Second to its people, a company’s most valuable asset is information. Information is a critical resource for any organization. In this rapidly changing global market, consumers are now demanding quicker, more efficient service from businesses. To stay competitive, companies must meet or exceed the expectations of consumers. Moreover, the world has witnessed an information explosion. Data is being generated at a very high pace, and more and more of this Data is unstructured, which makes its analysis challenging to say the least. Nowadays Data is seen as a new class of economic assets, just like currency or gold.
So to stay competitive and to improve its own performance, a company must make decisions, oen promptly, based on timely and accurate information. To this end, many leading innovative companies are adopting and relying on Business Intelligence systems to stay ahead of trends and future events. Also, Business Intelligence (BI) expedites decision making. is, in turn, helps companies to act quickly and correctly on information before competing businesses do. e result of all this is a competitively superior performance for the company, which allows for an appropriate and timely response to customer problems and primary concerns.
The ultimate achievement is improved customer experience. BI refers to technologies, applications and approaches practices for the collection, integration, analysis, and presentation of business information (Hedgebeth, 2007). BI helps managers gain insights into their own business as well as into the market in general, and it provides them with valuable facts and information that improves the quality of their decisions. (Chaudhuri, Dayal & Narasayya, 2011)
Analytics, on the other hand, is defined as the scientific process of transforming data into insight for making better decisions. A sound BI system provides the decision-maker with valuable information, at the appropriate time and in the right format. e ability to mine and analyze big data gives organizations deeper and richer insights into business patterns and trends, helping drive operational efficiencies and competitive advantage in manufacturing, security, marketing, and IT (Ghasemghaei, 2019). Sun and Wang (2017) state that big data have become a strategic resource for industry, business, and national security. Moreover, Sun and Wang (2017) affirm that data nowadays have also become a strategic enabler of exploring business insights and the economics of services.
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