SCM Lowdown

Business Intelligence And Data Mining, The Latest Trend For Business Forecasting

In a latest trend as observed by the US market, the SMBs (Small and Medium Businesses) are looking at and have started adopting BI (Business Intelligence) method and software tools in planning the business strategy for enhancing performance of the areas like sales and business forecasting thus for increasing revenue and profits. The use of Business intelligence thus has helped them to better understand the positive driving forces for their businesses.

In United States there are nearly 6.3 million SMBs of which 98% are SB (Small Businesses, with staff up to 99 members). This projection came into the focus after a recent survey done by New York- based Access Markets International (AMI) Partners, Inc on United States SB & MB IT assessment. Companies, in order to reach at some decisive node go through extensive data mining process.

The survey report also projected that about 9% SB companies that are pc intensive using Business Intelligence in form of packaged software in comparison to the 37% of Middle business companies.

“PC-enabled SBs in the US are interested in running BI on their consumer data to drive and monitor performance against the competition,” says Nichelle McKenzie, New York-based Research Analyst at AMI-Partners. Further on according to this report about nearly 16% of SBs and 22% of MBs in the America uses Business Intelligence or data mining for generating revenue. The most of the BI is used by SB companies as in ERP/CRM module.

The other factor that lets a company to use BI is the consideration that existing software may not be able to work adequately. BI and data mining software help in statistical forecasting, predictive modeling and problem solving methods to provide strategic information about business positioning.

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