6.3.2 The purpose of business information tools and their use in business

Question 1

Explain:

The aim of business information tools

Answer 1

Provide data for, and support the making of, informed decision making - gather, organise, process and analyse data to show trends and patterns

Question 2

Fill The Blank:

Business …………….. software (BIS) is to gather, ……………….., process and …………. data to provide business intelligence and usually gathers data from a data …………………..

Answer 2

Intelligence, Analyse, Report, Warehouse

Question 3

Fill The Blank:

Business intelligence software can provide processed data which will enable ……….. and …………….. to be highlighted

Answer 3

Trends, Patterns

Question 4

Explain:

Purpose of financial planning and analysis software

Answer 4

Support activities including planning and setting budgets, and budget forecasting and modelling

Question 5

State:

1 advantage of using financial planning and analysis software

Answer 5

Models can be created and shared between employees and different numbers can be locked so they cannot be changed, this would most probably be related to fixed costs

Question 6

State:

1 disadvantage of using financial planning and analysis software

Answer 6

While planning and analysing the financial aspect of a business if beneficial, it can be difficult to predict the impact of world events on business costs

Question 7

Fill The Blank:

Using financial planning and analysis software means businesses can create and forecast the …………… aspects to make …………….. decisions

Answer 7

Financial, Informed

Question 8

Explain:

The purpose of Customer Relationship Management software (CRM)

Answer 8

Make cusotmer management less time consuming and easier for those employees who are customer facing

Question 9

Fill The Blank:

A CRM software package helps track, ……………….. and ……………. customer interactions

Answer 9

Manage, Record

Question 10

Fill The Blank:

CRM software can be used by an organisation to ………… the gathered customer data from a range of ……………

Answer 10

Analyse, Sources

Question 11

State:

2 uses of CRM systems

Answer 11

• Data mining
• Identification of trends and patterns

Question 12

Fill The Blank:

Results of analysis can be presented in a …………. way using ………….. and charts to make tactical and ………………. decisions

Answer 12

Visual, Graphs, Strategic