The modern business enterprise thrives on evidence-based decision-making, and evidence comes from data. Big data is the fuel for business intelligence, which is technology-driven process for analyzing data and presenting actionable information. Both BI and BDA are needed for use of Strategic Performance Management Framework (e.g. for performance standards, performance measures, quality measurement etc.), for an efficient decision-making by executives, managers and other corporate end users.

Dear Deepak Verma - this is an interesting question!

Big data analytics and business intelligence can benefit any businesses organizations and can play an essential role in improving the performance management system. They can help to improve overall performance from changes through continuously monitoring and quickly improving progress. If effectively used BDA & BA can help decision making, strategic direction, and judgment.

Yes, each financial Institution has such math.divisions creating the models for planning and forecasting the Business performance. My friend graduated from MIT and was hired by Citi-Bank Japanese Branches (was liquidated by now). Many times he told me all the same: their attempts to forecast the ratio Japanese Yen-to US Dollar almost in 80% of cases failed - both for short and long-term predictions.

Thanks for your valuable contribution Mohammed Kemal Sajda Taha Mahmood Leonid V Vladimirov

The modern business enterprise thrives on evidence-based decision-making, and evidence comes from data. Big data is the fuel for business intelligence, which is technology-driven process for analyzing data and presenting actionable information. Both BI and BDA are needed for use of Strategic Performance Management Framework (e.g. for performance standards, performance measures, quality measurement etc.), for an efficient decision-making by executives, managers and other corporate end users.

Dear Mr Shah - I really appreciate your contribution to this discussion. This is really a valuable reply.

I am agree with Dr @GulzarShah!

I agree with Sajda Taha Mahmood

Dear Deepak Verma:

Congratulations and thank you so much for asking this most valuable question with all of us! In that regard, Business Intelligence (BI) and Big Data (Business) Analytics (BDA) may contribute towards designing Strategic Performance Management Framework with the idea, which focuses on the deep and height increase in the tools, methods, and processes that lead to provide facilities for mechanical organization, which are called business intelligent. In this way, I believe that it might provide us with very good tools that entrepreneurs may utilize for business model enhancement as well as for nature principles, rhythms, or cycles. However, we must combine both Business Intelligence that collects data from the past and Business Analytics that allows us to build a clearer vision of the future. In any case, both tools can be complemented to develop a detailed analysis of the business and future of a company in order to make better decisions.

Warm regards,

Javier

Dear Javier - thanks for such a wonderful insights.

Is vary importan question

The purpose of BI and BDA is inferring some insights (quantitative and qualitative) from an empirical collection of various data obtained usually without preliminary planning (just because the data are available). However, the current prevalent approach to BI and BDA does not offer a causal explanation of any relationships between the variables (factors, features) but it explores merely some empirical patterns, associations / correlation of the past data and attempts making a formal projection of these data to forecast some future events or trends.

There are two distinct areas of using the data potential. One is

focused on Technology for storing, processing and managing large amounts of data of various nature- this is the current trend. This trend leads to fitting a company’s arsenal with data-savvy tools. Value is too often framed as something that increases solely by the collection of more data. This means investments in data-focused activities center around the tools. This leaves an organization with a big set of tools, and a little amount of knowledge on how to convert data into something useful.

Another area is Methodology for making business decisions using modeling and simulation based on data specifically collected to address some business specific problems. This is called Business Analytics (Big data or little data..). It is getting some momentum but still beyond the radar for too many companies.

The main Business Analytics focus steps are:

(i) Defining a business problem, (ii) identifying an analytic method (algorithm) or simulation approach, (iii) collecting data required to feed the algorithm, (iv) turning solution into the actionable managerial decisions.

To summarize:

•Data should NOT be a starting point in business analytics or developing Strategic Performance Management Framework.

Evidence does not come from data per se. Understanding of strategic business problems should be the starting point.

• More past data do not always result in more accurate forecasting of the future business trends

• Analytics is NOT a side effect of collecting, keeping and presenting / querying data in general.

• Data have business value only in a specific business context.

•Currently there is a trend to focusing on data itself instead of focusing on business context and methodology.

Dear Mr. Kolker - thanks for your valubale insights. Very useful reply for me...

Deepak Verma

You might wish to take a look at the (attached) presentation ' DATA ANALYTICS FOR SOLVING BUSINESS PROBLEMS: SHIFTING FOCUS FROM THE TECHNOLOGY DEPLOYMENT TO THE ANALYTICS METHODOLOGY "

Interesting question Following

Business Intelligence (BI) and Big Data (Business) Analytics (BDA) are used in various types of economic and financial analyzes of enterprises and institutions. The results of these analyzes support business entity management processes, including strategic management, strategic management, investment, development, production, logistics, performance, etc. Besides, Business Intelligence (BI) and Big Data (Business) Analytics (BDA) in addition to applications in analytical processes they enable efficient multifaceted reporting according to set criteria and on the basis of conducted analyzes. The reporting results can be prepared according to a specific selected formula, selected from among the available pre-defined analysis formulas and ready-made report form templates, available from Business Intelligence platforms. Reports can be implemented in real time, if they are developed on the basis of analyzes carried out, which are prepared on an ongoing basis, online, of updated data, collected in Big Data database systems. I described these issues in my publications.

Dear Alexander Kolker - Wonderful and Highly useful presentation. I really appreciate your efforts to make this and sharing this knowledge. Thanks once again......

Dear Dariusz Prokopowicz - Highly appreciable insights. Can you please share your relevant research/publication.

I guess, BDA /BI form the crux of customer -driven markets !! At the end of the day they are all numbers that are manipulated and projected for growth and momentum ...

Thanks everyone for your participation and to make this discussion interesting

Hello Deepak Verma

I will answer only about business intelligence.

I think with Business Intelligence (BI) tools, Manager can transform his complex data into more meaningful, business-ready information, and reduce his decision-making processes by performing the desired analysis. Business intelligence software (BI) is comprised of a range of data analytics tools designed to analyze and manage data related to his business operations.

the manager By presenting his data in an easy to understand format, BI dashboards helps him to have a better understanding of his business’ strengths and weaknesses while providing actionable insights into KPI s and other important metrics. Business intelligence may help a company identify its most profitable customers, trouble spots within its organization, or its return on investment for certain products. A business intelligence system can be a valuable asset to a company’s sales force because it provides access to up-to-the-minute reports that identify sales trends, product improvements or additions, current customer preferences and unexplored markets. Detailed and current data is also a valuable backup to negotiations with suppliers or other vendors.This makes it a critical tool to ensure competitiveness and profitability, On this basis it is considered a tool to contribute towards designing Strategic Performance Management Framework.

I think the links below are useful for you which related to business intelligence.

I wish you success.

Article Performance Management with Business Intelligence

https://www.researchgate.net/publication/228315537_Performance_Management_with_Business_Intelligence

Conference Paper An Integrated Framework of Business Intelligence and Analyti...

https://pdfs.semanticscholar.org/9ae7/c58cb4b8b36843368987c2bb757c8587fc2b.pdf

https://pdfs.semanticscholar.org/63ca/049e34978978bc2c355fc74925d2d29e3ad0.pdf

Basic BI tools can help greatly in analsis of data, but it is very dependent on your knowledge and skills to use the BI tools to meet your needs, but most importanly, it is also dependent of the quality of the volumes of data, and also what & how you use them to manage your performance based on the analytics for improvements purposes and informed decision making, which is dependent on the human factor

If you cant measure you cant manage,therefore designing Strategic Performance Management Framework require measuring current performance then set performance targeted improvement goals (measures) strategies,and activities. Business Intelligence (BI) and Big Data (Business) Analytics (BDA) are crucial to know the key performance indicators for performance measurement and management and the hidden relationship between factors that affect performance and not lost at big amount of data .This will help design right activities that address root causes of problems which cause best improvement at minimum efforts , So BI and BDA will help define 20 % of causes that cause 80 % of problems and eliminating this causes will help get great improvement at performance ,20/80 Pareto rule.

See How Do You Talk to Big Data? (http://jmsdrgn.squarespace.com/storage/How%20Do%20You%20Talk%20to%20Big%20Data.pdf) for a prospective.

Jim

Today, data access and sharing, for instance, are needed to enhance public service delivery and to identify emerging governmental and societal needs. In science, data access and sharing provide a range of benefits for researchers by enabling open science. With the increasing use of business intelligence (BI). in this kind of condition, governance, organizations and companies can survive, that consider the changes and prepare themselves for them.

so if you ask how do Business Intelligence (BI) and Big Data (Business) Analytics (BDA) contribute towards designing Strategic Performance Management Framework?

The answer can be this; with a qualitative data model. Data is the smallest component of the Strategic Performance Management Framework and other entities in the field of management. This qualitative data model provides the context and conditions for the birth, growth and maturation of data in a managed environment. . I call this quality model "critical knowledge"

Critical knowledge can transform objects from process-based and task-oriented topics to data-driven. Big Data has changed the way we manage, analyze, and leverage data across industries

Deepak, thanks for initiating this discussion. Topic is very close to my heart. BI tools will process data (Interla & external data) on realtime and will feed in to dashboards. Dashboards created for various strategies (Business / Functional) will get realtime progress on Organsiational Strategies and thus will enable Performance Management based on factual instead of data massage.

I've a great deal of respect for Behrooz Fathi after having several conversations with him in ResearchGate.

Having said that, the term "qualitative" causes me to pause. To understand the value of the qualitative assessment suggests that one needs to know a great deal about the assessor. It's not clear to me how we capture that information.

Jim

of course I am Honored to conversation you.

as for the pause you mentioned, , I can introduce a book named "Knowledge Management, Organizational Memory, and Transfer Behavior: Global Approaches and Advancements" Murray E Jennex San Diego State University, USA . I attached this book and I hoped will be useful for describe my point of view.

. I study on this subject for produce a solution named " critical knowledge solution". the target my study be focus on quality of life , organization agility and supply chain .

Behrooz