendly (InetSoft, 2020). Access to data would also be significantly improved. However, the only immediate drawback that can be ascertained (as of now) is the additional cost it will incur upon the company's exchequer, as designing a business intelligence tool and recruiting a team of software developers are a costly affair.
Task 4 - Discuss the importance and the impact of business intelligence tools and technologies that can be used by the organization for effective decision making. Describe the legal/ regulatory issues involved in the secure exploitation of business intelligence tools in an organization. What are the legal issues you can identify in the system designed by you. Identify new Business Intelligence trends and technologies that can be further enhance the operational activities in the selected organisational context. Evaluate how organisations could use business intelligence to extend their target audience and make them more competitive within the market, taking security legislation into consideration.
Answer -
Importance and Impact of Business Intelligence tool and technologies
Business intelligence tools and techniques are extremely important for companies dealing in multiple sectors, much like John Keells Holdings. The technical features of this system allow for knowledge sharing across multiple units within the same organization (Wieder and Ossimitz, 2015). In this way it helps in designing a collaborative, cross-functional decision-making process which provides solutions for several possible decision alternatives. These tools not only help in integrating information but also make them available across different departments, which saves time and office resource. Wieder and Ossimitz (2015) also opine that in the long run, business intelligence tools and techniques help establish a collaborative, inclusive work environment where every employee is encouraged to contribute in knowledge building and company's economic progress.
Legal Issues in utilizing the business intelligence tools
Having seen the benefits of using business intelligence tools and techniques within corporations, it is also imperative that the rules and regulations laid down by regulatory bodies are borne in mind while designing, implementing, and using such tools. Shollo and Galliers (2016) argue that security and legal issues are the biggest hurdles to business intelligence tools. Companies should ensure that they have the licensed right to use that software which are not freely available. They also must purchase the patent and trade rights of any business intelligence tool that is developed so that any theft can be checked.
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Identification of new Business Intelligence trends and technologies for enhancing operational activities
In the past 2-3 years a lot of growth has taken place in the sector of business intelligence. New tools and techniques have been developed that enhance operational activities of both large and medium-sized corporations. For instance, cloud storage system became available in 2018 (Tripathi and Bagga, 2020). Another trend established is of data visualization and self-service options into business intelligence tools. Moreover, Advanced Analytics became extremely popular in 2018 across organizations. It further formed the foundation for future developments like that of Embedded Analytics, Machine Learning and Novel Analytics (Tripathi and Bagga, 2020). Further, the year 2019 saw special focus on End-to-End approaches to analytics, which included development of more social collaboration platforms.
Utilization of business intelligence for extending target audience and making them more competitive within the market
A key feature of business intelligence system is to provide companies with customer insight. These tools help in analyzing important aspects of the involved physical assets, including customer traffic and even sales (Srivastava, 2020). This can help firms to make more targeted market decisions. In addition, when paired with digital asset inferences like e-commerce actions these tools provide insight into, and thereby help boost, customer visibility. Business intelligence tools can also help analyze the buying behavior of customers (Srivastava, 2020). This goes a long way in deciding on a market pitch and avoiding market mistakes and ill-informed decision-making.
Conclusion
This report addresses the significance of contribution of business intelligence tools and techniques in aiding decision-making within large corporations. The study based on Sri Lanka's leading conglomerate, John Keells Holdings PLC, has reveals that the business intelligence system holds tremendous merit not only for enhancing collaboration within organization but increasing market value of the company as well. Along with helping in productive information distribution and knowledge-sharing, this system also helps in achieving better analysis of customer behavior and preferences.
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