Subject The article investigates possibilities of applying business intelligence systems as a tool in the economic analysis of price elasticity of demand. Objectives The purpose of the study is to identify opportunities for further development of economic analysis through the use of modern information systems of business intelligence; to develop, implement and test a practical solution on the basis of business intelligence for a specific economic problem when formulating pricing policies and examining the price elasticity of demand. Methods The study employs the theory of economic analysis, practical experience of Russian and foreign scholars in the sphere of introducing business intelligence systems in the economic analysis of organizations under current conditions the world. Results The paper introduces the concept of business intelligence in the context of economic analysis into scientific parlance. I developed and implemented a practical solution to analyze a specific economic problem, i.e. a program for calculating the price elasticity of demand and marginal revenue in the economic analysis of organizations, presented key output forms of the offered program, demonstrated the potential and advantages of business intelligence in developing fundamentally new approaches to company profitability and pricing policy management. Conclusions Business intelligence systems provide organizations with a better possibility to transform data into information, and then the information into applied knowledge that enables to make management decisions.
Keywords: economic analysis, information technology, business intelligence, business analytics, price elasticity of demand
References:
Kogdenko V.G., Mel'nik M.V. [Modern trends in business analysis: Studying the company's ecosystem, reviewing the business model's information content, evaluating growth opportunities]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2017, vol. 16, iss. 10, pp. 1878–1897. (In Russ.) URL: Link
Luhn H.P. A Business Intelligence System. IBM Journal of Research and Development, 1958, vol. 2, iss. 4, pp. 314–319. URL: Link
Côrte-Real N., Ruivo P., Oliveira T. The Diffusion Stages of Business Intelligence & Analytics (BI&A): A Systematic Mapping Study. Procedia Technology, 2014, vol. 16, pp. 172–179. URL: Link
Larson D., Chang V. A Review and Future Direction of Agile, Business Intelligence, Analytics and Data Science. International Journal of Information Management, 2016, vol. 36, iss. 5, pp. 700–710. URL: Link
Wang J., Wang S. Business Intelligence in Economic Forecasting: Technologies and Techniques. Hershey, PA, IGI Global, 2017, 406 p. URL: Link
Mitrovic S. [Information support of economic analysis in Russia: Lines of and prospects for development]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2016, no. 9, pp. 100–112. URL: Link (In Russ.)
Wieder B., Ossimitz M.-L. The Impact of Business Intelligence on the Quality of Decision Making – A Mediation Model. Procedia Computer Science, 2015, vol. 64, pp. 1163–1171. URL: Link
Rikhardsson P., Yigitbasioglu O. Business Intelligence & Analytics in Management Accounting Research: Status and Future Focus. International Journal of Accounting Information Systems, 2018, vol. 29, pp. 37–58. URL: Link
Butenko E.D. [Artificial intelligence in banks today: Experience and perspectives]. Finansy i kredit = Finance and Credit, 2018, vol. 24, iss. 1, pp. 143–153. (In Russ.) URL: Link
Ananyin V.I., Zimin K.V. at al. Digital Organization: Transformation into the New Reality. Business Informatics, 2018, no. 2, pp. 45–54. URL: Link
Franks B. Revolyutsiya v analitike: Kak v epokhu Big Data uluchshit' vash biznes s pomoshch'yu operatsionnoi analitiki [The Analytics Revolution: How to Improve Your Business by Making Analytics Operational in the Big Data Era]. Moscow, Al'pina Pablisher Publ., 2018, 308 p.
Avdeeva I.L. [New development forms of information systems for business support during globalization]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2017, vol. 13, iss. 4, pp. 760–772. (In Russ.) URL: Link
Vasin N.S. [Managing the enterprise sustainability in the digital economy]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2018, vol. 17, iss. 6, pp. 1100–1113. (In Russ.) URL: Link
Khrustalev E.Yu., Mart'yanova O.V. [Developing the methodology for analyzing the efficiency of foreign trade as part of economic security management]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2019, vol. 15, iss. 7, pp. 1280–1297. (In Russ.) URL: Link
Suyts V.P., Khorin A.N., Potanina Yu.M. Change from economic analysis to operational analytics and corporate analysis in innovative entrepreneurship. Academy of Entrepreneurship Journal, 2019, vol. 25, no. 1S, pp. 1–5. URL: Link
Bhimani A., Willcocks L. Digitisation, 'Big Data' and the Transformation of Accounting Information. Accounting and Business Research, 2014, vol. 44, iss. 4, pp. 469–490. URL: Link
