Whether you are a professional or a student learning how to make an informed decision, business intelligence (BI) activities come to save you in this business-oriented world. From collecting, organising, and interpreting the available data to improving your data-relevant decisions, BI helps you create impressive strategies for your business.
As per Precedence Research, the market size of business intelligence all over the world has reached $31.34 billion in 2024 and is further expected to grow to $33.62 billion and $63.17 billion in 2025 and 2034, respectively, with 7.26% CAGR from 2024-2034. These continuously growing figures highlight the importance of BI in improving decisions for organisations.
Here, we will discuss 6 business intelligence exercises for students that will help them improve their decision-making abilities and apply them in real-world scenarios.
What Is Business Intelligence Activity?
According to Investopedia, business intelligence can be defined as a cloud-based system helping businesses improve their decision-making skills by making use of this data-driven technology. Many different activities in BI allow business managers and organisation executives to collect the data, critically analyse and then portray the findings.
For example, SWOT analysis, competitor analysis, data analysis, and market research are a few business intelligence activities to help companies grow their business and make informed decisions. By taking part in these activities, people and organisations can spot the trends of the market and how they will affect them in the future.
Moreover, such exercises help them to make data-driven choices to boost productivity and accomplish the targeted objectives within a specific time.
Top 6 Business Intelligence Activities for Students That Improve Decision-Making
Are you eager to learn the strategies of the business world and develop the skills to make informed, effective decisions? Well, this is not as difficult as you think! You can easily learn such skills by making use of business intelligence activities. However, students working on such tasks often need support to complete their relevant assignments effectively. In this situation, most of them prefer to seek online help from a trusted assignment writing service to get the best grades possible.
The following are the top 6 business intelligence exercises for students that they must use to make better decisions.
1. Data Analysis with Real-World Datasets
Data analysis plays a crucial role in learning the activities of business intelligence. You should make your decisions by checking the trends through data analysis, which includes gathering, arranging, and analysing data. It should give you many realistic problem-solving skills in data analysis to achieve business success.
By analysing and resolving complex data, you will be able to develop strong critical thinking and decision-making skills that will ultimately assist you in solving real-world problems.
Following are some tips to practice this activity:
- Always pay deep attention to interesting topics such as business sales, scientific research, or social media practices.
- There are many tools for data analysis, so that you can use simple programs like Google Sheets, Microsoft Excel, or Panda.
- You should get free samples of data from different websites, including Google Dataset, Data.gov, and Kaggle.
2. SWOT Analysis for Case Studies
One of the popular business strategic techniques which are used in business decisions is SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats; as per Investopedia report, you may offer this analysis to different businesses or industries after learning how both inside and outside factors affect their performance.
Through this activity, you will learn how to think strategically and solve problems by assessing the market conditions.
Following are some tips to practice this activity:
- You may choose a company or industry for your research.
- You should recognise your potencies and drawbacks as well as external possibilities and risks.
- You can provide many strategies based on the findings to enhance the efficiency of the company.
3. Market Research and Consumer Behaviour Analysis
These types of activities can develop your knowledge about the market and consumer behaviour. It helps you to achieve success in your business through learning about market trends and customer behaviours.
Market research aids companies in comprehending customer desires and market trends. If you conduct market research, you can enhance your communication and critical thinking skills, which will help you make better decisions in your business.
By doing market research, you may develop your data analysis technique, build customer-focused thinking, and make intelligent-based decisions.
Following are some tips to practice this activity:
- Develop and distribute your surveys to experts to get their opinions.
- You can also use software like Statista, SurveyMonkey, or Google Trends to analyse your data regarding the market trend.
- You need to evaluate customer behaviour and provide methods to fulfil market demand.
4. Business Simulation Games
Nowadays, games play an innovative role in business intelligence activities by copying actual business applications, and they also offer you engaging educational opportunities. You can check your ability to make strategic, operational, financial, and marketing decisions by playing these games.
After practising this activity, you may improve your critical thinking and leadership qualities. It also helps you to build strategic planning, resource management, and adaptable decision-making skills.
Following are some tips to practice this activity:
- You should play games like SimCity, Virtonomics, or Capitalism II to develop your strategic skills.
- Must participate in educational simulation projects.
- You should know about the impact of decisions on the success of business.
5. Financial Analysis and Budget Planning
If you want to be successful in your business, you may have the proper knowledge about financial health, as business success mainly depends on it. You will learn wise financial decisions by practising budgeting and financial analysis.
It may develop your financial analysis technique, and you will also learn budgeting, resource management, and decision-making abilities. In short, if you want to save yourself from failure, you should start practising these activities.
Following are some tips that will help you to practice this activity:
- You should read different reports and company income statements related to finance.
- You can design imaginary budgets for different projects or events.
- You may also use financial software like Excel to examine costs and earnings.
6. Competitor Analysis
This activity is very interesting as it keeps you active in your business. It helps your company to stay forward by knowing your competitors. This exercise improves students’ awareness of competitive thinking and market structure. Through this activity, you can assess market positions and then make strategies that focus on competitive analysis for business success.
Following are some tips to practice this activity:
- Firstly, you may have to choose a competitor of the company
- You should be able to analyse the products, strategies, and pricing of other competitors.
- Always make a strategy based on the real findings of the research.
How Can I Improve My Business Intelligence?
Improving business intelligence is crucial for everyone, especially students looking forward to a bright future. However, it is not a task of a day or two; it demands effective strategic planning to the correct use of technology and its tolls and your attitude towards a continuously improving culture. Thus, by enhancing your BI, you will be able to make wise decisions and improve business outcomes.
According to the LinkedIn report, the following are some key strategies to help you stay focused and improve your business intelligence (BI):
- Clearly state the targets or goals that you want to achieve by directing your BI approach.
- Choose scalable and easily user-friendly BI tools to analyse data effectively.
- By adding BI to your daily activities, you will be able to make good decisions and impactfully work in corporate operations.
- Make training investments to teach your staff data interpretation and BI tool application techniques.
- You should promote ongoing development by routinely evaluating and polishing BI plans depending on performance.
What is the Biggest Indicator of Student Success?
In this data-driven world, if you want to become a successful student, you must use your critical analysis skills to solve various real-world issues. It will teach you the best decision-making abilities, which will help you in both your educational and personal life.
According to Trillium Academy, you can predict the student’s success based on his connection to other people, setting specific goals and working to achieve them, adaptability, and emotional intelligence. Along with that, another study presented by NIH states that students also need good skills in reading, auditory, and solving conflict to achieve success.
So, whether you are looking to perform better in your academics or to achieve success in business, your active participation and good communication skills will help you achieve your goals. Along with that, time management and learning skills become indicators of a student’s success in the long run.
Final Thoughts
Business intelligence offers the best activities for students to help them become professionally successful in the corporate world. These skills enable you to analyse data and drive the best decisions easily. Here, we have covered the top 6 business intelligence activities for students to prepare them for their professional lives and improve their decision-making skills.
Along with learning these exercises, you should also focus on your subject-relevant assignments and complete them timely. In this regard, students often seek help from assignment writing platforms in the UK that help them accomplish their writing goals effectively and allow them to earn good grades.
Thus, by doing these mentioned BI activities, you will be able to achieve success in both academic and professional life. So, start your journey of learning business intelligence and become a perfect businessman in future.
Author Bio
Sophie Austin is a business expert and an experienced assignment writer who helps students and new corporations develop decision-making and business intelligence skills. She provides guidance on business-related queries and supports students with academic tasks to improve both their academic performance and real-world strategies.