Impact of Business Intelligence Tool Integrated with Statistical Development Environment on Forecasting Process of Textile Firm in Retail Business

Abstract

Demand Planning is a key function to business, single-view dashboards play a vital role enabled by business intelligence tools to visualize forecasting trends in businesses. Many software tools enable businesses to create dashboards in order to organize data for executing informed business decisions and actions. This analysis anchors on a textile firm’s sales data that is being utilized by exploring and implementing Microsoft’s Business Intelligence tool (MS Power BI) for performing data processing and forecasting. Use of Microsoft Power BI tool, leveraging its inbuilt functionality of incorporating R programming scripts assisted in adding significant flexibility i.e. Plethora of Visualizations and lightning fast computations. Drastic improvements in terms of simplicity, speed and convenience are demonstrated by shifting the forecasting process on to this platform in Textile Firm Scenario, this paper also discusses the current known limitations and future scope of this integrated service. This analysis falls under the scope of knowledge management.