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Business intelligence in economic analysis of price elasticity of demand

Mitrovic S. University of Novi Sad, Novi Sad, Republic of Serbia ( )

Journal: Economic Analysis: Theory and Practice, #9, 2019

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.

Business intelligence in the economic analysis of companies: Foreign experience in Russian conditions

Mitrovic S. University of Novi Sad, Novi Sad, Republic of Serbia ( )

Journal: Economic Analysis: Theory and Practice, #4, 2019

Subject The article analyzes the possibilities for applying the best practices related to business intelligence systems as information support to economic analysis of companies.
Objectives The study focuses on defining possibilities for adaptation of foreign experience in using business intelligence solutions in the economic analysis of company operations to optimize the given sphere in Russian conditions. The purpose is to draw up a program for information quality enhancement and company-wide business intelligence system development.
Methods The study rests on the tenets of the theory of information and business analysis, and on innovative research on the issue of applying business intelligence in the analysis of company activities.
Results The paper formulates a definition of business intelligence as applied to the economic analysis, underpins opportunities of Russian organizations for developing a methodology for control over information and data to ensure transparency. I provide a practical solution for the development of economic analysis of company business activities in the form of computer program. Its aim is to forecast and perform a scenario analysis of financial performance of organizations.
Conclusions The Russian market of business intelligence keeps pace with the global market as to accessibility of advanced technologies. However, there are some challenges in relation to introduction and application of business intelligence for the purposes of economic analysis. There is a need for further elaboration of methodology for business intelligence systems implementation as a comprehensive tool to manage various processes of modern business.

1Information support of economic analysis in Russia: Lines of and prospects for development

Mitrovic S. Tarkett Eastern Europe (Moscow Office), Moscow, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #9, 2016

Importance The article analyzes certain problems associated with the development of business intelligence (BI) systems and describes the possibility of BI application in strategic management and economic analysis. BI is defined as a group of assets, the main purpose of which is to study and analyze large amounts of data to identify general trends in economic processes, to provide an understanding of the situation and position of the company for further effective decision-making.
Objectives The purpose of this study is to identify the core functionality of BI tools for supporting the economic analysis and strategic management.
Methods The information and BI theory foundations, advanced research, methodological and practical studies by domestic and foreign academic specialists and experts on BI technology development make a theoretical and methodological framework of the research.
Results The findings show that the intelligence enhancement, speed and accuracy increase of reporting, decision-making process effectiveness improvement, and the customer satisfaction increase are the benefits of business intelligence systems, compared to other software products used as information support in economic analysis.
Conclusions The Russian BI market is not lagging behind the world market in terms of advanced technologies availability. However, their development has just started. The implementation of BI systems requires combined efforts of researchers and practitioners in the fields of Information Technology, Management, Accounting, Financial Analysis, and other related economic disciplines, and such efforts should be aimed at achieving high efficiency management at the Knowledge Societies level.

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