Modern day business environment has become increasingly dynamic as different factors including globalization and technological advance causes wide changes in the contemporary markets. Considerably, competition among companies in different industry has increased thereby requiring business managers to be updated on the current trends in the business environment. Having current data has been equated to business intelligence an aspect that scholars consider imperative for managers today. Actually, the business intelligence (BI) as referenced on updated information helps managers to improve company financial value, productivity value, trust value, as well as evaluate the business risk value (Loshin, 2012, p. 17). Based on this assertion, information on the current business environment helps managers to map specific business objectives.
On another note, being updated allows managers to manage business operations seamlessly. The need for business information has expanded exponentially as customer expectations continue to evolve. Studying the current business information would thus provide managers with the requisite business intelligence to support their decision-making process (Yermish, Miori, Yi, Malhotra, s7 Klimberg, 2012, p.16). In a broad sense, information on current trends will ensure managers forecast and plan issues within their organizations appropriately.
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Finally, it is imperative to note that globalization continues to transform business expectations including the need to venture into new markets. Based on this perspective understanding current business environment would give managers crucial information on market configuration including threats and potential opportunities that they could pursue (Keillor, 2013, p.73-74). In light of this note, updated information is imperative because it would assist the managers in making informed decisions on risk mitigation as well as expansion of their businesses to new markets.
References
Keillor, B. D. (2013). Understanding the global market: Navigating the international business environment. Santa Barbara, CA: ABC-CLIO. [Online] Retrieved from https://books.google.co.ke/books?id=t7ovGWtiFeMC&pg=PA73&dq=understanding+business+environment&hl=en&sa=X&ved=0ahUKEwilxZyCqvrfAhVBA2MBHTBoD1gQ6AEIPTAF#v=onepage&q=understanding%20business%20environment&f=false.
Loshin, D. (2012). Business intelligence: The savvy manager’s guide. Oxford: Newnes. [Online] Retrieved from https://books.google.co.ke/books?id=WLv2Vj2QmL4C&printsec=frontcover&dq=role+of+intelligence+in+business+management&hl=en&sa=X&ved=0ahUKEwim7NesofrfAhVz8eAKHawnDfIQ6AEIWDAJ#v=onepage&q=role%20of%20intelligence%20in%20business%20management&f=false.
Yermish, I., Miori, V., Yi, J., Malhotra, R., & Klimberg, R. (2012) “Business plus intelligence plus technology equals business intelligence.” Herschel, R. T. (Ed.). Organizational applications of business intelligence management: Emerging trends: emerging trends . Hershey, PA: IG Global. 13-28. [Online] Retrieved from https://books.google.co.ke/books?id=FdNJhlMUxFEC&printsec=frontcover&dq=role+of+intelligence+in+business+management&hl=en&sa=X&ved=0ahUKEwim7NesofrfAhVz8eAKHawnDfIQ6AEINTAC#v=onepage&q=role%20of%20intelligence%20in%20business%20management&f=false.
