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Decision Making Process In The Business Intelligence 3.0 Context

Author

Listed:
  • Goran Pranjic

    (Embassy of Bosnia and Herzegovina in Budapest)

Abstract

Business Intelligence (BI) is the critical tool for making quality and fact-based decision. It helps decision-makers to make the timely and right decision. Using BI solutions, the decision-makers can improve decisions quality and ultimately they can be more efficient in fulfilling its business objective, contributing to the organization's competitive advantage. BI solutions and tools are not sufficient enough to make competitive advantage alone. Highly qualified personnel need to engage to extract the full potential of BI solutions and to be the bridge that connects domain and expert analytical knowledge. In this aspect, if managing of organization ambidexterity improves, decision quality improves as well. Final BI products and insight will be useful only if decision-makers use them at every level of decision making. The organization should take motivational steps to assure that managers read, prepare and exchange BI products. Decision-making standard of "HiPPOs" (the Highest Paid Person in Organization makes the decision) should be a relic of the past, and new decision-making process should be data and intelligence driven. The paper consists of three parts. Part 1- gives the overview of theoretical consideration of the decision-making process and manager's roles. In Part 2- BI system, with all its elements, is portrayed as the indispensable tool for the quality decision-making process. Part 3- presents the conclusion.

Suggested Citation

  • Goran Pranjic, 2018. "Decision Making Process In The Business Intelligence 3.0 Context," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 27(2), pages 603-619, december.
  • Handle: RePEc:avo:emipdu:v:27:y:2018:i:2:p:603-619
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    File URL: https://hrcak.srce.hr/clanak/311743
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    References listed on IDEAS

    as
    1. Kowalczyk, Martin & Buxmann, Peter, 2015. "An Ambidextrous Perspective on Business Intelligence and Analytics Support in Decision Processes: Insights from a Multiple Case Study," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75107, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
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    Cited by:

    1. Mahboobeh Golestanizadeh & Hadi Sarvari & Matteo Cristofaro & Daniel W. M. Chan, 2023. "Effect of Applying Business Intelligence on Export Development and Brand Internationalization in Large Industrial Firms," Administrative Sciences, MDPI, vol. 13(2), pages 1-13, January.

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    Keywords

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    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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