HARNESSING BUSINESS INTELLIGENCE IN PHARMACEUTICAL INDUSTRY

BI as an umbrella term, commonly used to describe the technologies, applications, and processes for collection of data, storing it and providing access and analysing to help users make better decisions.[1] BI provides the business information and business analysis that lead to decisions and actions that result in improved business performance.[2] In a fast-changing and demanding environment, there is a need of specific reliable and timely information for intelligent decision-making. BI is a system of tools and methods that help in strategic planning and informed decision-making and provides useful and actionable business information, that can lead to enhanced productivity, a stronger competitive position and greater innovation and ultimately improve enterprise growth.[3] BI transforms complex data into actionable information and business insights and with vast amounts of data, most companies are trying to exploit data for competitive advantage.[4] The business managers continuously need business insights , not just information[5] at right time and in right format to take effective and timely decisions and achieve organizational goals efficiently. BI helps in converting data into meaningful information to get a competitive advantage.[6]