Business analytics - the foundation for innovative transformations in the management component of business

Hostryk Olexey
D. in Economics, Associate Professor, Department of Economic Cybernetics and Information Technologies, Odesa National Economic University, Odesa, E-mail: AlexeyGostrik@gmail.com, ORCID ID: https://orcid.org/0000-0001-6143-6797

Hanevych Margo
4rd year student of the Faculty of Economics and Business Management, Odesa National Economic University, Odesa, E-mail: famma1603@gmail.com, ORCID ID: https://orcid.org/0009-0003-2229-8549

Cite this article:

Hostryk O., Hanevych M. (2023) Business analytics - the foundation for innovative transformations in the management component of business. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Biznes-analityka - osnova dlia innovatsiinykh peretvoren upravlinskoi skladovoi biznesu; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 10 (311), pp. 72-79.

Abstract

Today's dynamic environment requires businesses to be flexible, responsive, and able to adapt to change rapidly. Business intelligence plays a central role in the management system, allowing to optimize management decisions, increase the efficiency of operations and enhance competitiveness. The purpose of the article is to assess the main trends in the development of business intelligence in the context of developing a plan for implementing changes in this area. The article examines the key aspects of the business intelligence system, identifies its key areas and tools, and outlines promising areas for its development. The main attention is focused on the impact of business intelligence on the management decision-making processes in a company in today's volatile environment. The role of advanced technologies such as artificial intelligence, machine learning and big data in solving complex business problems is emphasized. The issues of data quality assessment are considered, the low level of which can lead to significant financial losses. The challenges associated with exogenous and endogenous changes that require special attention in terms of business intelligence are analyzed, and the opportunities that open up for managers through the integration of business intelligence with strategic planning and operational activities of companies are identified. Recommendations are provided on the implementation plan for changes in the company's business intelligence, taking into account the key limitations in the organization's resources.

Keywords

data analysis, Big Data, Business Intelligence, key performance indicators (KPIs), artificial intelligence.

JEL classification: M110, M290; DOI: 10.32680/2409-9260-2023-10-311-72-79

UD classification: 303.7:005.3

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