Showing posts with the label environmental scan

Using Business Intelligence to Make Business Strategic Decisions

Business Intelligence (BI) improves through the use of analytical data streams that help companies overcome market challenges and create internal growth mechanisms. Because the international business environment is complex and large it needs improved analytical tools to be successful. Small, medium, and large businesses are increasingly relying on BI to help them make strategic decisions. A paper by Khan & Quadri (2014) discusses the growing use of BI in everyday business decisions and how to improve on exiting models.  Proper BI requires the collection of data, analysis of that data, and providing a conclusion on the meaning of that data. BI uses proper analytical methods based in scientific research to achieve its goals. The same principles that apply to any research study would also apply to the business intelligence and strategy formation; in theory anyways.  BI has been defined as, “ The process of collection, treatment, and diffusion of information that has an ob

The Benefits of Environmental Scanning for Business Decision Making

All executives must make decisions from time to time and these are based on the ability to understand the environment in which a company exists. Strategy should naturally follow an environmental scan. Only once a company understands the market, their resources, and their competitors should they formulate a strategy. A proper scan can encourage futures thinking, systems practice, scenario narratives and risk assessment that help companies meet their environmental challenges (Clemens, 2009).  An environmental scan affords organizations an opportunity to examine their internal and external environment to make better decisions. The scan generally requires the investigation of the internal environment, task environment, and the societal/global environment (Vesper, 1996). Using the three frameworks it is possible to put decisions through a larger decision making filter. They are as follows: Internal Environment: The internal abilities of the organization to meet new demands.