Chapter 1. Business Intelligence overview 3
To survive and thrive in such an environment, organizations must adapt and
innovate — business as usual could be a recipe for disaster. More so than ever
before, the following issues are critical. It is now mandatory for a business to:
? Acquire and retain loyal and profitable customers. Businesses must become
more responsive to its customers needs.
? Reduce costs by streamlining and transforming business processes,
improving the productivity and efficiency of its employees and business
partners and customers (self service and cutting out the intermediary — or
disintermediation, as it is now called — is an important element here). While
reducing costs is a perennial favorite that is generally characterized by stop
and starts, this now takes on a new urgency.
? Become competitive with very short product conception to implementation to
return on investment (ROI) cycles.
? Pursue every possible channel such as the Internet, and exploit emerging
opportunities to ensure success and avoid failure.
Businesses recognize the urgency to transform various business processes for
competitive advantage.
Note: With government bodies, the emphasis is more on keeping its
constituents happy — since acquisition and attrition are not relevant in
most cases.