Unit 47-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-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
Business intelligence tools and technologies can help an organization make better decisions. These decisions are either strategic or tactical. For example, some business intelligence systems might help the organization decide what new products to introduce on the market or what pricing scheme is best. Before using any business intelligence system, an organization should be aware of legal and regulatory requirements that might apply so that they do not break any laws.
For example, many organizations are required to give refunds if a project is canceled.
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Understanding the context in which these tools could be used affects its risks and how it is implemented, including time, financing and people
Understanding the context in which these tools are used will help you understand their risks. For example, if a large company has security features for their own employees or contractors, then it doesn’t matter. But many small businesses may not have that infrastructure.
Cyberattacks will affect different parts of the production process differently. For example, if a particular tool is in the software part of the production, then you would have to pay for that software every year. If it is in the circuit prototyping part of the production, then design alterations would be cheap and easy to do without long-term commitments.
Enhanced or improved operations
Enhancing operations is a way to keep customers happy. You can improve the things that they like the most, and make them feel good.
This strategy is for making changes to your organization without costly investments. It is not only about the organization chart but finding ways of doing work that will make it better. When people use this, they are trying to change their organization and create new ideas while minimizing disruption and risks. This means that people are encouraged to come up with new ideas on how they can fix problems, as well as how they would run the business differently if things were optimized. Or you could iterate them at a pace your business can handle.
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