Description
The Role of Business Intelligence and Data Analytics in Shaping Corporate Strategy: A Mixed-Methods Study
Abstract
The role of data analytics and business intelligence is significant in shaping corporate strategy in the current changing world. The organizations have prioritized adapting business intelligence tools for complementing the growing demand and competition in the market. Moreover business intelligence helps in making informed decisions and insights that contribute to business growth. Data analytics is also the primary choice which allows companies and experts to analyze, predict, and interpret insights easily. However business intelligence and data analytics combined contribute a major part in shaping the corporate strategy based on the trends. The study explores the evolution and impact of data analytics and Bi in reshaping corporate strategy using mixed methods approach.
Business intelligence aids in extracting the insights regarding the customers’ preferences, competition, and market trends from a raw dataset. On the other hand, data analytics help in making effective decisions for their business based on the acquired insights. The growing demand for data driven insights among the companies has contributed to the rise of BI tools. The impact of data analytics and BI in shaping corporate strategy is covered in this study using mixed methodology. Quantitative research examines the standards and potential of the organization after including data analysis and Bi in decision-making. Qualitative analysis understands perceptions and interest of industry experts and professionals by conducting interviews and webinars.
The data analytics contain diverse techniques and tools for identifying business trends such as ML, predictive analytics, and data mining.BI tools offer features such as agility, automation, and security which significantly impacts improvement in corporate strategy. Moreover it enhances the collaboration, communication, and decision-making of the organization which improves the efficiency of corporate strategy. Comprehensive data related to the role of data analytics and BI in shaping corporate strategy is provided in this study. The research has stated that the evolution of data analytics and BI has helped companies in enhancing their business standards. Finally the mixed method approach has helped in understanding the impact of data analytics and business intelligence in corporate strategy.
Read more about the topic
Role of Data Analytics in Business Intelligence
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